C = Employee and Agency biweekly TSP Thrift Savings Plan contribution rate, expressed as a percentage of annual salary. Contact appropriate office or individual as designated by your employing organization for details, Due to adjustments, this amount could not be computed. Step 8. Displays the annual amount paid by the Agency for the employees FEHB Federal Employees Health Benefits coverage for the prior year. Table Of Contents TSP Calculator For Growth Compute [Step 5/12]. Many experts agree that a replacement rate of 75 to 85% will provide adequate retirement income. The TSP is a retirement savings plan for civilians who are employed by the United States Government and members of the uniformed services. The Federal Ballpark E$timate uses 3.0% as a default rate, but will allow you to choose any rate between 0% and 15. Displays the estimated balance of the employee's TSP Thrift Savings Plan account at the employee's earliest eligible retirement date under either special LEO law enforcement officer/FF firefighter service or regular service. For part-time employees (Work Schedules P, Q, S, and T), the hourly rate of pay is obtained from the employee's personnel history as of the last pay period of the prior year. Step 5. Bi-Weekly Examination Analysis and Reporting System, Your Federal Health Carrier Has Discontinued Service, Contact Your Personnel Office, You Are Not Enrolled In A Federal Health Benefit Plan, Due to adjustments, this amount could not be computed. Refer to the following link on the TSP website for the Historical Annuity Rate Index at: https://www.tsp.gov/whatsnew/rates/annuityRateIndex.shtml . Annuity rates are at a rock-bottom 1.875% for TSP investors who choose to purchase an annuity with MetLife, the Thrift Savings Plan's sole contracted annuity provider. You can choose a different value. Prior Year Annual Premium Cost to Employee. Current Year Bi-Weekly Premium Cost to Employee for Additional Coverage. This date is generated from BEAR Bi-Weekly Examination Analysis and Reporting System as of PP Pay Period 01 of the current year. You are not contributing at least 5%. For the last two months (July and August of 2016) the "annuity rate index" (a key component of the annuity calculation) has plumbed new depths. 0.53% - 1.67% fund expense fee. Displays the employees carryover annual leave balance for the prior year as it appears on IRIS Information/Research Inquiry System Program IR136, as of the last pay period of the prior year. For LEO law enforcement officer/FF firefighter, this will correspond to the earliest group of retirement annuities displayed in the If You Retire At Age under Special Service field. When determining your goal, you need to think about the type of lifestyle you would like in retirement. The amount of money you would have made (with projected raises) if you continued to work rather than retire is also summed up over the same period of time. Displays the employee's prior calendar year cost for Social Security and Medicare benefits. Manual payments and adjustments are not included in this amount. The "windfall elimination provision" affects how the amount of your retirement or disability benefits is calculated if you receive a pension from work where Social Security taxes were not taken out of your pay. How is the TSP Annuity Supplied by MetLife Calculated? - FedSmith Resources. Step 1. Displays the employee's age at the estimated retirement date. This amount is obtained from PAYE Payroll Computation System as of the last pay period of the prior year. Displays the total amount contributed to the employee's TSP Thrift Savings Plan account for the prior year. The description is retrieved from TMGT Table Management System Table 025, Block Number 13. Life expectancy data is based on group means, not on individual expectations. Actuarial data is used to calculate life expectancy based on age, gender, and other factors. A statement that is applicable to employee retirement coverage is produced for each eligible employee. An annuity is an investment tool that could provide you with secure retirement savings. Long Term Care Insurance Payroll Deduction. This amount is displayed on IRIS Information/Research Inquiry System Program IR118, Record 002 for Plan Code 06. FEGLI Family Coverage Amount, Death of Spouse. Step 2. If you are a CSRS-Offset employee, enter the number of years of "straight" CSRS coverage you worked (do not include the number of years as CSRS-Offset time which includes social security coverage). The minimum amount