Anonymous
11/13/2022 20:11
Subject: Occ vs FRB
Anonymous wrote:NP here. i know that somehow your gov years can count towards your FRB pension, and that there is some mechanism for combining... what happens if one gets cut for performance, as noted above, and then goes back to a FERS-covered position? Do FRB years count toward FERS? are funds left in limbo somehow?
OTOH, not being appropriated, the FRB should keep working through a debt limit shutdown. I'm kind of worried about that.
note for OP: neither OCC nor FRB are appropriated, so you should continue to get paid (but also have to continue to work) if congress loses its head next spring.
OCC will do a 10% thrift savings match, while the FRB does a 7%. If you are a first time gov employee your pension is going to be pretty low from OCC. the FRB offers a contribution-free pension at a higher payout, while the OCC FERS contribution will be 4.4%. Say you retire at MRA from OCC with 12 years in with a high-three at $265k, your pension will be around $31800/year. Retiring at 62 from FRB your pension would be closer to $54000.
however, it sounds like FRB positions are much less protected. After 3 years at OCC you will have career status and you will have more protections in a RIF. After you are no longer on probation, though, it is very difficult to fire a gov employee.
Otoh, most folks I know that were at OCC left for other FIRREA agencies. Most of the FRB folks I know were/are pretty happy there.
Thank you. I noticed that too, that the FRB seems to have less attrition.
Anonymous
11/13/2022 20:10
Subject: Occ vs FRB
Anonymous wrote:I’ve worked at both and fed reserve is so much better
Can you say more?
Anonymous
11/13/2022 20:09
Subject: Occ vs FRB
Anonymous wrote:one note is that you must work until 65 at the fed to get an unreduced pension, vs 62 in occ.
Ouch!
Thanks
Anonymous
11/13/2022 20:09
Subject: Re:Occ vs FRB
Coming from private sector.
I would like to retire as soon as I can. 62 sounds good.
And yes, I want to do so in a place where I can put in a honest day’s work everyday, but I am done with the rat race and the politicking.
I would like to retire as soon as I can. 62 sounds good.
And yes, I want to do so in a place where I can put in a honest day’s work everyday, but I am done with the rat race and the politicking.
Anonymous
11/13/2022 18:07
Subject: Occ vs FRB
FRB can be great, depending on what group you work in. Excellent benefits, good pay, good bonus. You can transfer federal credit to FRB but it doesn’t work the other way.
It would help if we knew where OP is coming from.
It would help if we knew where OP is coming from.
Anonymous
11/13/2022 17:59
Subject: Occ vs FRB
one note is that you must work until 65 at the fed to get an unreduced pension, vs 62 in occ.
Anonymous
11/13/2022 17:40
Subject: Occ vs FRB
Anonymous wrote:Anonymous wrote:fyi, some comparisons of the FRB pension vs FERS: https://sgp.fas.org/crs/misc/R47084.pdf
There is nothing about the FRB pension in this report. This compares the old civilian (all federal government employee) pension plan to the new one. FRB has a completely different plan.
Table 1, starting on Page 8. The last column is FRS, which is the Federal Reserve Board plan. guess you score high on reading comprehension?
Anonymous
11/13/2022 16:27
Subject: Occ vs FRB
I’ve worked at both and fed reserve is so much better
Anonymous
11/13/2022 16:12
Subject: Occ vs FRB
Anonymous wrote:fyi, some comparisons of the FRB pension vs FERS: https://sgp.fas.org/crs/misc/R47084.pdf
There is nothing about the FRB pension in this report. This compares the old civilian (all federal government employee) pension plan to the new one. FRB has a completely different plan.
Anonymous
11/13/2022 15:21
Subject: Occ vs FRB
fyi, some comparisons of the FRB pension vs FERS: https://sgp.fas.org/crs/misc/R47084.pdf
Anonymous
11/13/2022 14:16
Subject: Occ vs FRB
NP here. i know that somehow your gov years can count towards your FRB pension, and that there is some mechanism for combining... what happens if one gets cut for performance, as noted above, and then goes back to a FERS-covered position? Do FRB years count toward FERS? are funds left in limbo somehow?
OTOH, not being appropriated, the FRB should keep working through a debt limit shutdown. I'm kind of worried about that.
note for OP: neither OCC nor FRB are appropriated, so you should continue to get paid (but also have to continue to work) if congress loses its head next spring.
OCC will do a 10% thrift savings match, while the FRB does a 7%. If you are a first time gov employee your pension is going to be pretty low from OCC. the FRB offers a contribution-free pension at a higher payout, while the OCC FERS contribution will be 4.4%. Say you retire at MRA from OCC with 12 years in with a high-three at $265k, your pension will be around $31800/year. Retiring at 62 from FRB your pension would be closer to $54000.
however, it sounds like FRB positions are much less protected. After 3 years at OCC you will have career status and you will have more protections in a RIF. After you are no longer on probation, though, it is very difficult to fire a gov employee.
Otoh, most folks I know that were at OCC left for other FIRREA agencies. Most of the FRB folks I know were/are pretty happy there.
OTOH, not being appropriated, the FRB should keep working through a debt limit shutdown. I'm kind of worried about that.
note for OP: neither OCC nor FRB are appropriated, so you should continue to get paid (but also have to continue to work) if congress loses its head next spring.
OCC will do a 10% thrift savings match, while the FRB does a 7%. If you are a first time gov employee your pension is going to be pretty low from OCC. the FRB offers a contribution-free pension at a higher payout, while the OCC FERS contribution will be 4.4%. Say you retire at MRA from OCC with 12 years in with a high-three at $265k, your pension will be around $31800/year. Retiring at 62 from FRB your pension would be closer to $54000.
however, it sounds like FRB positions are much less protected. After 3 years at OCC you will have career status and you will have more protections in a RIF. After you are no longer on probation, though, it is very difficult to fire a gov employee.
Otoh, most folks I know that were at OCC left for other FIRREA agencies. Most of the FRB folks I know were/are pretty happy there.
Anonymous
11/13/2022 11:54
Subject: Occ vs FRB
Fed is not govt. they cut people more readily for performance. So as long as you are top caliber not an issue, not sure where you care coming from.
Anonymous
11/13/2022 11:47
Subject: Occ vs FRB
FRB has a better pension with a higher calculated output in retirement. And no pension contribution required on your part.
Not sure what a “technologist” role entails, so you’d really need to get team specific feedback. On the policy making and legal sides, Fed staff tend to work longer & more stressful hours than OCC and FDIC.
Not sure what a “technologist” role entails, so you’d really need to get team specific feedback. On the policy making and legal sides, Fed staff tend to work longer & more stressful hours than OCC and FDIC.
Anonymous
11/13/2022 11:02
Subject: Re:Occ vs FRB
I work at FDIC and it seems to me FRB is the preferable option.
Anonymous
11/13/2022 10:49
Subject: Occ vs FRB
I have two job offers, one from OCC, the other from FRB. Yes, I realize I am very lucky. I am a 50 year old technologist.
I cannot decide between the two! Important to me are flexibility and stability. I don’t want stress in my professional life. The last two years have been rough in my family life with severely depressed spouse, teenagers and all that entails.
If you have experience working at both agencies, provide your thoughts?
I cannot decide between the two! Important to me are flexibility and stability. I don’t want stress in my professional life. The last two years have been rough in my family life with severely depressed spouse, teenagers and all that entails.
If you have experience working at both agencies, provide your thoughts?