By Reg Jones
Q. I worked for the Postal Service as a full time letter carrier for 23 years. I left the Postal Service in 2008. I would like to know what the value of the retirement account is if I took the cash out now in a lump sum?
A. As a former FERS employee, you’d be entitled to a refund of your retirement contributions plus accrued interest. To find out how much that would be, write to:
Office of Personnel Management
Federal Employees Retirement System
P.O. Box 45
Boyers, PA 16020
Include your full name, date of birth, Social Security number, and where and when you were last employed by the government.
John Riley Says:
September 28th, 2013 at 10:07 am
The reply is accurate but in my view should have noted that
it is crazy to withdraw a FERS retirement contribution. It is worth
far more as an annuity at age 60. Unlike CSRS the employee contribution to FERS is chump change, less than one percent of pay. Yet the benefit in his case of waiting to age 60 to collect 23 percent of his/her annuity, based on a high 3 in 2008, would over $10000 a year!