Retirement IQ Test

In daily interactions with employees, I have noticed that many members have little or no knowledge of their Federal Retirement Benefits.  I have decided to write a series of articles that should provide our members with some useful retirement information.  Let's begin by testing your current knowledge.

There are two systems for Federal Employees.  They are Civil Service Retirement System (CSRS), including CSRS Offset, and the Federal Employees Retirement System (FERS).  This quiz will apply to employees covered under either system.

1.) A CSRS or FERS retirement is computed based on the following factors:

a. High-three average salary and age
b. Contributions and length of service
c. Length of service and high-three average salary
d. Length of service times your average annual appraisal over the past three years.
e. Length of service and age equal to 85
f. Shoe size and hair color
g. It does not matter, I will be working here until I die.

2.) If you die after you retire, your spouse will be able to continue Federal Employees' Health Benefits (FEHB) if:

a. He/She is a federal employee
b. He/She is disabled
c. He/She is automatically entitled to coverage
d. You provide him/her a survivor annuity and he/she is covered as a family member at the time of your death
e. He/She is good looking and is at least 10 years younger than you at the date of death
f. He/She is listed as a health benefits beneficiary in your pre-nuptial agreement and your marriage does not violate any state laws in the state in which you reside.

3.) Under FERS, what is a special retirement supplement?

a. A vitamin table designed for people over 60
b. Supplemental payments to help bridge the years between your retirement and when you qualify for social security.
c. Sick leave credit for retirement
d. An additional factor of  0.1% for retiring after age 62

See Answers on Page 4