Feds... do you plan on staying forever?

[Anonymous]

Anonymous wrote:

Anonymous wrote:PP here. Wanted to point out I'm not referring to the thrift plan but to the pension. Our pension is different.

Federal Reserve and CFPB are on different pension systems than FERS right? Ex-Im Bank probably also has it's own deal.

That is correct. They both require thirty years of contribution before being able to collect the annuity. OR to reach the retirement age. Which I believe is 62. If you leave before retirement and you're vested, you can either roll over your defined pension into an IRA (the lump sum) or elect an annuity which you collect at 62. The closer you are to retirement age, the better it is to choose the annuity. With the annuity, you earn an extra percentage or two of annual income for each year you work. I believe if you hit 30 years you're at 70 percent of your final year's salary for life. It may be more than 70 percent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:PP here. Wanted to point out I'm not referring to the thrift plan but to the pension. Our pension is different.

Federal Reserve and CFPB are on different pension systems than FERS right? Ex-Im Bank probably also has it's own deal.

That is correct. They both require thirty years of contribution before being able to collect the annuity. OR to reach the retirement age. Which I believe is 62. If you leave before retirement and you're vested, you can either roll over your defined pension into an IRA (the lump sum) or elect an annuity which you collect at 62. The closer you are to retirement age, the better it is to choose the annuity. With the annuity, you earn an extra percentage or two of annual income for each year you work. I believe if you hit 30 years you're at 70 percent of your final year's salary for life. It may be more than 70 percent.

Could you tell me the formula for the pension at the Fed Reserve and CFPB? Like what percent of salary is it for each year of service. I'm dying of curiosity!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:PP here. Wanted to point out I'm not referring to the thrift plan but to the pension. Our pension is different.

Federal Reserve and CFPB are on different pension systems than FERS right? Ex-Im Bank probably also has it's own deal.

That is correct. They both require thirty years of contribution before being able to collect the annuity. OR to reach the retirement age. Which I believe is 62. If you leave before retirement and you're vested, you can either roll over your defined pension into an IRA (the lump sum) or elect an annuity which you collect at 62. The closer you are to retirement age, the better it is to choose the annuity. With the annuity, you earn an extra percentage or two of annual income for each year you work. I believe if you hit 30 years you're at 70 percent of your final year's salary for life. It may be more than 70 percent.

Could you tell me the formula for the pension at the Fed Reserve and CFPB? Like what percent of salary is it for each year of service. I'm dying of curiosity!

No.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:PP here. Wanted to point out I'm not referring to the thrift plan but to the pension. Our pension is different.

Federal Reserve and CFPB are on different pension systems than FERS right? Ex-Im Bank probably also has it's own deal.

That is correct. They both require thirty years of contribution before being able to collect the annuity. OR to reach the retirement age. Which I believe is 62. If you leave before retirement and you're vested, you can either roll over your defined pension into an IRA (the lump sum) or elect an annuity which you collect at 62. The closer you are to retirement age, the better it is to choose the annuity. With the annuity, you earn an extra percentage or two of annual income for each year you work. I believe if you hit 30 years you're at 70 percent of your final year's salary for life. It may be more than 70 percent.

Could you tell me the formula for the pension at the Fed Reserve and CFPB? Like what percent of salary is it for each year of service. I'm dying of curiosity!

No.

: ( please?

[Anonymous]

Anonymous wrote:Yup. I'm in it for the work life balance and job security. I just had my review with my boss the other day and he asked about my 5 year and 10 year plan. I told him I'm happy to be a GS-13 worker bee and cen't imagine the pay increase worth having to supervise people.

you don't have to supervise people to make 14 and 15 pay. I do. helps to be technical, though.

Will hit 15 years this year, came to DoD out of college. Not sure what I'll do but the 8hr leave benefit is very useful now that I have 3 kids

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yup. I'm in it for the work life balance and job security. I just had my review with my boss the other day and he asked about my 5 year and 10 year plan. I told him I'm happy to be a GS-13 worker bee and cen't imagine the pay increase worth having to supervise people.

you don't have to supervise people to make 14 and 15 pay. I do. helps to be technical, though.

Will hit 15 years this year, came to DoD out of college. Not sure what I'll do but the 8hr leave benefit is very useful now that I have 3 kids

I'm 13 years in and so close to that 8 hour accrual point. I can imagine how helpful this will be!!

[Anonymous]

Yes, I plan to stay until retirement. I am a non-supervisory 15. Although I will max out before retirement, I think the pension, and the flexible hours, no work on weekends, etc., more than makes up for it.

