Retired federal employees receive benefits from Social Security, a basic pension plan and a thrift savings plan, according to the Office of Personnel Management. Social Security and pension contributions are automatically withheld from the employee's pay. The employee determines the amount of thrift contributions and how to invest them.Continue Reading
A retired federal employee receives Social Security benefits based on his total contribution to the system, reports Plan Your Federal Retirement. The calculation of the basic pension benefit amount a retiree receives is based on an average of her highest salary over three consecutive years. Benefits from the thrift savings plan vary depending on how much an employee invested and how she managed those funds, states Plan Your Federal Retirement.
Federal retirement benefits also include paid access to the Federal Employees Health Benefits Program, advises the Office of Personnel Management.Learn more about Financial Planning