Episode 10: Retirement.mp4

Updated : Sep 11, 2019 in Articles

Episode 10: Retirement.mp4


[Host Kim Johnson:] Hi, I’m Kim
Johnson and this is “Welcome to NASA,” your destination
for breaking news and feature stories about
in-processing at NASA. This is the tenth
episode of our series. We’re following the
journeys of three employees as they navigate
NASA’s in-processing. In this episode, Sara Lin
has a quick discussion about retirement with her
N-S-S-C Caseworker, Greg. Let’s cut over to Sara and Greg. [Greg Ramirez:] So
you’d like more details about retirement at NASA? [Sara Lin:] Yeah, Greg. I want to set things
up right and I realize that there are many
aspects to the systems. First, could you tell me about the Federal
Employees Retirement System? [Greg Ramirez:] The Federal
Employees Retirement System – or FERS – is a retirement
system that offers retirement, disability, and survivor
benefits for civilian employees in the federal government
hired after December 31, 1986. If you qualify for benefits,
you qualify for FERS. Under FERS, you have three
tiers or sources of benefits to offer you a strong
retirement foundation. T-S-P is one of the tiers. The other two are the
FERS retirement annuity and Social Security. Like T-S-P, the FERS and Social
Security contributions are made by automatic payroll deductions. Your FERS contribution is a
fixed point 8 percent deduction from your salary
each pay period. You may view your contributions
at any time by logging into Employee Express
to view your Leave and Earnings Statement. FERS deductions are
not optional. [Sara Lin:] Does FICA
still apply to me as a government employee? [Greg Ramirez:] Yes,
it still does. FICA tax – or the Federal
Insurance Contributions Act tax – is imposed by the federal
government on both employees and employers to fund Social
Security and Medicare. Both of these federal programs
provide benefits for retirees, the disabled, and children
of deceased workers. [Sara Lin:] That makes sense! [Host Kim Johnson:] Because
Sara is a new employee, she’s a FERS participant. A transfer or reassignment
could be a participant in the Civil Service
Retirement System, C-S-R-S. C-S-R-S provides retirement,
disability and survivor benefits for civilian employees
in the federal government who were hired before 1984. C-S-R-S continues to
provide retirement benefits to those eligible
to receive them. Under certain circumstances,
employees are covered by the “C-S-R-S Offset.” If you are covered by C-S-R-S
and C-S-R-S Offset with a break in service more than three
days, you are eligible to elect coverage under FERS
within the first six months of your Entrance on
Duty date or E-O-D date. If you were previously
employed with the government and were covered by
C-S-R-S or C-S-R-S Offset, contact the N-S-S-C Customer
Contact Center and ask to speak with a Retirement
Benefits Counselor to discuss your retirement
contributions. If you have prior military
or civilian service, you’ll also want to review
the episode of this video on deposits and redeposits. In the next episode,
we’ll cover the essentials about the Electronic
Official Personnel Folder. Thanks for watching. That’s it from Welcome to NASA.

Leave a Reply

Your email address will not be published. Required fields are marked *