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Federal Government Pension Plan Calculator: Data you should Cross Check

Vaibhav Agrawal

As a federal employee, retirement can be both an anxious and exciting experience. After retirement, you don’t need to work again; however, to spend your retirement life comfortably, you need to plan your future while you are still working.

Before you search online, ‘ how to calculate federal employee retirement,’ you should also take steps to make your retirement less stressful. Before you retire, you should cross-check some of your details. If these details are mentioned incorrectly, it can also delay your FERS. 

Official Personal Holder

It may not be a physical record and contains important records of your career. OPM and agency use this data in the federal government pension plan calculator when you file for retirement. Thus, the information mentioned in this folder must be accurate and comprehensive. Some of these details are:

  • Date of birth- When you search online, ‘how to calculate federal employee retirement,’you will realize that your age plays an important role. Thus, you must ensure that it is mentioned correctly. 
  • Salary Change- During your career, your salary may vary numerous times due to job changes and promotions. It may, in turn, result in better pay. You should ensure that all your pay raises are mentioned correctly on your documents. The applicability dates should also be accurate. It ensures that your High-3 salary is calculated accurately, as it is another critical factor in the federal government pension plan calculator
  • Date of service- OPM uses your SF-50 form to calculate your FERS pension. The SF-50 contains important information about your career including, service length and pay. Thus, you must ensure that your file is not missing any SF-50 form. 
  • Health Insurance- One of the biggest perks that federal employee enjoys is FEHB. As an effective strategy for your federal employee’s retirement plans, you should include FEHB. However, to enjoy its benefits, you must enrol yourself in FEHB for five years continuously. You must also ensure that your document covers this data.
  • Beneficiary form– Other beneficiaries’ forms are stored in your official folder except for your TSP beneficiary’s data. You can update your TSP beneficiary data on the TSP website. For FEGLI and pension, it is important to keep your beneficiary data up to date. 
  • Military service- If you have military service experience and are making the deposit, you should also document it. The folder should contain the payment proof. If you haven’t made any deposit, you might consider it as the interest rate increases every year.

Vaibhav Agrawal

I am working as a content writer and write about every niche.

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