I started when I was 25; my goal is to retire at 62.

[Anonymous]

Wow! The gov't pension is extremely high, right? Assuming things stay the same, if I make an average of $150k in my high three years, and even if I retire before 62 so I get 1% and not 1.1%, I will get $45k a year! WOW!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yup. I'm in it for the work life balance and job security. I just had my review with my boss the other day and he asked about my 5 year and 10 year plan. I told him I'm happy to be a GS-13 worker bee and cen't imagine the pay increase worth having to supervise people.

you don't have to supervise people to make 14 and 15 pay. I do. helps to be technical, though.

Will hit 15 years this year, came to DoD out of college. Not sure what I'll doo but the 8hr leave benefit is very useful now that I have 3 kids

Is there any advice you have for.someone in the position that you were in 15 years ago? Same agency, same age.

[Anonymous]

Anonymous wrote:Wow! The gov't pension is extremely high, right? Assuming things stay the same, if I make an average of $150k in my high three years, and even if I retire before 62 so I get 1% and not 1.1%, I will get $45k a year! WOW!

It GREATLY depends on how many years you have in the federal government.

[Anonymous]

I was actually just thinking about this today. I started at my agency when I was 28 and am a GS 15. My high 3 will be 150,000. I could retire at 58 and get 45k a year. Fortunately my spouse is also a 15, with a few more years under his belt. We should get $100k per year in our FERS pension alone.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yup. I'm in it for the work life balance and job security. I just had my review with my boss the other day and he asked about my 5 year and 10 year plan. I told him I'm happy to be a GS-13 worker bee and cen't imagine the pay increase worth having to supervise people.

you don't have to supervise people to make 14 and 15 pay. I do. helps to be technical, though.

Will hit 15 years this year, came to DoD out of college. Not sure what I'll do but the 8hr leave benefit is very useful now that I have 3 kids

It's true, I am a 14 and don't supervise anyone... but I do have to tell other people in the agency to what to do.

Not sure if I will stay forever. I am in my early 30s (and a 14 as I mentioned above). I am not happy with the ability to increase my salary, 15/SES salaries aren't that much more. Thinking of moving to govt relations/industry.

[Anonymous]

Anonymous wrote:I was actually just thinking about this today. I started at my agency when I was 28 and am a GS 15. My high 3 will be 150,000. I could retire at 58 and get 45k a year. Fortunately my spouse is also a 15, with a few more years under his belt. We should get $100k per year in our FERS pension alone.

I can't imagine it would make financial sense for either of you to leave.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I have 7 years under my belt and I'm 31. My goal is to put in 10 more years and retire at 41. To do so we will need to keep living off of my salary and saving my husband's salary, which is more than mine. I figure fifteen plus years of contributing to the pension will help. I make over 150k and I am maxing out the 401k plus have the match. I have to say that my job drives me crazy and I get sick of the BS. However, the work can be interesting, the pay is great considering the stability and I like my coworkers.

You need to speak with your HR Dept. I think you might be misinformed about when you'll be receiving your retirement benefits.

My agency isn't part of the government retirement system. It is similar in many ways, but there are differences.

I've definitely reviewed the pension benefits thoroughly and I'm well informed. I started at 24 so I actually can retire at 54 with full benefits if I stick it out. Don't think I will though.

However, you can not begin to draw your retirement benefits until you hit the minimum retirement age (MRA). The government won't begin paying you until you are 58yo minimum.

My agency isn't part of the government retirement system.

Oh, now you have to share, - what Federal agency does not take part in the "government retirement system"? I don't believe there are any.

I don't want to say out of fear someone I work with will read this and recognize me. But I can assure you that not every single government employee in DC has the same retirement plan. My agency for example usually follows what OPM announces, example snow days, but isn't required to do so. My agency also isn't funded by the federal government.

Let's see... Feds that are not funded by tax dollars, for example FDIC is funded by the member banks, user funded PTO-Patents & Trademarks Office, SEC...

[Anonymous]

Anonymous wrote:

Anonymous wrote:I was actually just thinking about this today. I started at my agency when I was 28 and am a GS 15. My high 3 will be 150,000. I could retire at 58 and get 45k a year. Fortunately my spouse is also a 15, with a few more years under his belt. We should get $100k per year in our FERS pension alone.

I can't imagine it would make financial sense for either of you to leave.

This is the same position DH and I are in, combined with aggressively saving in our TSPs since age 22 and 23, when we became feds. it's highly likely we will retire as multi-millionare federal employees. For us, it doesn't make sense to leave.