FERS
Business & Finance abbreviation · Personal Finance
| Stands for | Federal Employees Retirement System |
|---|---|
| Categories | Business & Finance |
FERS stands for Federal Employees Retirement System, a personal finance abbreviation.
Retirement program covering most US federal civilian employees hired since 1984, made up of three parts: a modest basic annuity pension, Social Security, and the Thrift Savings Plan. Employees contribute a percentage of pay toward the annuity, with higher rates for those hired after 2012.
Example: Under FERS, my annuity will be 1% of my high-three salary for each year of service.
Usage notes
FERS took effect on January 1, 1987, replacing the older Civil Service Retirement System (CSRS), which did not include Social Security. Employees who retire at 62 or later with at least 20 years of service get a 1.1% multiplier instead of 1%. Pronounced "furs."
Related abbreviations
More personal finance abbreviations
- DINK – Dual income, no kids
- DMP – Debt management plan
- DTI – Debt-to-income ratio
- EMI – Equated monthly installment
- EPF – Employees' Provident Fund
- ESA – Coverdell education savings account
- FHSA – First Home Savings Account
- FICO – Fair Isaac Corporation credit score
- FIRE – Financial independence, retire early
- FRA – Full retirement age
- FSA – Flexible spending account
- HCOL – High cost of living