Reply to 100,000 federal jobs shipped out of DC and reclassify 50,000 civil servants.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

You left out that the Feds now also get TSP and Social Security, where they used to only get the pension. Depending on how one's TSP did, the retirement income is about the same. [/quote]
Just like all workers, the federal employer pay the same amount to OASDI and Medicare. Are you saying they are not entitled the SS they are forced to pay just like you. As to TSP, that is equivalent to a 401k. If the employee puts money into their TSP, the government matches up to 5%. Most companies match between 7.5 and 10% to their employees 401k. Do you begrudge them for that benefit as well?[/quote]

Federal workers used to be exempt from SS, as are some state workers today. The larger pension was compensation for that.

The point being is that the current system is largely comparable in benefits, but far more financially sustainable than the old system. [/quote]

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