Eligible rehires participating in CSRS or CSRS-Offset have the option to transfer to the Federal Employees' Retirement System within 6 months of rehire. Vesting Vesting gives the employee ownership rights to a retirement allowance. Employees who are vested and terminate employment prior to reaching age 62 are eligible for a deferred retirement annuity at age 62. Benefits Pension amounts for CSRS, CSRS-Offset, and FERS are based upon the employee's final average salary received for the highest three consecutive years of salary, the number of years of credited service under a federal appointment, and the employee's retirement age. Benefits can be paid at age 55 with 30 years of service, age 60 with 20 years of service, or at age 62 with at least 5 years of service.
Provision is made for disability retirement, survivor benefits, and lump sum death benefits.
Voluntary contributions may be withdrawn at any time, or upon retirement, or used to purchase additional annuities at retirement. Specific Provisions Reemployment of a Retired Employee Extension associations wishing to reemploy a retired member of CSRS, CSRS-Offset, or FERS should refer to Code 345, Employment of Federal Retirees . The retiree must have at least 10 years of New York State service and be on the payroll when retiring to be eligible to convert unused sick leave credit into a monthly credit in order to reduce the monthly health insurance premium cost. Vacation Credit at Retirement Members of CSRS, CSRS-Offset, or FERS cannot have any lump sum vacation counted in when figuring the final average salary. Those members should continue to work and have their vacation paid as earnings on payroll.