Occ vs FRB

[Anonymous]

I have two job offers, one from OCC, the other from FRB. Yes, I realize I am very lucky. I am a 50 year old technologist.
I cannot decide between the two! Important to me are flexibility and stability. I don’t want stress in my professional life. The last two years have been rough in my family life with severely depressed spouse, teenagers and all that entails.
If you have experience working at both agencies, provide your thoughts?

[Anonymous]

I work at FDIC and it seems to me FRB is the preferable option.

[Anonymous]

FRB has a better pension with a higher calculated output in retirement. And no pension contribution required on your part.

Not sure what a “technologist” role entails, so you’d really need to get team specific feedback. On the policy making and legal sides, Fed staff tend to work longer & more stressful hours than OCC and FDIC.

[Anonymous]

Fed is not govt. they cut people more readily for performance. So as long as you are top caliber not an issue, not sure where you care coming from.

[Anonymous]

NP here. i know that somehow your gov years can count towards your FRB pension, and that there is some mechanism for combining... what happens if one gets cut for performance, as noted above, and then goes back to a FERS-covered position? Do FRB years count toward FERS? are funds left in limbo somehow?

OTOH, not being appropriated, the FRB should keep working through a debt limit shutdown. I'm kind of worried about that.
note for OP: neither OCC nor FRB are appropriated, so you should continue to get paid (but also have to continue to work) if congress loses its head next spring.

OCC will do a 10% thrift savings match, while the FRB does a 7%. If you are a first time gov employee your pension is going to be pretty low from OCC. the FRB offers a contribution-free pension at a higher payout, while the OCC FERS contribution will be 4.4%. Say you retire at MRA from OCC with 12 years in with a high-three at $265k, your pension will be around $31800/year. Retiring at 62 from FRB your pension would be closer to $54000.

however, it sounds like FRB positions are much less protected. After 3 years at OCC you will have career status and you will have more protections in a RIF. After you are no longer on probation, though, it is very difficult to fire a gov employee.

Otoh, most folks I know that were at OCC left for other FIRREA agencies. Most of the FRB folks I know were/are pretty happy there.

[Anonymous]

fyi, some comparisons of the FRB pension vs FERS: https://sgp.fas.org/crs/misc/R47084.pdf

[Anonymous]

Anonymous wrote:fyi, some comparisons of the FRB pension vs FERS: https://sgp.fas.org/crs/misc/R47084.pdf

There is nothing about the FRB pension in this report. This compares the old civilian (all federal government employee) pension plan to the new one. FRB has a completely different plan.

[Anonymous]

I’ve worked at both and fed reserve is so much better

[Anonymous]

Anonymous wrote:

Anonymous wrote:fyi, some comparisons of the FRB pension vs FERS: https://sgp.fas.org/crs/misc/R47084.pdf

There is nothing about the FRB pension in this report. This compares the old civilian (all federal government employee) pension plan to the new one. FRB has a completely different plan.

Table 1, starting on Page 8. The last column is FRS, which is the Federal Reserve Board plan. guess you score high on reading comprehension?

[Anonymous]

one note is that you must work until 65 at the fed to get an unreduced pension, vs 62 in occ.

[Anonymous]

FRB can be great, depending on what group you work in. Excellent benefits, good pay, good bonus. You can transfer federal credit to FRB but it doesn’t work the other way.

It would help if we knew where OP is coming from.

[Anonymous]

Coming from private sector.
I would like to retire as soon as I can. 62 sounds good.
And yes, I want to do so in a place where I can put in a honest day’s work everyday, but I am done with the rat race and the politicking.

[Anonymous]

Anonymous wrote:one note is that you must work until 65 at the fed to get an unreduced pension, vs 62 in occ.

Ouch!
Thanks

[Anonymous]

Anonymous wrote:I’ve worked at both and fed reserve is so much better

Can you say more?

[Anonymous]

Anonymous wrote:NP here. i know that somehow your gov years can count towards your FRB pension, and that there is some mechanism for combining... what happens if one gets cut for performance, as noted above, and then goes back to a FERS-covered position? Do FRB years count toward FERS? are funds left in limbo somehow?

OTOH, not being appropriated, the FRB should keep working through a debt limit shutdown. I'm kind of worried about that.
note for OP: neither OCC nor FRB are appropriated, so you should continue to get paid (but also have to continue to work) if congress loses its head next spring.

OCC will do a 10% thrift savings match, while the FRB does a 7%. If you are a first time gov employee your pension is going to be pretty low from OCC. the FRB offers a contribution-free pension at a higher payout, while the OCC FERS contribution will be 4.4%. Say you retire at MRA from OCC with 12 years in with a high-three at $265k, your pension will be around $31800/year. Retiring at 62 from FRB your pension would be closer to $54000.

however, it sounds like FRB positions are much less protected. After 3 years at OCC you will have career status and you will have more protections in a RIF. After you are no longer on probation, though, it is very difficult to fire a gov employee.

Otoh, most folks I know that were at OCC left for other FIRREA agencies. Most of the FRB folks I know were/are pretty happy there.

Thank you. I noticed that too, that the FRB seems to have less attrition.