Fed Retirement Under FERS

[Anonymous]

If PP works until 2044 and my math is right (neither of which might be right) then I think PP would be working until age 69 with over 40 years of service, which would be over 40%.

[Anonymous]

OK, repeating again. For basic annuity:

27 to 65 is 38 years of service.
38 multiplied by 1.1 multiplied by average of 3 highest years wage.
Or if s/he retires at 62, 35*1.1*highest 3 yr salary.

i.e. at normal retirement OP would get about 40 percent of their final salary.

[Anonymous]

Normal retirement for Feds isnt 67 though, which is why some of us aren't using 2044 as her date of retirement from the govt. 2044 is when she'd be eligible for full retirement benefits under SS, not FERS.

We all know if she stayed in the govt another 40 years then of course she'd receive around 40%, but that wasn't implicitly stated. Working for 40 years in the Feds is unusual.

[Anonymous]

another 30* years

[Anonymous]

I am always surprised at how many FERS employees don't know that they are earning an annuity on top of the TSP.

[Anonymous]

Anonymous wrote:Normal retirement for Feds isnt 67 though, which is why some of us aren't using 2044 as her date of retirement from the govt. 2044 is when she'd be eligible for full retirement benefits under SS, not FERS.

We all know if she stayed in the govt another 40 years then of course she'd receive around 40%, but that wasn't implicitly stated. Working for 40 years in the Feds is unusual.

No, if she stayed another 40 years she would get 55 percent.
If she retired at full retirement age she would get almost 40%, as explained above.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Normal retirement for Feds isnt 67 though, which is why some of us aren't using 2044 as her date of retirement from the govt. 2044 is when she'd be eligible for full retirement benefits under SS, not FERS.

We all know if she stayed in the govt another 40 years then of course she'd receive around 40%, but that wasn't implicitly stated. Working for 40 years in the Feds is unusual.

No, if she stayed another 40 years she would get 55 percent.
If she retired at full retirement age she would get almost 40%, as explained above.

I meant 30 years, which I immediately corrected, see above. I know this already just like there's little chance in hell OP would be working til 77ish in the govt.

[Anonymous]

Anonymous wrote:I meant 30 years, which I immediately corrected, see above. I know this already just like there's little chance in hell OP would be working til 77ish in the govt.

Why? It's not the norm, but I've known at least 3 people at my agency who retired in their late 70's and one who retired 2 years ago just after her 80th birthday.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Normal retirement age for Feds is 57. That's 30 years. How does that amount to 40%?

1. 57 is the minimum retirement age, not normal retirement age.
2. The normal retirement age for people in this country is mid 60s. That gets you to around 40 percent.

Hope this helps, but happy to discuss further if you have difficulties.

Some of it depends on the Agency. FBI agents must retire at 57 (I think it's still 57???) except under very specific circumstances. The point is, there is a mandatory retirement age.

[Anonymous]

Anonymous wrote:I am always surprised at how many FERS employees don't know that they are earning an annuity on top of the TSP.

Ditto. It clearly states PENSION deduction on my pay stub.

[Anonymous]

Y'all a bunch of fat cats!

[Anonymous]

Anonymous wrote:I am always surprised at how many FERS employees don't know that they are earning an annuity on top of the TSP.

Wait, I am confused! I thought you only get an annuity if you convert the money saved in your TSP to an annuity -- i.e. you either get TSP money OR an annuity?

[Anonymous]

Some of it depends on the Agency. FBI agents must retire at 57 (I think it's still 57???) except under very specific circumstances. The point is, there is a mandatory retirement age.

Yes, but there are special enhanced retirement benefits for law enforcement officers, so an FBI agent's retirement would be different anyway.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am always surprised at how many FERS employees don't know that they are earning an annuity on top of the TSP.

Wait, I am confused! I thought you only get an annuity if you convert the money saved in your TSP to an annuity -- i.e. you either get TSP money OR an annuity?

Check your PAY STUB!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am always surprised at how many FERS employees don't know that they are earning an annuity on top of the TSP.

Wait, I am confused! I thought you only get an annuity if you convert the money saved in your TSP to an annuity -- i.e. you either get TSP money OR an annuity?

Check your PAY STUB!

FERS is the pension and TSP is the 401(k) type plan. The FERS benefit is much smaller than the CSRS pension but still you have a pension check out olms website for info. How do people not know this? FWIW I am not a fed and I know this.