Retirement (FAQ)

[Phillyman2633]

Option 3 When you reach 29 years of service tell your facility to show you on sick leave, retire when the sick leave runs out and get both.

Yeah I dont understand people who retire with exorbitant amounts of sick leave and "can't wait for that sick payout."

Call me a scumbag millenial but ain't no fuckin way I'm gettin paid out 40 cents on the dollar for my SL.

 

[undergrdlaugh93]

Yeah I dont understand people who retire with exorbitant amounts of sick leave and "can't wait for that sick payout."

If you go to your max retirement age, you make more money with the pay out. Example, you take sick leave until it's out and get paid full time. Or, work till the end, get paid full time and then get paid the sick leave payout.

 

[Phillyman2633]

If you go to your max retirement age, you make more money with the pay out. Example, you take sick leave until it's out and get paid full time. Or, work till the end, get paid full time and then get paid the sick leave payout.

Yeah, but every hour I dont have to be at work is a good hour for me. I'll take my 100% pay at home and nurse that raging headache I got from butt-chugging Jack Daniels.

 

[Stevo62]

If you go to your max retirement age, you make more money with the pay out. Example, you take sick leave until it's out and get paid full time. Or, work till the end, get paid full time and then get paid the sick leave payout.

Yes but you get 40 cents on the dollar and then pay tax so really about 27 cents. Yes you get some more money but also have to go into work for that extra 27 cents on the dollar. Or you can stay at home and get dollar for dollar on that sick time

 

[Wholelotta]

So if I am forced to retire at 56 with 26 "good years" of air traffic control, would I be able to go do some random fed job for four years to reach my 30 for the full 30 year 1.7%?

 

[SIXTY-NINE]

So if I am forced to retire at 56 with 26 "good years" of air traffic control, would I be able to go do some random fed job for four years to reach my 30 for the full 30 year 1.7%?

Just curious why would you do this? You get 3.5% extra (in addition to the 5%) but you're working 5 more years of your life.

There's also no SSN supplement pay (but I have 0 doubt it's less than the 8.5% you'd earn)

 

[Wholelotta]

Just curious why would you do this? You get 3.5% extra (in addition to the 5%) but you're working 5 more years of your life.

There's also no SSN supplement pay (but I have 0 doubt it's less than the 8.5% you'd earn)

From my understanding it sounds like i would get 1.7% for those 10 years compared to the flat 1% so would be 7% extra plus 4% for working 4 more years for a total of 11%.

 

[SIXTY-NINE]

You get the 1% for 5 years after 20 years regardless in the standard retirement so there'd only be difference in the last 5 years (unless you choose to work past 30 years)

Standard is 20 * 1.7 + 5 * 1 = 39%. (25 years)
MRA+30 is 1.7 * 30 = 51%

Standard for 25 years=39%
Standard for 26 years= 40%

MRA+30=51%

5 years of Standard pension at that point compared to working until 30 years is roughly 2 years of salary
5 years of whatever job you choose means you'd have to make at least 40% of what you'd make as a controller close to retirement (and reap 10% extra income a year which I assume is close to 15-20K a year)


Looks like your math is right and I'm wrong. I'm debating doing the 30 years if the incentives are good enough but I think at that point I'd be ready to retire. Might be worth doing an admin or management role near the end of your career.

 

[Termine]

From my understanding it sounds like i would get 1.7% for those 10 years compared to the flat 1% so would be 7% extra plus 4% for working 4 more years for a total of 11%.

Negative. If you do MRA+30 you get more 1.7% years, but not all 30 years will be 1.7% unless you manage to find a position that still counts as "good time" (actively controlling traffic or first-level supe of someone actively controlling traffic). Like you said the problem is the forced retirement once you reach 56.

If you can't find a "good time" position (i.e. you work as a staff support, OM, ATM, what have you) you'll earn 1% for each year just like normal. So when you retire with MRA+30 you'll have 26*1.7 + 4*1 = 48.2%, compared to just leaving at 56 where you'll have 20*1.7 + 6*1 = 40%. A bonus to be sure, but not 11% like you thought.

