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

[Anonymous]

If you work for the USG, how much of a salary bump would you want/need for it to be worth it to you to give up all the benefits? Would the next GS level up be enough? I'm doing the math and all the benefits & generous leave really add up - if you cash them out, it's like 40%. So another place with smaller benefits, less leave, somewhat longer hours but more cash - how much would you need for it to be worthwhile for you?

[Anonymous]

I've had better leave and benefits outside the federal government but my salary was less then. Guess that doesn't help you figure this out - but just wanted to point it out.

[Anonymous]

What benefits are you concerned about? There is no more pension plan so the only reason why I would stay is if you had an old style pension. If you can make more and the benefits are equal or almost equal and it is a better job, go. Sometimes you can ask for signing bonuses to make up for the loss.

[Anonymous]

Anonymous wrote:What benefits are you concerned about? There is no more pension plan so the only reason why I would stay is if you had an old style pension. If you can make more and the benefits are equal or almost equal and it is a better job, go. Sometimes you can ask for signing bonuses to make up for the loss.

There's still a pension plan. There are proposals to require higher contributions or to eliminate it for future employees, but all current employees have a pension plan.

[Anonymous]

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.

[Anonymous]

OP, thanks for attempting to quantify. I am a GS 14 attorney in a high demand niche and I struggle with this. I think it's a very personal decision. Having seen so many people in my parents' social circle who were successful but really knocked off track by late career layoffs, I've choosing (for now) the safe job with a pension. I figure I can always explore options on the side or after retirement.

[Anonymous]

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.

[Anonymous]

I took a 25% cut in pay to come to the govt to get more interesting work.

[Anonymous]

The amount seems very specific to your personal situation. For me, I don't use the health benefits, my husbands non-Fed benefits are better. The amount of AL is very important to me. The TSP match is generous but most non-Fed jobs I am interested in have something similar. The defined benefit pension is unusual, but I'm not convinced that it won't be taken away before I retire. I like the reasonable pace of work, but I wouldn't mind more hours if I can maintain flexibility. I'm not sure that I can easily translate that into a fixed salary bump.

[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.

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?

[Anonymous]

Sorry, that should say TSP matching plus pension set aside = 17%

[Anonymous]

How do you value job security? What are future promotion prospects in each job? These need to be factored in.

[Anonymous]

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

[Anonymous]

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.

What agency are you in? Or are you in some different part of the federal gov? Where are they setting aside 12% for pension?

[Anonymous]

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.