with which to purchase a TSP annuity is $3,500. Determine monthly annuity factor per $1,000 account balance (see table below). Current Rate 4.075% As of March 2023 1990 1995 2000 2005 2010 2015 2020 2 4 6 8 Historical Annuity Rates, 1989-Present While annuity rates had begun to improve since reaching an early nadir of 1.375% in September 2016, they began to drop again in early 2019. A year consists of 360 days (12 x 30 days). Displays the name of the employees Government-wide health benefit carrier. This amount is obtained from PAYE Payroll Computation System as of PP Pay Period 01 of the current year. Total Current Year Bi-Weekly TSP Roth Contributions. Displays the employees adjusted salary that consists of the rate of annual basic pay, interim geographic adjustments, and locality comparability payments for the current year. For U.S. Customs employees covered by COPRA Customs Officer Pay Reform Act, the Disability High-3 pay consists of prior year earnings including allowable overtime (not to exceed $15,000 in a fiscal year) averaged over a 3-year period prior to the statement date. Participants in the TSP have multiple options when they leave government service. This amount equals FEGLI Federal Employees' Group Life Insurance basic life insurance coverage plus the basic amount payable if death is not accidental but with no extra benefit for age. All others will show up with three options. The rate is calculated monthly, based on the average yield of all U.S. Treasury securities with 4 or more years to maturity. Up to three options may be displayed. Total Current Year Bi-Weekly Employee Social Security and Medicare Deductions. For employees not eligible to retire within the next 3 years, the High-3 consists of earnings and allowable overtime for the prior calendar year. The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. When it comes to TSP funds in retirement, you have four basic choices: leave the money in the TSP; withdraw part of the TSP (including monthly, quarterly, or annual installment payments); withdraw all TSP funds; or convert the TSP funds into a life annuity. This amount is obtained from PAYE Payroll Computation System as of the last pay period of the prior year. It is one of several options for withdrawing your TSP account. This field appears on CSRS, CSRS LEO law enforcement officer/FF firefighter, and FSRDS Foreign Service Retirement and Disability System statements only (Retirement Codes 1, 3, 6, and R). Divide the total pay earned by 3 or, if an employee has not worked 3 years, use the actual length of time the employee has worked to compute the High-3 Average Pay. Budget In that article you discussed both substantially equal monthly payments and the TSP annuity. This interest rate is unchanged since February, when it dropped from 2.150%. A. This amount is obtained from PAYE Payroll Computation System as of the last pay period of the prior year. Estimated Monthly Annuity Reduced For Survivor Benefit Under Regular Service. For LEO law enforcement officer/FF firefighter (Retirement Coverage Codes M, E, T, and 6), this is the last pay period of the prior year's adjusted salary plus any applicable AUO administratively uncontrollable overtime, availability pay, and standby pay received by the employee in the last pay period of the prior year. Total all actual earnings during the entire 3-year period. Displays the amount payable under FDIC Federal Deposit Insurance Corporation life insurance Option 1. regardless of market conditions, interest rate environments, or how long you live - but you are forced to irrevocably forfeit 100% of your contributions to the SPIA. The annuity estimate is determined as follows: TSP Estimated Monthly Annuity for Joint Life (Spouse) Annuity, Displays the estimated joint life annuity (level payments, no added features) at the age displayed in the If You Retire At Age field. Manual payments and adjustments are not included in this amount. The hourly rate of pay is obtained from RETM Retirement Processing System as of PP Pay Period 24 of the prior year. John Grobe is President of Federal Career Experts, a firm that provides pre-retirement training and seminars to a wide variety of federal agencies. For all other options, the amount payable is the FEGLI Federal Employees' Group Life Insurance coverage amount. Compare Steps 3 and 4 and select the larger of the amounts. Displays the amount payable under FDIC Information/Research Inquiry System non-Federal Basic life insurance. It was established by Congress in the