GS15 yearly pension

[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?

GS15 is the “sweet spot” because it is the highest level of the general schedule (GS) pay scale, which applies to a lot of the federal government (but not all). There is a next level of senior executive service (SES) as well as other federal pay tables. Most GS15 employees are in management, have many years of service, or are in highly skilled or professional positions.

I’ve actually heard that non-supervisory GS15 is the sweet spot. I am one and I totally agree with this assessment.

[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).

This is not correct. In virtually all cases, you need to be eligible for an immediate annuity in order to retain your ability to carry your health insurance into retirement. Since you separated before your MRA or 30 years of service, you will need to work for another five years prior to retirement to keep your health insurance. You can find the details on the OPM retirement site. This link explains it as well: https://fedimpact.com/how-can-i-keep-fehb-in-retirement/

[Anonymous]

Anonymous wrote:

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).

This is not correct. In virtually all cases, you need to be eligible for an immediate annuity in order to retain your ability to carry your health insurance into retirement. Since you separated before your MRA or 30 years of service, you will need to work for another five years prior to retirement to keep your health insurance. You can find the details on the OPM retirement site. This link explains it as well: https://fedimpact.com/how-can-i-keep-fehb-in-retirement/

True. Absolutely not a collective five years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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).

This is not correct. In virtually all cases, you need to be eligible for an immediate annuity in order to retain your ability to carry your health insurance into retirement. Since you separated before your MRA or 30 years of service, you will need to work for another five years prior to retirement to keep your health insurance. You can find the details on the OPM retirement site. This link explains it as well: https://fedimpact.com/how-can-i-keep-fehb-in-retirement/

True. Absolutely not a collective five years.

PP here.

Wow, yeah - you're right. My bad. Sorry for the misinformation. They updated their language recently to clarify that it has to be 5 continuous years immediately prior to retirement:

https://www.opm.gov/support/retirement/faq/health-care-coverage/

[Anonymous]

Oh wait - PP again. I think I was right. From the website above, bolded the important part:

****

Yes, you can keep your existing health benefits coverage if you meet all of the following conditions:

You're enrolled in health care insurance under a federal plan when you retire

You must have been continuously covered by a Federal Employees Health Benefits Program (FEHB) program, TRICARE, or Civilian Health and Medical Program for Uniformed Services (CHAMPUS) plan for 5 years immediately before retiring; during all of your federal employment since your first opportunity to enroll; or continuously for full periods of service beginning with the enrollment that started before January 1, 1965, and ending with the date on which you become an annuitant, whichever is shortest.

Your annuity payments start within 30 days

****

So if I rejoin, I just need to make sure I'm covered from day one of my federal employment.

[Anonymous]

Anonymous wrote:Oh wait - PP again. I think I was right. From the website above, bolded the important part:

****

Yes, you can keep your existing health benefits coverage if you meet all of the following conditions:

You're enrolled in health care insurance under a federal plan when you retire

You must have been continuously covered by a Federal Employees Health Benefits Program (FEHB) program, TRICARE, or Civilian Health and Medical Program for Uniformed Services (CHAMPUS) plan for 5 years immediately before retiring; during all of your federal employment since your first opportunity to enroll; or continuously for full periods of service beginning with the enrollment that started before January 1, 1965, and ending with the date on which you become an annuitant, whichever is shortest.

Your annuity payments start within 30 days

****

So if I rejoin, I just need to make sure I'm covered from day one of my federal employment.

That's not how I read it, but you could certainly check with human resources to get the details nailed down.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Oh wait - PP again. I think I was right. From the website above, bolded the important part:

****

Yes, you can keep your existing health benefits coverage if you meet all of the following conditions:

You're enrolled in health care insurance under a federal plan when you retire

You must have been continuously covered by a Federal Employees Health Benefits Program (FEHB) program, TRICARE, or Civilian Health and Medical Program for Uniformed Services (CHAMPUS) plan for 5 years immediately before retiring; during all of your federal employment since your first opportunity to enroll; or continuously for full periods of service beginning with the enrollment that started before January 1, 1965, and ending with the date on which you become an annuitant, whichever is shortest.

Your annuity payments start within 30 days

****

So if I rejoin, I just need to make sure I'm covered from day one of my federal employment.

That's not how I read it, but you could certainly check with human resources to get the details nailed down.

True. I recall reading an article that explained how you don't need 5 years of continuous service prior to retirement - that it was a common misconception. But that was a few years ago and I can't find it now.

But yeah, check with HR.

[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.

That is an overstatement for what someone at GS-15 would actually make. If you want a survivor benefit for your spouse reduce this amount by 10%, so $55,000. You also pay income tax on most of this payment.

[Anonymous]

Anonymous wrote:

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.

That is an overstatement for what someone at GS-15 would actually make. If you want a survivor benefit for your spouse reduce this amount by 10%, so $55,000. You also pay income tax on most of this payment.

Most people also pay income tax on their 401K withdrawals and bear in mind most Feds also have 401ks in addition to their pensions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

That is an overstatement for what someone at GS-15 would actually make. If you want a survivor benefit for your spouse reduce this amount by 10%, so $55,000. You also pay income tax on most of this payment.

Most people also pay income tax on their 401K withdrawals and bear in mind most Feds also have 401ks in addition to their pensions.

And they have social security too.

[Anonymous]

Anonymous wrote:Oh wait - PP again. I think I was right. From the website above, bolded the important part:

****

Yes, you can keep your existing health benefits coverage if you meet all of the following conditions:

You're enrolled in health care insurance under a federal plan when you retire

You must have been continuously covered by a Federal Employees Health Benefits Program (FEHB) program, TRICARE, or Civilian Health and Medical Program for Uniformed Services (CHAMPUS) plan for 5 years immediately before retiring; during all of your federal employment since your first opportunity to enroll; or continuously for full periods of service beginning with the enrollment that started before January 1, 1965, and ending with the date on which you become an annuitant, whichever is shortest.

Your annuity payments start within 30 days

****

So if I rejoin, I just need to make sure I'm covered from day one of my federal employment.

No. But the advice to check with HR is correct. They’ll give you the relevant dates you need to hit.

[Anonymous]

Anonymous wrote:

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.

That is an overstatement for what someone at GS-15 would actually make. If you want a survivor benefit for your spouse reduce this amount by 10%, so $55,000. You also pay income tax on most of this payment.

And the vast majority of Feds are not retiring as GS-15s.

[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

They are not taking away current federal staff’s pensions