Occ vs FRB

[Anonymous]

Anonymous wrote: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.

so, one note is that if you want to retire AS SOON as you can, you can retire from FRB at 55 after 5 years. it is a greatly reduced pension, but it would allow you to get the guaranteed health insurance, they still do 7% match into the thrift, and because FRB employees aren't contributing to the pension, you can easily absorb your 401k catch-up payments as well on the same salary. kind of depends on your total goals...

[Anonymous]

They don't call it Club Fed for nothing. Generous benefits and overall just a nice, professional culture.

As long as you are smart and do your work, you'll be fine. Easier freedom to fire people means you're not covering for dead weight like in some government agencies.

[Anonymous]

Anonymous wrote:

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.

The reason I posted that I’m at FDIC and FRB seems better is because we get a lot of people from OCC who are oddly tight-lipped about having been there, but I haven’t met anyone from FRB (I am on the Corporate Support so it’s different than the Examiner side).