Federal Employees' Retirement System Act of 1986 and offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans. Displays the biweekly amount the Agency contributes to the employee's TSP Thrift Savings Plan account. A. Up to four options may be displayed. Round the results of Step 2 up to the nearest thousand dollars. Displays the total amount payable under FEGLI Federal Employees' Group Life Insurance basic, standard, and additional coverage if death is accidental. This is the date at which the employee will have 20 years of special service at ages 50, 55, or 57. Determine monthly pension using total creditable service up to the date of the statement and. An accident or disease may significantly shorten an individual's life as compared to the group mean. This field appears on FERS, FSPS Foreign Service Pension System, and CSRS-Offset statements only (Retirement Codes I, K, M, O, P, C, and E). The employee was not active in the last Pay Period (PP) of the prior year or PP 01 of the current year. Step 2. The annual salary is not used in this case because it has already been prorated for a part-time tour-of-duty. This field appears on FERS, FSPS Foreign Service Pension System, and CSRS-Offset statements only (Retirement Codes I, K, M, O, P, C, and E). For U.S. Customs employees covered by COPRA Customs Officer Pay Reform Act, the Retirement High-3 is determined as follows: The following steps explain the approach used in determining the employee's High-3: In preparing this statement, the following guidelines are used: Displays the employee's age associated with the earliest eligible retirement date. If the employee is covered by FERS Federal Employees Retirement System, CSRS Civil Service Retirement System or CSRS Civil Service Retirement System-Offset LEO law enforcement officer/FF firefighter, or COPRA Customs Officer Pay Reform Act retirement (Retirement Codes M, O, E, T, Q, 0, or 6) and meets the age and length of service requirements for the plan, N/A is displayed. Add Steps 2 and 3 (limited to $15,000). Disability and survivor benefits payable are estimated using the Disability High-3. (See www.tsp.gov for updates.). The TSP is similar to 401 (k) retirement benefits available to private sector employees. Attorneys Leave Frozen Annual Balance as displayed on IRIS Information/Research Inquiry System Program IR136 as of the last pay period of the prior year. Determine monthly survivor annuity using total creditable service up to the date of the statement and applicable CSRS or CSRS-Offset retirement formulas in. You can also use the Contribution Comparison Calculator to determine which type of contributions (traditional and Roth) will help you reach your retirement goals. Current TSP loan interest rate How to apply for a TSP loan To apply for a TSP loan, log in to My Account to begin the request or through the ThriftLine. Up to three options may be displayed. Displays the total current year biweekly cost of the employee's HIT Hospital Insurance Tax/Medicare benefits. Step 3. If LEO law enforcement officer/FF firefighter, Retirement Coverage Codes M, E, T, and 6, received any appropriate AUO administratively uncontrollable overtime, availability pay, or standby pay for the 3-year period, it is included in the Retirement High-3 calculations. Displays the amount paid each pay period by the Agency for the employees FEGLI Federal Employees' Group Life Insurance basic coverage for the current year. Obtain current interest rate index (see TSP Annuity Interest Rate Index). This amount is obtained from PAYE Payroll Computation System as of PP Pay Period 01 of the current year. This date is generated from BEAR Bi-Weekly Examination Analysis and Reporting System as of PP Pay Period 01 of the current year. For more information on the TSP, see the TSP website. Prior Year Annual Premium Cost to Agency for Basic Coverage. Step 3. Compute monthly survivor annuity: [Step 3 amount x 55%]. If the employee is covered by FERS Federal Employees Retirement System, CSRS Civil Service Retirement System or CSRS Civil Service Retirement System-Offset LEO law enforcement officer/FF firefighter, or COPRA Customs Officer Pay Reform Act retirement (Retirement Codes M, O, E, T, Q, 0, or 6), and meets the age and length of service requirements for the plan as of the first day of PP Pay Period 01, N/A is displayed. For LEO law enforcement officer/FF, firefighter this estimate corresponds to the earliest Eligible Retirement Date Under Special Service. For employees eligible to retire within the next 3 years, the High-3 consists of prior year earnings, including allowable overtime (not to exceed $15,000 in a fiscal year) averaged over a 3-year period prior to the statement date. This amount is determined according to the following table, using the employee's Life Insurance Option 3 Factor. Total Prior Year Annual Retirement Coverage Costs. Step 1. Determine monthly pension using the total creditable service up to the date of the statement and FERS special retirement formulas displayed in. