How much of a salary bump would you need to leave the gov?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What benefits are you concerned about?

OP here.

TSP matching is 5%. What they're setting aside for the pension is about 12%.

There's about 4 weeks of AL and about 2.5 weeks of SL, worth another 12.5%.

The portion of my health insurance that's covered is huge, especially considering that my premium does not increase per person under the family plan. I can't expect to find that in the private sector - each additional family member would be extra.

So, if a private sector job offers 3% 401(k) matching, 2 weeks paid leave, and covers a similar portion of your health insurance, then you're looking at loosing 9% in annual retirement contributions and 5-6% in the cashed out value of your leave plus whatever more you'd have to pay for health insurance. So, what I'm struggling with is that even if I'm offered 15% more than what I currently make, I may not actually break even.

IME private sector was more generous, at least if you stayed less than 20 years at a job. For example, there's only 4 weeks of AL for feds after 15 years, the pension is small unless you stay 20 years or more, and the health benefits and 401k contributions are worse than either of my two prior jobs.

I'm curious about this last part. Currently, I pay only about 20% of the premium for my family plan that covers 3. It won't cost more when it's 4, 5, 6 - I could have a dozen kids and my premium would still just be the family rate. And 401(k) contributions are more in the private sector? Right now, my 5% matching but pension set aside is 17%. Where do you find more than that?

I think it's pretty common for a family premium to cover all members of your family. OTOH, one of my previous jobs offered "self plus one" which was helpful because it was substantially cheaper than family (esp. in FEHBP), and one offered full coverage of self-only, and family was still less expensive than what good FEHBP plans cost.

[Anonymous]

The only benefits that are better at the Fed than at my private sector job are the TSP match and health insurance premium. Everything else was better private, even the pension. OTOH, I'm getting a lot more job satisfaction and making a contribution to my field. I'm probably going to have to jump back sooner rather than later, though. Cost of living out here is killing us compared to the midwest, and I eventually want to get back on the property ladder.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What benefits are you concerned about?

OP here.

TSP matching is 5%. What they're setting aside for the pension is about 12%.

There's about 4 weeks of AL and about 2.5 weeks of SL, worth another 12.5%.

The portion of my health insurance that's covered is huge, especially considering that my premium does not increase per person under the family plan. I can't expect to find that in the private sector - each additional family member would be extra.

So, if a private sector job offers 3% 401(k) matching, 2 weeks paid leave, and covers a similar portion of your health insurance, then you're looking at loosing 9% in annual retirement contributions and 5-6% in the cashed out value of your leave plus whatever more you'd have to pay for health insurance. So, what I'm struggling with is that even if I'm offered 15% more than what I currently make, I may not actually break even.

IME private sector was more generous, at least if you stayed less than 20 years at a job. For example, there's only 4 weeks of AL for feds after 15 years, the pension is small unless you stay 20 years or more, and the health benefits and 401k contributions are worse than either of my two prior jobs.

That's wrong. You get 6 hours of leave per pay period after 3 years of service which is 19.5 days or what most people would consider 4 weeks. That's in addition to the 13 days of sick leave we get per year (which accumulate indefinitely by the way) so that's pretty good.

[Anonymous]

When I left, my salary roughly doubled without much loss in benefits. I used to be concerned about job security, but the various pay freezes, hiring freezes, and shutdowns made me much less convinced the government had a significant leg up over the private sector. But mostly I was just ready for a move. If you have great job satisfaction as a Fed and can't get the same experience in the private sector, I wouldn't move at any price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What benefits are you concerned about?

OP here.

TSP matching is 5%. What they're setting aside for the pension is about 12%.

There's about 4 weeks of AL and about 2.5 weeks of SL, worth another 12.5%.

The portion of my health insurance that's covered is huge, especially considering that my premium does not increase per person under the family plan. I can't expect to find that in the private sector - each additional family member would be extra.

So, if a private sector job offers 3% 401(k) matching, 2 weeks paid leave, and covers a similar portion of your health insurance, then you're looking at loosing 9% in annual retirement contributions and 5-6% in the cashed out value of your leave plus whatever more you'd have to pay for health insurance. So, what I'm struggling with is that even if I'm offered 15% more than what I currently make, I may not actually break even.

IME private sector was more generous, at least if you stayed less than 20 years at a job. For example, there's only 4 weeks of AL for feds after 15 years, the pension is small unless you stay 20 years or more, and the health benefits and 401k contributions are worse than either of my two prior jobs.

The reason multiple posters are disagreeing about the pension and vacation accrual days is because they're not standard. Yeesh.
That's wrong. You get 6 hours of leave per pay period after 3 years of service which is 19.5 days or what most people would consider 4 weeks. That's in addition to the 13 days of sick leave we get per year (which accumulate indefinitely by the way) so that's pretty good.