 

[SIXTY-NINE]

Negative. If you do MRA+30 you get more 1.7% years, but not all 30 years will be 1.7% unless you manage to find a position that still counts as "good time" (actively controlling traffic or first-level supe of someone actively controlling traffic). Like you said the problem is the forced retirement once you reach 56.

If you can't find a "good time" position (i.e. you work as a staff support, OM, ATM, what have you) you'll earn 1% for each year just like normal. So when you retire with MRA+30 you'll have 26*1.7 + 4*1 = 48.2%, compared to just leaving at 56 where you'll have 20*1.7 + 6*1 = 40%. A bonus to be sure, but not 11% like you thought.

Ok this was what I thought, thanks for clearing it up.

 

[Atl24Atc]

If you held a federal service job that was under FERS for for a few years before you got into atc how does that affect your retirement eligibility date as well as percentage. Service comp date is 2013 but atc date is 2015.

 

[Mike Kilo]

There is no position passed 56 that earns 1.7

OMs and ATMs that do not have a OM under them get good time. As long as you are in charge of anyone who must be current or something like that.

 

[Dontbotherme]

There is no position passed 56 that earns 1.7

Don’t OMs and ATMs ( at facilities with OMs) earn good time?

 

[Ad1234]

Don’t OMs and ATMs ( at facilities with OMs) earn good time?

raven said it correct just above your post.

also I thought FERS does not ever get the 1.7 past 20 regardless, that it was only 1 or 1.1 beyond 20. Can I have a reference or link please that states otherwise.

 

[MJ]

Pay ?

 

[Move78]

OMs and ATMs that do not have a OM under them get good time. As long as you are in charge of anyone who must be current or something like that.

thank you

 

[Gern Blanston]

The differences from standard retirement are as follows:

• 1.7% for every year
• No social security supplemental pay
• No cost of living adjustments until age 62

I left after 30 years at age 54 and would've had to stay another 2 years to get the MRA +30.. The social security supplement is worth about an extra $1200 a month to me. Losing the COLA for 8 years can be a crapshoot, so I had my financial advisor take a look at it. His advice was to take the standard retirement. Been retired for three years now, best decision of my life!

 

[jakemorrill]

When did you get your financial planner? After 20 years? 5 years?

 

[SIXTY-NINE]

The differences from standard retirement are as follows:

• 1.7% for every year
• No social security supplemental pay
• No cost of living adjustments until age 62

I left after 30 years at age 54 and would've had to stay another 2 years to get the MRA +30.. The social security supplement is worth about an extra $1200 a month to me. Losing the COLA for 8 years can be a crapshoot, so I had my financial advisor take a look at it. His advice was to take the standard retirement. Been retired for three years now, best decision of my life!

I'm glad you gave your opinion. If you made decent investing choices over your career (in addition to TSP) then taking the 25 year retirement seems like a better deal and ultimately an easier/earlier retirement. Guess it depends how much you value your health/time vs the money (considering that working those extra 5 years could hurt your life expectancy in the long-run as well)

 

[Gern Blanston]

I started in 1987 at age 24, so that was in my favor. I invested the max to TSP from day one and that's a big factor too. After 30 years of service, I could take 44% with the COLA and SS supplement or 51% and neither for 8 years. Staying 2 more years to MRA +30 would've been 54.5% of my high three or 46% standard. It all comes down to how long do you want to work for the possibility of breaking even? A lot depends on your TSP and other obligations obviously. I was so tired of the FAA that I was willing to take the risk of maybe losing 40 bucks a month. It's actually worked out well, the FERS COLA has added 4.3% to my pension so far and I still have 5 years to reach age 62. Moved my TSP to an IRA and still haven't touched it. My life and health are so much better, it should be a no brainer! One good piece of advice is to get in touch with a financial advisor when you are about 7-10 years from your target date, especially one that is trained for federal retirement. Don't let this job and agency drive you to an early grave, you've earned the early go...take advantage of it!