Reply to Thinking about becoming a Fed - tell me about the retirement plan/pensions

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Go work for a financial regulator government agency. 
They need IT people. The best pension is at the Federal Reserve Board or CFPB. No retirement contributions on your end + the retirement payout is better than FERS.

FERS is the regular federal pension system. It requires new federal employees to pay 4% of salary into the system.

FDIC and OCC have the best thrift/401K matching programs - 10% of salary. [/quote]

DP.  Is the CFPB/Fed pension better, though?  It seems like it could be getting worse and worse.

The Soc Sec Wage Base or whatever it is called keeps getting lifted, and that is what is used to calculate the benefit.  The Fed uses a certain % rate multiplier of income below that wage basis to get your benefit and a different % rate of income above that S.S. figure.  When the Wage Basis keeps going up, the benefit gets smaller and smaller.  Unless you retire soon.[/quote]

There is no employee contribution to the CFPB/Fed pension. That is much better than contributing 4%. [/quote]

Yes there is...

FERS
(01/01/1987 - 12/31/2012)	7% of Base Pay is deducted:

0.8% to FERS Basic Benefit Plan

6.2% to Social Security

FERS-RAE
(01/01/2013 - 12/31/2013)	9.3% of Base Pay is deducted:

3.1% to FERS Basic Benefit Plan

6.2% to Social Security

FERS-FRAE
(01/01/2014 - Current)	10.6% of Base Pay is deducted:

4.4% to FERS Basic Benefit Plan

6.2% to Social Security[/quote]

Wow. I started as a fed in 2011 at 25. I didn’t realize what I better deal I had than people starting after me. [/quote]

Same. No wonder my agency is having trouble recruiting from the public - they lose 4.4% of their check right off the bat to pension which is only good if you do 30 years.[/quote]

Pension is pro-rated to your years served.  As long as you work at least 5 years you get a pension.  Just not as high of a pension.[/quote]

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