[Anonymous]

Anonymous wrote:you're calculating the federal pension too high. It's 1% of your top salary for each year of service.

Actually it's 1.1%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What benefits are you concerned about?

OP here.

TSP matching is 5%. What they're setting aside for the pension is about 12%.

There's about 4 weeks of AL and about 2.5 weeks of SL, worth another 12.5%.

The portion of my health insurance that's covered is huge, especially considering that my premium does not increase per person under the family plan. I can't expect to find that in the private sector - each additional family member would be extra.

So, if a private sector job offers 3% 401(k) matching, 2 weeks paid leave, and covers a similar portion of your health insurance, then you're looking at loosing 9% in annual retirement contributions and 5-6% in the cashed out value of your leave plus whatever more you'd have to pay for health insurance. So, what I'm struggling with is that even if I'm offered 15% more than what I currently make, I may not actually break even.

IME private sector was more generous, at least if you stayed less than 20 years at a job. For example, there's only 4 weeks of AL for feds after 15 years, the pension is small unless you stay 20 years or more, and the health benefits and 401k contributions are worse than either of my two prior jobs.

The reason multiple posters are disagreeing about the pension and vacation accrual days is because they're not standard. Yeesh.
That's wrong. You get 6 hours of leave per pay period after 3 years of service which is 19.5 days or what most people would consider 4 weeks. That's in addition to the 13 days of sick leave we get per year (which accumulate indefinitely by the way) so that's pretty good.

Vacay is pretty standard. http://www.opm.gov/policy-data-oversight/pay-leave/leave-administration/fact-sheets/annual-leave/

[Anonymous]

Anonymous wrote:

Anonymous wrote:you're calculating the federal pension too high. It's 1% of your top salary for each year of service.

Actually it's 1.1%.

You get 1.1% if you retire with 20 years of service. Whoopee

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:you're calculating the federal pension too high. It's 1% of your top salary for each year of service.

Actually it's 1.1%.

You get 1.1% if you retire with 20 years of service. Whoopee

and age 62

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What benefits are you concerned about?

OP here.

TSP matching is 5%. What they're setting aside for the pension is about 12%.

There's about 4 weeks of AL and about 2.5 weeks of SL, worth another 12.5%.

The portion of my health insurance that's covered is huge, especially considering that my premium does not increase per person under the family plan. I can't expect to find that in the private sector - each additional family member would be extra.

So, if a private sector job offers 3% 401(k) matching, 2 weeks paid leave, and covers a similar portion of your health insurance, then you're looking at loosing 9% in annual retirement contributions and 5-6% in the cashed out value of your leave plus whatever more you'd have to pay for health insurance. So, what I'm struggling with is that even if I'm offered 15% more than what I currently make, I may not actually break even.

IME private sector was more generous, at least if you stayed less than 20 years at a job. For example, there's only 4 weeks of AL for feds after 15 years, the pension is small unless you stay 20 years or more, and the health benefits and 401k contributions are worse than either of my two prior jobs.

I'm curious about this last part. Currently, I pay only about 20% of the premium for my family plan that covers 3. It won't cost more when it's 4, 5, 6 - I could have a dozen kids and my premium would still just be the family rate. And 401(k) contributions are more in the private sector? Right now, my 5% matching but pension set aside is 17%. Where do you find more than that?

I think it's pretty common for a family premium to cover all members of your family. OTOH, one of my previous jobs offered "self plus one" which was helpful because it was substantially cheaper than family (esp. in FEHBP), and one offered full coverage of self-only, and family was still less expensive than what good FEHBP plans cost.

Agreed - previous job allowed health insurance for two individuals. With the federal govt I have to pay more for a family plan and there are only 2 of us. Not a complaint - but just pointing it out.

[Anonymous]

Considering I am a term, I don't think they'd even have to meet current salary.

[Anonymous]

Only reason for leaving the Fed would be, if you are under 30 and have career that is in high demand.

You do not want to leave the Fed after a certain age. For most Feds, the job security trumps them all.

[Anonymous]

^^ forgot to add that, most do not work that hard, if at all... I see that all around me. At our agency, some "tele-work" 4 days a week, but we cannot figure out what they do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:you're calculating the federal pension too high. It's 1% of your top salary for each year of service.

Actually it's 1.1%.

You get 1.1% if you retire with 20 years of service. Whoopee

It's more on the congressional side.

[Anonymous]

Anonymous wrote:All of my private sector friends have way more benefits than I do as a fed. I think it depends what sort of private sector work you're going into. Feds > Walmart, but not better than many defense contractors, lobby firms or law firms.

Well, yes, but then you are a defense contractor or lobbyist. This is exactly why I stay in the government. I like to feel like I am making a positive contribution to the world.