As a federal worker Aubrey Lovegrove, to be vested for retirement benefits, you must have five years worked. Other positions such as military service do not count towards this time, and neither doe kept sick leave.
To come up with five years of service, this can be done in a part-time or full-time position. If you are a full-timer, it will normally take five years of work. For part-timers, it can take ten years to be vested if you work 20 hour weeks.
Those that do not complete the five years will not have any rights to the retirement benefit. If they do not plan to work in another federal position in the future, it is recommended to receive a refund on the deductions made for retirement as you would not get that money back in any other form.
After your five years of service, you will be able to receive an annuity during retirement. The earliest you can receive your annuity without reduction, you can do this with five years of service at the age of 62 years old. Those with at least 20 years of service can retire at 60, and those with at least 30 years can retire at their minimum retirement age (MRA). The minimum requirement age can range from 55 to 57 and is based on how many years you have worked for the federal government.
Keep in mind that the minimum required age only applies to those under the Federal Employees’ Retirement System.
For those that need an annuity as soon as possible for retirement, they can retire with at least ten years of service and when they have reached their MRA. The downside is that the annuity would be 5 percent less for each year difference to the age of 62. This reduction may be reduced or even erased if you delay claiming your benefits.
For those that wish to work the minimum five years and be out can put in for a deferred annuity once they are 62. This annuity would be calculated on how many years served and the top average earnings of 3 years of your basic pay.
Unfortunately, this will have inflation eat up some of your earnings through retirement.