| yes, well. you also won't be able to get food stamps either. |
It sounds like you’d qualify for VERA. Why does the extra year and a half make that much of a difference for retirement? |
Umpteen years isn’t 20. And while they may offer another VERA soon I think that might be end of it. I am with you poster — we are starting to map out various alternative scenarios. Maybe not as drastic as moving but definitely involve leaving when that was never the plan. |
All my money is locked up in home equity and retirement plans and 529s. If I’m going to have to cut short what had formerly looked like a solid twenty year career and take a 50% bath on my pension, I’d be a fool to not leverage the biggest pot of tax free cash I have by selling up and moving somewhere with more reasonable housing costs. Sink it all into being mortgage free, reduce expenses to stay in the lowest tax brackets, minimize what I need to take out of TSP so it can keep growing, avoid the early pension penalty as long as I can- I just may be able to eke things out if even if I can’t find equivalent employment. It’ll be bloody near thing, tho. |
Hang tight. The morons who run the place are already talking about hiring. They will realize the only people applying are formerly displaced Feds. It was a tough enough sell to tell industry folks to come on board with our strict trading rules. But now it is near impossible because they’d have to divest their crypto. And, of course, the administration is honest about trying to torture us. Union has a good chance of winning in arbitration. Agency will appeal but all our misery will then come out as anger at current management. Eventually we will get pre covid telework back. |
Who in their right mind would apply for a job there? |
Tons of people. Every other fired Fed would be thrilled with a big raise. Forget fired Fed, employed feds would also be happy with the raise. You will still have people looking to leave Biglaw, either for good or as a stepping stone. If they choose to hire (which they aren’t with very limited exceptions), they won’t have any trouble. |
Somehow I don’t think they’ll be so moved by our anger. |
What do you mean by 50% bath on your pension? |
The reduction in my projected high three, plus the inherent reduction from not being able to complete 20 years, plus the five percent per year reduction if I can’t find decent employment and end up having to start drawing at 57, plus the lack of COLA during my early draw years. I took this bloody job because I saw how my parents got hosed by their companies as they drew near to retirement and I didn’t want to have to deal with the uncertainties of employment during my fifties. Frankly, the only thing keeping me here is the knowledge that, if circumstances make me stroke out, at least my kids will have the FEGLI. |
Oh, you are talking about the costs of retiring early, and using them to justify moving out of the area. Got it. I'd initially read it as a reason to retire. |
No, I was trying to convey that I have every reason and pressure to stay with the agency as long as possible, and if even I am this close to quitting then everyone must be considering it. |
All people who don’t have specialized knowledge. And no one is leaving big law voluntarily to be on probation as a fed. |
What will happen across all financial regulators is that the only people who will stay are the employees you don’t want staying, or very close to retirement. |
I’m not convinced senior leadership thinks specialized knowledge is necessary. |