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. If the employee has Option A, Standard Life Insurance, the amount payable is the FEGLI Federal Employees' Group Life Insurance coverage amount plus $10,000. Step 1. The annuity interest rate index was 2.075% - the February 2022 rate for TSP annuities. The summary result will show in current dollars and future (inflated) dollars. For the last two months (July and August of 2016) the annuity rate index (a key component of the annuity calculation) has plumbed new depths. $10,000. Determine monthly pension using credited past service and future service to age 60 and the applicable CSRS or CSRS-Offset formulas displayed in. Displays the employee's biweekly traditional catch-up contribution to the employee's TSP Thrift Savings Plan account. This code is generated from BEAR Bi-Weekly Examination Analysis and Reporting System as of PP Pay Period 01 of the current year. If you entered a valid catch-up contribution amount, this amount will be included in the overall TSP balance for purposes of computing the estimated TSP annuity. Prior Year Annual Premium Cost to Employee for Standard Coverage. If the employee has elected Option A, Standard, the amount displayed is $10,000. Step 7. Thrift Savings Plan (TSP) Life Annuity Guide - The Military Wallet Displays the employee's total amount of FEGLI Federal Employees' Group Life Insurance Basic, Standard, and Additional Coverage payable at death. The fourth option of retirement with 25 years of service at any age applies to FERS Federal Employees Retirement System only. https://www.tsp.gov/whatsnew/rates/annuityRateIndex.shtml. Unions Determine monthly pension using total creditable service up to the date of the statement and the applicable CSRS or CSRS-Offset retirement formulas displayed in. You should choose assumptions--or range of assumptions--that are right for you based on your particular circumstances. FERS Federal Employees Retirement System LEO law enforcement officer/FF firefighter (Retirement Codes M and O): This amount is equal to 90% of the employee's estimated monthly annuity without survivor benefits. Inflation Establishment of the Multi-State Plan Program for the Affordable Insurance Exchanges. This amount is obtained from PAYE Payroll Computation System as of the last pay period of the prior year. Step 7. Advertising Disclosure. Displays the biweekly amount paid by the employee for FEHB Federal Employees Health Benefits coverage.This amount is obtained from PAYE Payroll Computation System as of PP Pay Period 01 of the current year. Current Year Bi-Weekly TSP Roth Catch-up Contributions by Employee. Displays the employee's vision plan enrollment code as it appears on IRIS Information/Research Inquiry System Program IR115. The amount of money from your retirement benefits (e.g. Displays the amount paid each pay period by the employee for FEGLI Federal Employees' Group Life Insurance standard coverage for the current year. Annuity Length of Service at Earliest Retirement Date. TSP Choices: Monthly Payments vs. a Life Annuity - FEDweek John and FCE specialize in retirement for special category employees, such as law enforcement officers. This field appears on FERS, FSPS Foreign Service Pension System, and CSRS-Offset statements only (Retirement Codes I, K, M, O, P, C, and E). Retirement benefits payable within the next 3 years have been estimated using a Retirement High-3 consisting of the employee's adjusted salary averaged over a 3-year period prior to the proposed retirement date. This field appears on FERS, FSPS Foreign Service Pension System, and CSRS-Offset statements only (Retirement Codes I, K, M, O, P, C, and E). Displays the amount paid by the Agency each pay period toward the employee's retirement account for the current year. If the employee has not elected FEGLI Federal Employees' Group Life Insurance family coverage, N/A is displayed. Add results of Step 4 to the employee's adjusted salary. The non-TSP savings amount that you entered may include