Leaving the FAA

OrangeYOGAMat

Member
FAA
Messages
54
Facility
MKC Kansas City Downtown Tower
What happens to all your leave and TSP if you leave the FAA? A guy at my facility is talking about going back to the airlines, and I have noticed he was getting a lot of conflicting information.
 

Charlie_Foxtrot

Active Member
Messages
69
What happens to all your leave and TSP if you leave the FAA? A guy at my facility is talking about going back to the airlines, and I have noticed he was getting a lot of conflicting information.

You are vested in the TSP if you have been employed for three years. This means that you are entitled to keep all matching FAA contributions. If you have been employed for less than three years, you only get to keep your own contributions.
 

Papa_Mike

Member
Messages
38
You either use your leave or they pay you out dollar for dollar. Sick leave is something like 40 cents on the dollar or something like that.
 

GMX

Trusted Contributor
Messages
246
I've actually done this except I left a different federal agency and had a "break in service" i.e. I was not employed by the federal government for a time and then rehired into the FAA.

1. Your TSP money remains in your TSP account which you will always maintain access to and can change your account distributions, but can no longer contribute. The vested part that was explained above is accurate.
2. You have the option to do a direct transfer of the money to another qualified retirement plan with no penalties.
3. You have the option to take a distribution of part or all of your TSP money. If you're not 59 1/2 years old you will incur a 10% penalty for doing so and be taxed at whatever your tax bracket is that year for the amount you took as cash in hand. In other words, don't be stupid.
4. Annual leave is paid out in a lump sum at your hourly rate.
5. Sick leave remains with the agency. If you are rehired at the FAA or any other federal agency, that sick leave balance will be there when you return. (The $0.40 is paid out only when one retires unless they changed this).
 

spider

Forum Sage
Messages
383
You are vested in the TSP if you have been employed for three years. This means that you are entitled to keep all matching FAA contributions. If you have been employed for less than three years, you only get to keep your own contributions.

You always keep your matching funds regardless of time. The vesting part is for the automatic 1% contribution. That you don’t keep unless you’re vested.
 

GMX

Trusted Contributor
Messages
246
Oh nice, I always thought it was the automatic and matching contributions...basically all the funds the government put in. But spider is right, I just checked on the TSP site.
 

fknlo

Trusted Contributor
Messages
95
You either use your leave or they pay you out dollar for dollar. Sick leave is something like 40 cents on the dollar or something like that.

Incorrect on the sick leave aspect if you aren't retiring. You'll be paid out any annual or credit balance you have, sick leave just sits there in the bank. I know this because I'm also looking at leaving the agency if I can't get out of my current facility any other way.
 

Petergraham1

Member
Messages
25
To clarify this guy has been about 10 years

Damn I was a pro pilot too on the bizjet side and feel the temptation to go to the airlines. Been in for 9 years and feel like the pension is too much to give up at this point. Maybe if I was 5 years younger.... Is this person at a low level facility with no hope of transferring or something?
 

pdtripp

Member
Messages
2
My advice to anyone reading this PRINT OFF OR SAVE YOUR SF-50's. If you are thinking about leaving the Agency do this. If you are close to retirement do this. It will take at least 1 week to request them if you don't save them. I had a bad experience and I want to save anyone the trouble of trying to going through this.
 

MJ

Administrator
Staff member
Messages
2,598
My advice to anyone reading this PRINT OFF OR SAVE YOUR SF-50's. If you are thinking about leaving the Agency do this. If you are close to retirement do this. It will take at least 1 week to request them if you don't save them. I had a bad experience and I want to save anyone the trouble of trying to going through this.
This goes for any federal service. Entry and exit SF50 at a minimum. If you get awards, I'd keep those SF50 as well.
 
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