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Reply to "100,000 federal jobs shipped out of DC and reclassify 50,000 civil servants."
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[quote=Anonymous][quote=Anonymous]They're retiring after 30 years with 90% to 100% of their monthly pay plus benefits.[/quote] Nope. Hasn't been true for years, that's the old Civil Service system that only exists for the oldest of fed retirees. FERS annuities are based on high-3 average pay. Generally, the benefit is calculated as 1 percent of high-3 average pay multiplied by years of creditable service. For those retiring at age 62 or later with at least 20 years of service, a factor of 1.1 percent is used rather than 1 percent. Age: Minimum Retirement Age* High-3: $60,000 Service: 30 years .01 x 30 x $60,000 = $18,000 (30% of high-3) Yep, that's a pension of 18k a year on a 60k salary. We feds are really rolling in the money. [/quote]
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