savings from different sources such as your savings account(s), non-TSP mutual funds, and non-TSP retirement funds (private sector 401-Ks, Individual Retirement Accounts, etc.). TSP Loans | The Thrift Savings Plan (TSP) Current Year Bi-Weekly TSP Roth Contributions by Employee. The Benefits Statement is . CSRS Civil Service Retirement System, CSRS Civil Service Retirement System-Offset, FSRDS Foreign Service Retirement and Disability System, FSRDS Foreign Service Retirement and Disability System-Offset, and corresponding LEO law enforcement officer/FF firefighter (Retirement Codes 0, 1, 3, 6, C, E, G, R, T, and Q): This amount is equal to 55% of the employee's estimated monthly annuity without survivor benefits. Determine increase/decrease to estimate [Step 3 x Step 8]. Step 6. It's early in my Federal career, will the Federal Ballpark E$timate help me? Any income you make at a job after retirement should be counted in this category. If the employee is a LEO law enforcement officer/FF firefighter (Retirement Codes 0, 6, E, T, or Q) and has at least 20 years of special service at any age, this field will display the estimated enhanced annuity (with full survivor benefits) that the employee's eligible spouse will receive. This field appears on CSRS, CSRS LEO law enforcement officer/FF firefighter, and FSRDS Foreign Service Retirement and Disability System statements only (Retirement Codes 1, 3, 6, and R). Travel Prior Year Annual Premium Cost to Employee for Family Coverage. Up to three options may be displayed. Displays the annual amount paid by the Agency for employees FEGLI Federal Employees' Group Life Insurance basic coverage for the prior year. 202-606-1800. Manual payments and adjustments are not included in this amount. Annual Salary = [Last PP of the prior year's Adjusted Salary + PP Pay Period 01 through the Last PP Pay Period of the prior year's AUO administratively uncontrollable overtime, Availability, Standby Pay]. Most items appear on the statement for all retirement plans with the Personal Statement of Benefits System (PSBS). Annual Leave Status Report of Leave To Be Taken, Forfeited, or Restored, Annual Report of Leave Usage for Leave Year 20XX, Classified Employee Control Listing of Within-Grade Increase Forms for F/T and P/T Employees, Classified Employee Within-Grade Increase Four Week Notification for F/T and P/T Employees, Classified Employee Within-Grade Increase Sixteen Week Listing for F/T and P/T Employees, Classified Employee WGI Status Sixteen Week Listing for F/T and P/T Employees, Compensatory Time for Religious Observance, Control List for Supervisory/Managerial Probationary Period Report Forms, Control Listing of Performance Evaluation Forms Prepared for F/T and P/T Employees, Conversion to Career Tenure Four Week Notification, Employees Approaching Expiration of Detail Assignment, Employees Approaching Expiration of Grade Retention, Employees Approaching Expiration of Limited Appointment - Temporary, Employees Approaching Expiration of Temporary Promotion, Employer-Provided Health Insurance Offer and Coverage, Error Analysis by Personnel Office Identifier, Federal Wage System WGI Status Eight Week Notification, Individual Retirement Record (Civil Service Retirement System), Individual Retirement Record (Federal Employees Retirement System), Listing of Employees Covered Under Option X, Listing of Employees on LWOP Pending OWCP for 3 or More Months, Listing of Employee With Change in Union Dues, Listing of Salary Data for Sched No XXXXXX, Monthly Report of Federal Civilian Employment (SF 113-A Format), Monthly Report of Full-Time Equivalent/Work-Year Civilian Employment (SF-113G Format), Monthly Report of Senior Community Service Program Enrollees, Notification of Adjustment to Longevity Date, Notification of Change in Earned Annual Leave Status, Notification of Change (NOC) Suspense Report, Notification of Employees in Non-Pay Status With Expired NTE Dates, Notification of Expiration of Probationary or Trial Period, Notification of Longevity Percent Changes, Notification of Position To Be Inactivated, Pay Period Personnel Actions on Employees Required to File SF-278, Performance Evaluation Eligibility for - Perm (or Temp) - Employees, Permanent Workforce - Analysis of Work Force: Federal Wage System, Permanent Workforce - Analysis of Work Force: Types of Occupations, Permanent Workforce - Analysis of Work Force: White Collar (GS, GM, SES and All Others), Premium Pay and Leave Report by Employee Name, Premium Pay and Leave Report by