Civilian Career Intern Program
Department of the Army
Retirement Benefits
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Civilian Career Intern Program Department of the Army Retirement Benefits
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The
retirement plan for Department of Army Interns provides benefits from three
different sources. The Federal Employee's Retirement System (FERS) has a Basic
Benefit Plan, Social Security, and the Thrift Savings Plan. Two of the three
parts of FERS (Social Security and the Thrift Savings Plan) keep their full
value even if you leave the the Federal Government before retirement.
The Basic Benefit and Social Security parts of FERS require you to make
contributions each pay period. The Government makes contributions too. Then
after you retire, you receive benefit checks each month for the rest of your
life. The Thrift Savings Plan part of FERS is an account that is automatically
set up for you. The plan offers Federal civilian employees the same type of
savings and tax benefits that many private corporations offer their employees
under so-called "401(k)" plans. Under the Federal Employees Retirement System,
employees receive an automatic 1 percent government contribution to a Thrift
Savings Plan account, and can contribute up to 10 percent and receive up to 4
percent matching government contributions.
Generally speaking, you become eligible for voluntary retirement when you
accumulate 30 years of service and the age of 57 if you were born after 1970.
The retirement age requirement may be earlier if you were born prior to 1970.