Federal Employees Retirement System (FERS)
Whether you are just starting out or are a bit closer to a
leisurely life of retirement, working for the Bonneville
Power Administration (BPA) affords you a comprehensive
range of excellent retirement options and benefits that
allow you to plan for your financial security. The Federal
Employees Retirement System (FERS) is a three-tiered
retirement plan made up of a Basic Benefit Plan, Thrift
Savings Plan, and Social Security benefits.
FERS
Basic Benefit Plan
This portion of the retirement system is financed by a
small contribution from the employee and from the
government based on the employee’s pay and length of
service. Employees who meet the criteria of this plan also
receive a special Retirement Supplement, which is paid as
a monthly benefit until the employee reaches the age of
62. The supplement approximates the Social Security
benefit received while employed with the Federal
government.
Thrift
Savings Plan
This plan is a tax-deferred retirement savings and investment
plan offering the same savings and tax benefits that many
private corporations offer their employees under 401(k)
plans. For more detailed information on the Thrift Savings
Plan, visit www.tsp.gov.
Social
Security provides monthly payments
· if you are retired and have reached at least
age 62
· if you become disabled
· for your eligible survivors and a lump sum benefit
upon your death.
For
a complete description of the FERS program, visit www.opm.gov/retire/html/retirement/fers.html
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