Organizational Structure, Quarterly Report on Continuation of Pay for OWCP, Quarterly Report of Employees Required to File SF-278, Record of Documents Deleted Manually from ADJP 4316 by NFC, Report of Federal Employment and Wages for Three Months Period Ending (Month/Year), Report of TSP Separations for Pay Period XX, Section 912, U.S. Overseas Civilian Allowances, Statement for Recipients of Miscellaneous or Interest Income or Taxable Grants, Supervisory or Managerial Probationary Period Report, TAPER and Status Quo Employees Approaching Eligibility for Conversion to Career, Temporary Employees - FEHB Coverage Eligibility, W2 Reporting System Earnings by Duty Station and Residence for Kansas and Missouri, Work Years and Personnel Cost Report - Basic and Premium Work Years and Pay, Work Years and Personnel Cost Report - Cost of Employees Benefits, Work Years and Personnel Cost Report - Leave Earned and Used, 90-Day Notification for Recertification of Retention Allowance, Appendix A: High-3 Average Pay Computations, Appendix B: Regular Federal Employees Retirement System (FERS) (Retirement Coverage Code K), Appendix C: Federal Employees Retirement System (FERS) - Special Retirement (Retirement Coverage Code M), Appendix D: Civil Service Retirement System (CSRS) and CSRS-Offset Retirement (Retirement Coverage Codes 1, C, and R), Appendix E: Civil Service Retirement System (CSRS) and CSRS-Offset Special Retirement (Retirement Coverage Codes E, T, and 6), Appendix F: Foreign Service Pension System (FSPS) (Retirement Coverage Code P), Appendix G: Foreign Service Retirement and Disability System (FSRDS) and FSRDS-Offset Retirement (Retirement Coverage Codes 3 and G), Foreign Service Retirement and Disability System. The Federal Ballpark E$timate was developed by the Employee Benefit Research Institute and its American Savings Education Council (ASEC) program . Displays the amount paid each pay period by the employee for FEGLI Federal Employees' Group Life Insurance additional coverage for the current year. Displays the annual amount paid by the employee for FEGLI Federal Employees' Group Life Insurance additional coverage for the prior year. Displays the employees FEGLI Federal Employees' Group Life Insurance basic coverage amount payable at death. This article TSP This field appears on FERS Federal Employees Retirement System and FSPS Foreign Service Pension System statements only for retirement coverage codes I, K, M, and P. In cases where this amount is negative, usually due to adjustments, this field will contain asterisks (********), and a footnote will display stating Due to adjustments, this amount could not be computed. Current Year Bi-Weekly Premium Cost to Employee for Family Coverage. Postal Service Displays the description of the employees life insurance coverage code as it appears on IRIS Information/Research Inquiry System Program IR116, Life Insurance. FERS, FSPS Foreign Service Pension System, and FERS LEO law enforcement officer/FF firefighter (Retirement Codes I, K, M, O, and P): The monthly survivor annuity is computed as follows: CSRS and CSRS-Offset (Retirement Codes 1, C, and R): The monthly survivor annuity is computed as follows: CSRS and CSRS-Offset LEO law enforcement officer/FF firefighter (Retirement Codes 6, E, and T): The monthly survivor annuity is computed as follows: If the employee is not at least 50 years of age with 20 or more years of special service, see steps above for CSRS and CSRS-Offset employees. In the above calculations, the Length of Service displayed for part-time employees (Work Schedules P, Q, S, and T) is not prorated for tour of duty. Congress approved a cost of living increase for federal retirees. The long term inflation rate used by the Civil Service Retirement Fund Board of Actuaries is 3.0%. Thrift Savings Plan (TSP) annuity provides you with monthly income for life. To be eligible to make catch-up contributions, you must be: age 50 or older during the calendar year in which the catch-up contributions are made and contributing an amount that will cause you to reach the Internal Revenue Service (IRS) elective deferral limit ($17,000 in 2012) by the end of the calendar year. Following is an example of a level payment joint annuity with a 50% survivor benefit and no additional features. Prior Year Annual TSP Regular Contributions by Agency. For LEO law enforcement officer/FF firefighter, this will correspond to the earliest group of retirement displayed under the If You Retire At Age field under Special Service.