Working in the Federal Government (employees, highest, average, percentage)

[jd10025]

Does anyone know how long do you have to work for the feds in order go get benefits for life?

[bluedog2]

Originally Posted by jd10025

Does anyone know how long do you have to work for the feds in order go get benefits for life?

What benefits for life? You mean a pension ? It probably varies depending on agency.I think congressmen and Senators get pensions and free health care for life after one term but most government workers probably have to work 20 or 25 years before qualifying and only get health benefits from the time of retirement until age 65 and then have to go on medicare like everyone else.

[Bureaucratic]

For non-legislative employees the minimum requirement for an immediate annuity (i.e. pension) is five years of work and age 62.

[bluedog2]

Originally Posted by Bureaucratic

For non-legislative employees the minimum requirement for an immediate annuity (i.e. pension) is five years of work and age 62.

How much of a pension would one get after working only 5 years? What percentage of their final salary ?

[westwing]

Originally Posted by bluedog2

How much of a pension would one get after working only 5 years? What percentage of their final salary ?

$1500 a month

[bluedog2]

Originally Posted by westwing

$1500 a month

Not true.I just looked it up.They get 1.1percent of the average of their 3 highest payed years multiplied by the number of years of employment .So someone retiring with $60,000 salary after 5 years would get 1.1 % of 60,000 x 5.That would be $660 x5 or $3,300 per year.That's only $ 275/mo.

I had to look it up because your answer seemed so preposterous.

[Bureaucratic]

With only five years of work the multiplier would be 1%. So it would be $250/month. Just enough to cover the monthly health insurance premium.

[bluedog2]

Originally Posted by Bureaucratic

With only five years of work the multiplier would be 1%. So it would be $250/month. Just enough to cover the monthly health insurance premium.

Wonder why westwing threw out such a totally ridiculous answer?

[Bureaucratic]

Envy?

[10-23]

Originally Posted by bluedog2

What benefits for life? You mean a pension ? It probably varies depending on agency.I think congressmen and Senators get pensions and free health care for life after one term but most government workers probably have to work 20 or 25 years before qualifying and only get health benefits from the time of retirement until age 65 and then have to go on medicare like everyone else.

Not true. Federal retirees, like any retiree, do not have to enroll in Medicare.