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Old 09-29-2017, 07:07 AM
 
Location: Location: Happy Place
3,685 posts, read 1,864,831 times
Reputation: 11289

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Stay until 62 and you won't have to worry about the supplement. Trump has plans to END it anyway.

I do not regret not checking out two years ago, but will retire the end of this year at 62 and receive basically a 10% increase in my pension (FERS) for doing so. And social security will start the month after I retire. 32 years of service, 700 hrs sick leave.
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Old 09-29-2017, 08:02 AM
 
Location: the Old Dominion
294 posts, read 148,682 times
Reputation: 1382
Default ...congratulations...

Quote:
Originally Posted by mschrief View Post
Stay until 62 and you won't have to worry about the supplement. Trump has plans to END it anyway.

I do not regret not checking out two years ago, but will retire the end of this year at 62 and receive basically a 10% increase in my pension (FERS) for doing so. And social security will start the month after I retire. 32 years of service, 700 hrs sick leave.
Burn it.
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Old 09-29-2017, 08:57 AM
 
6,875 posts, read 7,270,643 times
Reputation: 9785
Just so I'm clear....the government puts aside 10%, and pulls another 4.4 from the worker's salary -- for a total annuity contribution of 14%???

Quote:
Originally Posted by Nightengale212 View Post
I hope will give you a better example of the contribution difference from FERS and FERS-FRAE using a high 3 salary of $36,000 with 14% of that amount being contributed toward your pension from both you and the Government.

14% of your $36,000 salary = $5,040 will be contributed towards the annuity part of your pension. Of that total contribution a FERS-FRAE employee contribution portion of that amount will be $2,218 and the Government will contribute $2,822.
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Old 09-29-2017, 09:21 AM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
Reputation: 6377
Quote:
Originally Posted by selhars View Post
Just so I'm clear....the government puts aside 10%, and pulls another 4.4 from the worker's salary -- for a total annuity contribution of 14%???
yes that is correct. that is how pensions work. They need more than your measly 4% to safely cover you in perpetuity for 20 to 40 years in the future.
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Old 09-29-2017, 09:38 AM
 
6,875 posts, read 7,270,643 times
Reputation: 9785
Thanks. Very informative.
But there ARE some pensions that are only company funded, aren't there?
(I've got a pension coming from another job, and they didn't take any money out of my check. They put in an amount equal to a percentage of salary, but it didn't come from my salary.)

I just didn't know about the fed contribution part of it.
Good to know.
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Old 09-29-2017, 10:27 AM
 
Location: Location: Happy Place
3,685 posts, read 1,864,831 times
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Quote:
Originally Posted by JohnnyLackland View Post
Burn it.
No, thanks, it is added to my credible time.

I thought about getting some "work done" but I'll wait until I retire.
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Old 09-29-2017, 10:42 AM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
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Quote:
Originally Posted by JohnnyLackland View Post
Burn it.
that would be 3 months added to their time if they didn't. Honestly I kept my right to the end mostly. I turned in 11 months of sick leave. My boss will turn in 12 months of leave. We were both in 8hr a pay period annual leave early in our careers and a job where we both were needed in so we used our annual leave like sick leave occasionally just to keep to the 240hr carry over. When it was said and done I cashed in just over 300 hours of annual leave as my bridge to OPM pay from actual pay.
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Old 09-29-2017, 11:09 AM
 
506 posts, read 260,679 times
Reputation: 816
Quote:
Originally Posted by mschrief View Post
No, thanks, it is added to my credible time.

I thought about getting some "work done" but I'll wait until I retire.
Quote:
Originally Posted by oldsoldier1976 View Post
that would be 3 months added to their time if they didn't. Honestly I kept my right to the end mostly. I turned in 11 months of sick leave. My boss will turn in 12 months of leave. We were both in 8hr a pay period annual leave early in our careers and a job where we both were needed in so we used our annual leave like sick leave occasionally just to keep to the 240hr carry over. When it was said and done I cashed in just over 300 hours of annual leave as my bridge to OPM pay from actual pay.

I'm barely over 100 hours of sick leave after having worked for the Fed over the past 14 years. Donating to the VLTP will do that to you. Well not you guys, but to some of us.
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Old 09-29-2017, 11:58 AM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
Reputation: 6377
Quote:
Originally Posted by LesserSeneca View Post
I'm barely over 100 hours of sick leave after having worked for the Fed over the past 14 years. Donating to the VLTP will do that to you. Well not you guys, but to some of us.
I donated 10 weeks of leave over my career to fellow FERS employees when they needed it. I didn't miss it at all. We were not allowed to donate sick leave. It had to be annual leave.
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Old 09-29-2017, 12:28 PM
 
8,181 posts, read 11,902,987 times
Reputation: 17929
Quote:
Originally Posted by LesserSeneca View Post
I'm barely over 100 hours of sick leave after having worked for the Fed over the past 14 years. Donating to the VLTP will do that to you. Well not you guys, but to some of us.
That's interesting considering that under OPM's regulations of the VLTP, employees are only allowed to donate annual leave, not sick leave.

https://www.opm.gov/policy-data-over...nsfer-program/
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