GS15 yearly pension

[Anonymous]

I'm not from the DMV and not familiar with pension in general and federal pension in particular. People often me tion GS15 as being the sweet spot in the fed. So how much is GS15 retirees' yearly pension? Are they also eligible for social security?

[Anonymous]

Federal pensions are based on the year they entered service. At this point, most are in the system that provides 1% for every year they worked multiplied by their average three year highest salary. This goes up to 1.1% if they retire after they hit age 62. They are eligible for Social Security. They are also eligible to contribute to a TSP which is their version of a 401k. They are also eligible to buy federal health insurance, if they meet the minimum years worked. This is helpful, if they want to retire before Medicare kicks in.

[Anonymous]

The above isn't quite right. You also need 20 years of service PLUS retirement at 62+ in order to get 1.1%.

All the details are here:

https://www.opm.gov/retirement-center/fers-information/computation/

[Anonymous]

As the others alluded to, you're looking for information on FERS. That's the official name of the pension.

[Anonymous]

Adding that yes, you'll get Social Security, you have your FERS which is only intended to make up 20-30% of your salary, and then the other third of your retirement income should come from the TSP.

Another valuable element of the federal retirement plan is that you continue to have continuous access to your Federal Health Insurance Plan as long as you worked in the Federal government for the last five years of your career before you retired.

Your FERS is based on your "high 3" which is your highest three years of employment. For this reason many people will take on a higher paying job for their last few years working for the federal government.

[Anonymous]

At this point, most are in the system that provides 1% for every year they worked multiplied by their average three year highest salary. This goes up to 1.1% if they retire after they hit age 62.

I thought under deferred you could get 1.1% if you didn't collect until age 62 (as long as you have 20 years of service and retired at minimum retirement age, which is less than 62)? But you could retire at the minimum retirement age, and just wait to collect?

[Anonymous]

Anonymous wrote:

At this point, most are in the system that provides 1% for every year they worked multiplied by their average three year highest salary. This goes up to 1.1% if they retire after they hit age 62.

I thought under deferred you could get 1.1% if you didn't collect until age 62 (as long as you have 20 years of service and retired at minimum retirement age, which is less than 62)? But you could retire at the minimum retirement age, and just wait to collect?

All of the details are at the link above.

[Anonymous]

Hey OP you want figures. Here is an example. Assume 34 years of service and $180k average of last 3 years.

The your yearly pension will be ($180000x34*1.1%) ie
$61200

[Anonymous]

Anonymous wrote:Adding that yes, you'll get Social Security, you have your FERS which is only intended to make up 20-30% of your salary, and then the other third of your retirement income should come from the TSP.

Another valuable element of the federal retirement plan is that you continue to have continuous access to your Federal Health Insurance Plan as long as you worked in the Federal government for the last five years of your career before you retired.

Your FERS is based on your "high 3" which is your highest three years of employment. For this reason many people will take on a higher paying job for their last few years working for the federal government.

Well, it's for a collective 5 years as long as you were covered at the point of retirement and you're retiring at a minimum of 57 years old.

For example, I'm a former fed with about 10 years of service. I had federal health coverage the whole time. I could rejoin federal service at 56.5 years old, serve for 6 months with federal health care, retire at 57, and retain my coverage for life. Which is basically what I intend to do (but I'll serve for a few years, not just months).

[Anonymous]

Anonymous wrote:I'm not from the DMV and not familiar with pension in general and federal pension in particular. People often me tion GS15 as being the sweet spot in the fed. So how much is GS15 retirees' yearly pension? Are they also eligible for social security?

Under Trump this is not happening.

Wake up people
US treasury is not yours you are not getting pensions or social security

Dictators do not give money to you they raise and pillage

If yiu think
The gov pension will still happen lol no
They win the House
senate
President all three plus SCOTUS that means all bets are off the constitution is gone

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm not from the DMV and not familiar with pension in general and federal pension in particular. People often me tion GS15 as being the sweet spot in the fed. So how much is GS15 retirees' yearly pension? Are they also eligible for social security?

Under Trump this is not happening.

Wake up people
US treasury is not yours you are not getting pensions or social security

Dictators do not give money to you they raise and pillage

If yiu think
The gov pension will still happen lol no
They win the House
senate
President all three plus SCOTUS that means all bets are off the constitution is gone

What's the yawning emoji people?

[Anonymous]

Anonymous wrote:Hey OP you want figures. Here is an example. Assume 34 years of service and $180k average of last 3 years.

The your yearly pension will be ($180000x34*1.1%) ie
$61200

That's really good. That's roughly the same amount I'll be withdrawing yearly from my 401k when I retire in a couple of years and I am a very high income worker in the private sector. I am glad our public servants also have a good retirement because they don't enjoy the salary growth and promotion we have in the private sector.

[Anonymous]

My dad retired about 15 years ago as a GS15 with over 20 years of service. He made something like 180K at the time of retirement and all years prior. His pension is about $3000 a month give or take a few hundred as far as I understand. It's similar in amount to his social security.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Adding that yes, you'll get Social Security, you have your FERS which is only intended to make up 20-30% of your salary, and then the other third of your retirement income should come from the TSP.

Another valuable element of the federal retirement plan is that you continue to have continuous access to your Federal Health Insurance Plan as long as you worked in the Federal government for the last five years of your career before you retired.

Your FERS is based on your "high 3" which is your highest three years of employment. For this reason many people will take on a higher paying job for their last few years working for the federal government.

Well, it's for a collective 5 years as long as you were covered at the point of retirement and you're retiring at a minimum of 57 years old.

For example, I'm a former fed with about 10 years of service. I had federal health coverage the whole time. I could rejoin federal service at 56.5 years old, serve for 6 months with federal health care, retire at 57, and retain my coverage for life. Which is basically what I intend to do (but I'll serve for a few years, not just months).

Thanks, PP. I've been looking for this information but unable to find it. Do you or anyone else have a source? I've been concerned that if I am laid off at age 58, I'd only have 18 months of COLA. If I could stay in FEHB (I have way over 5 years service) that would be a big relief.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Hey OP you want figures. Here is an example. Assume 34 years of service and $180k average of last 3 years.

The your yearly pension will be ($180000x34*1.1%) ie
$61200

That's really good. That's roughly the same amount I'll be withdrawing yearly from my 401k when I retire in a couple of years and I am a very high income worker in the private sector. I am glad our public servants also have a good retirement because they don't enjoy the salary growth and promotion we have in the private sector.

As a note, the pension isn’t free. If you sign on now you’ll have 4.4% deducted from every paycheck. It’s a good pension, although not as good as most others (military, public universities, state and local government), and you pay for around half of it through the deductions.