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Total Comments: 16
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Which is Better: A 10% Reduction In Your Annuity or No COLA for 12 Years?
Total Comments: 16
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November 21, 2008
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OOPS
Federal Career Experts
Wed Jan 30, 2008 9:13 AM
Post Reply
This article has last year's COLA numbers in it. This year's COLA was 2% for FERS and 2.3% for CSRS.
Which is better?
DOD
Wed Jan 30, 2008 10:13 AM
Post Reply
My only concern, now that I have 25 years under CSRS, is my high 3. As soon as it looks as if this will change to high 5...I drop my papers. If it looks as if I will lose too much under NSPS...I drop my papers. If health benefits get messed with and it seems as if being "grandfathered" will help...I drop my papers. If I find I have no more satisfaction in doing a needed job well...I drop my papers.
For a service that is worried about "brain drain" it seems to me they are doing everything they can to make even early retirement a much more attractive offer.
Re: Which is better?
DoD
Wed Jan 30, 2008 2:12 PM
Re: Which is better?
TBWCSS (The Boyz Who Cant Shoot Straight)
Wed Jan 30, 2008 3:08 PM
That's what NSPS is all about, e.g. CONSTRUCTIVE DISCHARGE
cola
DOT
Wed Jan 30, 2008 10:23 AM
Post Reply
Is the article stating that COLA is paid once a year in Jan; lump sum?
Or is it something that is dispersed monthly, ie an increase in your retirement amount?
Re: cola
Federal Career Experts
Wed Jan 30, 2008 3:14 PM
Penalty+COLA/CSRS vs FERS
USPS
Wed Jan 30, 2008 11:42 AM
Post Reply
You must take into consideration that FERS is one third of the retirement package, along with Soc. Sec. Supplement and TSP matching. While CSRS is the total package, therefore the need for greater defined benefit.
What??? No NSPS reality check?
DOD
Wed Jan 30, 2008 1:01 PM
Post Reply
John, I'm disappointed that you don't discuss how Federal Employeers who are coming under NSPS all received a one percent reduction in their retirment this year....BECAUSE our COLA was renamed a bonus .... making it no longer a part of the retirment calculation. While you are at it...why don't you extrapolate out the fact and explain to the future NSPS employees that over a 10 year period NSPS will reduce their retirement by approximately 22%. As a Federal Employee that had 27 years in the Federal system and was planning on 35, I would never ever recommend a job in the federal service because the Feds are changing the game 2/3rds of the way through my career. Their cheats, liars, and thieves.
Re: What??? No NSPS reality check?
Logical
Wed Jan 30, 2008 6:12 PM
Re: What??? No NSPS reality check?
Navy
Thu Jan 31, 2008 6:00 AM
Re: What??? No NSPS reality check?
ICE
Fri Jul 18, 2008 10:38 AM
"Their cheats, liars, and thieves."
The dinosaurs I'm losing every month have not adversely affected the productivity of this organization. Far from it--their departures have liklely improved efficiency. Very sad to say...
Early Retirement Under FERS-Not a good deal
SSA
Thu Jan 31, 2008 1:24 PM
Post Reply
I'm glad that someone is finally bringing attention to the "hidden" penalties for retiring early under FERS. When our HR office announces early outs, it highlights the annuity reduction for the CSRS employees and it states that there is no reduction for the FERS annuity if a FERS employee retires at any age with 25 years of service. Sounds like a great deal! However, there are many pitfalls to retiring early under FERS. Beyond the lack of COL adjustment until age 62, early retiring FERS employees will not receive the Social Security Supplement until reaching the MRA. In addition, money cannot be withdrawn from the TSP without a tax penalty unless it is withdrawn based on life expectancy or withdrawn after reaching the proper age. The FERS annuity is very small (based on 25 years, it would be 1/4 of the salary). With no supplement, no TSP funds and no COL adjustment, an early retiring FERS employee will likely need to find another job!
Re: Early Retirement Under FERS-Not a good deal
NASA
Thu Jan 31, 2008 7:15 PM
Most people do not realise how much it costs to live when you are OLD... too many people confuse minimum age at which they can possibly retire with minimum age at which it is smart to retire.
Both FERS and Social Security were designed with the full expectation that people will work until they reach age 65 or later. Try to beat the system, and you had better be lucky with the stock market.
early out FERS and no health
NPS
Tue Feb 5, 2008 12:10 PM
Post Reply
doesnt' early out for FERS also mean you lose your health benefits through retirement? Seems to me that's the worst part since that cost escalates faster than all the others. FERS was just a great way to chop the retirement benefits for feds I always thought. Part of 3 only works if you actually still have them all when you go - SS is certainly no guarantee. TSP is great if you were able (could afford) to max it out all along, but if you live paycheck to paycheck like some of us, its a lot harder to come up with "pay yourself first" when bills are calling.