Huh? Pensions by definition are defined benefit plans. 401ks are defined contribution plans. Federal retirement is a three legged stool: pension + TSP (401k-like defined contribution plan) + social security. |
You must not know very many current federal workers. The really nice pension was phased out in the 90s, and now there is portion that is a pension, combined with regular savings. Is it better than many private companies? Yes, but someone in my role in private industry would make about double my federal salary in a STEM field. |
This sounds like a great business. So do people pay you to call and insult them as motivation to improve, or to call and insult others they don't like? How much do they pay you for this? |
Who's on the AD pay scale? |
Except their salary sucks. 80% isn’t a dollar amount. |
No, never encountered jealousy, because most similar roles in private industry make so much more. |
No, but I am sometimes thanked for my past service, which is nice but a bit embarassing. |
I guess some DOJ attorneys (I looked it up). |
PP here. My relative makes almost $150k/yr. They are in a LI school district. |
That’s a difficult one to answer because you have the old pension (CSRS) and the newer one (FERS). It’s also based on years of service and high 3 salary. Also, there are certain positions (law enforcement) where you are able to retire early and start collecting immediately and get salary enhancements (LEAP) built into salaries/pensions. For example, I was in the old system, employed as a federal agent, had 30 years of service at age 50 (when I retired) and collect 72% of my high 3 salary plus COLA’s. My pension is about $130k. |
But you don’t get social security under old system..just the pension..correct? |
Present value of some of those pensions is well over 1m. That’s 1m+ you don’t have to save plus the exceptional health care. Also can have additional 1.5m in thrift. |
Maybe 20 years ago that was true. Now many are overpaid, plus it's hard to fire them. Good enough for Government work doesn't cut it in the real world. |
I'm a federal employee and saw people being fired, so there's no job security in the government. |
I'm a federal employee and saw people being fired, so there's no job security in the government. Both fired employees were long in the government ( 10 years+). |