How would my retirement be calculated with both part-time and full-time work

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What would be my calculation if I worked 17 years of full-time and 3 years of part-time (20 hours per week) at age 62 for federal service under FERS?

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Asked on February 1, 2019 8:55 pm
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If your creditable service is 20 or more years and you are age 62 or older at retirement, your annuity will be calculated at the rate 1.1% x high-3 x 20. However, since you have three years of part time service, you will not collect the full 22% because a proration factor must be applied. Without knowing exactly how many hours you worked each pay period, ROUGHLY, your proration factor would be .925%. Example: 1.1% x 20 years of service x $50,000 high-3 = $11,000. $11,000 represents the annuity of a fulltime person working 20 years and retiring at age 62. Since you had 3 years of part time service, you then multiply the $11,000 x .925% to produce your annual unreduced pension of $10,175.

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Answered on February 1, 2019 9:27 pm