The Federal Employees Retirement System (FERS) is a retirement plan for U.S. federal employees, established in 1986. It provides benefits through three main components: a basic annuity, Social Security, and the Thrift Savings Plan (TSP). Employees contribute to the TSP, which is a retirement savings and investment plan similar to a 401(k). FERS is designed to ensure that federal employees have a secure income after retirement. Eligibility for benefits typically requires a minimum period of service, and the amount received depends on factors such as years of service and salary. This system aims to attract and retain a skilled federal workforce.