FERS

FERS, or the Federal Employees Retirement System, is the pension program for many federal employees. It combines three parts: a basic pension based on your salary and years of service, Social Security benefits, and the Thrift Savings Plan (TSP), similar to a 401(k) where you save for retirement. Contributions are automatically deducted from your paycheck, and upon retirement, you receive monthly payments based on your tenure and earnings. FERS provides a stable income after retirement, encourages savings, and ensures federal workers are financially supported in their later years.