Thread: Fed buyouts

They'll probably wait to see how many people leave under the first offer.

They always low ball ya. USPS offered early outs to thousands with no incentive and a reduced pension. Once they got done with that round they offered a $15k incentive. Not that your agency will do that but I would have thought the OPM would have removed the penalty for early retirement.

Originally Posted by brownjw

I've been thinking that the latest buyout offers for Feds is woefully inadequate if they expect any of us to leave given the current economy... Some kind of incentive such as adding years to your time in service would be a start.

I've been through a few RIFs and BRAC closed the base I was working at in 1995, that's how I ended up in Georgia!! I don't think they ever have or ever will offer years for retirement credit, we tried everything we could to get 5, 3, 2, years to qualify folks that didn't have the minimum to retire and congress just ignored us!! RATFINKS!!!

Originally Posted by nnuut

I've been through a few RIFs and BRAC closed the base I was working at in 1995, that's how I ended up in Georgia!! I don't think they ever have or ever will offer years for retirement credit, we tried everything we could to get 5, 3, 2, years to qualify folks that didn't have the minimum to retire and congress just ignored us!! RATFINKS!!!

I wrote the NTEU and asked that they work on 60% for 30 yrs instead of the current 56.25 for thirty. I was surprised they responded back after I had posed the same question last year with no response. Of course they didn't answer my question just like lawyers and true politics, they went off on how they were working hard to insure we got pay raises to ensure there wasn't a larger pay gap. As you can see my question was never answered or even addressed. Of course we know that we will not get 60% but the old formula is just that old and outdated. More money in retirement gives us more buying power and no it won't bring us out of recessions but it will put more back in if we have more to spend.

Originally Posted by ezmoney

I wrote the NTEU and asked that they work on 60% for 30 yrs instead of the current 56.25 for thirty. I was surprised they responded back after I had posed the same question last year with no response. Of course they didn't answer my question just like lawyers and true politics, they went off on how they were working hard to insure we got pay raises to ensure there wasn't a larger pay gap. As you can see my question was never answered or even addressed. Of course we know that we will not get 60% but the old formula is just that old and outdated. More money in retirement gives us more buying power and no it won't bring us out of recessions but it will put more back in if we have more to spend.

It is my understand that CSRS used to get 60% at 30 years but it was changed to 56.25%. Looks like I've got to verify that so let me check it out. Oh! they are not going to give anyone more retirement, CSRS is a lame duck and FERS was an attempt to lower the retirement payout, it is only going one way and that's DOWN!!
This should answer all your questions and more!!! It looks like I was wrong about the 60% thing!:
http://archive.gao.gov/t2pbat1/154296.pdf

Originally Posted by Show-me

They always low ball ya. USPS offered early outs to thousands with no incentive and a reduced pension. Once they got done with that round they offered a $15k incentive. Not that your agency will do that but I would have thought the OPM would have removed the penalty for early retirement.

Hi Show-me

Long time no speak. I miss our conversations.

I retired right before the incentive at 51. Could have waited if I had known. Ca sara sara.

I'll be fine my situation made getting out worth it.

Sure would have liked that extra 15 grand though.

I'll make it up in a few months.

I used to have a chart which would list the 'years of service' and the percentages....the 30 year and 56.2 sounds right by my memory. Get ahold of that chart. I'm retired and oversees so I can't help on that one.

Originally Posted by mick504

I used to have a chart which would list the 'years of service' and the percentages....the 30 year and 56.2 sounds right by my memory. Get ahold of that chart. I'm retired and oversees so I can't help on that one.

It's here and lots of history, 56.25% at 55 years old and 30 years service, an additional 2% per year for over 30 years up to 80% for 41 years 11 months, for CSRS!
http://archive.gao.gov/t2pbat1/154296.pdf

Originally Posted by nnuut

It's here and lots of history, 56.25% at 55 years old and 30 years service, an additional 2% per year for over 30 years up to 80% for 41 years 11 months, for CSRS!
http://archive.gao.gov/t2pbat1/154296.pdf

I know the grass looks greener, blah-da-blah, but I wish I was CSRS and not FERS!

Originally Posted by mayday

Hi Show-me

Long time no speak. I miss our conversations.

I retired right before the incentive at 51. Could have waited if I had known. Ca sara sara.

I'll be fine my situation made getting out worth it.

Sure would have liked that extra 15 grand though.

I'll make it up in a few months.

Looks like I'm making up for that $15,000.

The market has been good to me just in the last few days.

It won't take a few months the way this wave is moving.

Originally Posted by nnuut

It is my understand that CSRS used to get 60% at 30 years but it was changed to 56.25%. Looks like I've got to verify that so let me check it out. Oh! they are not going to give anyone more retirement, CSRS is a lame duck and FERS was an attempt to lower the retirement payout, it is only going one way and that's DOWN!!
This should answer all your questions and more!!! It looks like I was wrong about the 60% thing!:
http://archive.gao.gov/t2pbat1/154296.pdf

80% for 41 years and 11 months; however the only way you can acquire more than 80% is for your unused sick leave you can carry all your sick leave and have it computed for retirement. So for 1 year of sick leave you can actually get 82% and more for each additional month of sick leave. Sick leave is the only option for getting more than 80%