Federal Benefits Quiz: Test Your Knowledge

Test your knowledge about federal benefits with a quick 3-question quiz about the TSP, taxes, and military service.

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Created on March 18, 2022 By Benefits Ben

Federal Benefits Quiz- March

Test your knowledge about your benefits!

1 / 3

Does military service count as service for a civilian federal employee’s retirement calculation?

No. Military service does not count when calculating retirement income for FERS and CSRS.

Yes. Military and Civilian service hours are interchangeable.

Yes, however what is known as "Military Deposit" will (most likely) need to be paid.

It depends. Military service counts for CSRS calculations, but never FERS.

Unless the military service in question was happened before 1957, a deposit is needed for that service to count toward  both a CSRS and FERS pension. Read More: Making Military Deposits for CSRS and FERS: The Basics (stwserve.com)

2 / 3

What is one of the advantages of a Qualified Longevity Annuity Contract? (QLAC)

Exempt from federal and state taxes

Exempt from RMDs (Required Minimum Distributions)

Exempt from federal, but not state taxes

Exempt from state, but not federal, taxes

So long as payments from QLAC start before the contract owner turns 85, payouts from these annuities are exempt from the RMD rules (requiring a distribution after turning age 72) READ MORE: How Federal Employee Retirement Benefits Are Taxed by the IRS – Part IV (stwserve.com)

3 / 3

The I-fund in the TSP invests in international companies. This includes a small percentage of countries from South America.

FALSE

TRUE

FALSE! The I-fund tracks the MSCI EAFE market index, which does not include any countries from South America. READ MORE: The I-Fund: Investing Internationally with the TSP (stwserve.com)

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**Written by Benjamin Derge, Financial Planner, ChFEBC℠ The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.

Federal Benefits Quiz 2