Retirement Benefits
Members are automatically covered by:
- Social Security (FICA) which is deducted from your paycheck;
- Federal Employees Retirement System unless declined by letter.
- Members who do not qualify for an immediate annuity (see below) may choose to leave Federal Employee Retirement System (FERS) contributions in
the retirement fund, or may request a refund of those contributions. If contributions are left in the fund, they will continue to accrue interest. If the
contributions are withdrawn, all credit for prior service will be forfeited. Members who contribute to the Civil Service Retirement System (CSRS) may
either leave contributions in the fund or request a refund. If the contributions are withdrawn, any future annuity that has been established based on
Federal service will be forfeited.
- Members leaving with an immediate annuity should speak to a counselor in the Office of Members' Services for details of the benefits that can be
continued into retirement.
Thrift Savings Plan (TSP):
- Members who participated in TSP and have less than a $3,500 balance will receive an automatic refund of contributions and earnings, unless the TSP
Service Office is notified of another preference.
- The contributions and earnings of Members with more than a $3,500 balance will remain on deposit, unless the TSP Service Office is notified of another
preference.
- Funds may be left on deposit, where they will continue to accrue earnings, transferred to an I.R.A., or used to purchase an annuity.
- TSP withdrawal information will be mailed directly to Members by the Office of Members' Services.
- You may call the TSP ThriftLine at 504-255-8777 to find out the amount in your account. This service is available 24 hours a day, seven days a week. You
will need your PIN number and Social Security number. If you do not remember your PIN, you can call the ThriftLine to request to have a new PIN mailed
to you.
If you have any questions regarding your retirement benefits, please contact a Members' Services Counselor.