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Money and Finances
Reply to "Please explain the federal annuity"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My wife is Fed Law Enforcement and has mandatory retirement at 57. If I understand it correctly, she gets 35% of her high 3 after 20 years, and then and additional 1% for each year beyond 20 up to a maximum of 42%.[/quote] WoW! Never heard of such a generous federal pension. Regular civil servants hired in the last 30 years (since the late 1980s) get 1% of their highest salary (or 1.1% if you worked for a really long time) times their time of service. So if you worked for 20 years you would get an annual pension worth 20% of your highest salary.[/quote] I think FDIC gets an even more generous pension calculation.[/quote]
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