FEDweek

More Workers Approaching Retirement Eligibility

The data, through fiscal 2003, show that FERS employees now outnumber CSRS employees by about two to one-1.8 million versus 861,000.

Among senior executives, about 42 percent are eligible for regular retirement, and another 46 percent would be eligible for an early retirement offer.

Since 1993, government payments for annuitant health benefits is up over that time from just under $4 billion to about $7.4 billion, while government payments for annuitants’ life insurance increased from 15.5 million to 35 million. The government contribution into the federal retirement fund, meanwhile, rose from $19.7 billion to nearly $26 billion.

The “weighted” average monthly health insurance premium for annuitants rose from $85.02 to $155.34 per month in that time. The average monthly annuity is $1,980 for retirees and $1,044 for survivors.