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Rick
09-15-2007, 10:21 AM
HI:
I would like to start a thread on any FERS ATC types that have retired. I am curious to know if your annuity went as planned ie: SS supplement, sick leave payout TSP issues ect. I am going to retire in March 2009
29 years gov service, (20 years atc and age 50) I would like to hear from FERS only please.:)

clester
09-15-2007, 01:42 PM
Rick,
I'm not retired yet but plan on may 2009. (25 years ATC). I'm also in fers.
I don't know if there are too many in that category yet. Most retiring now are CSRS. I would also like to know how its going for any that retired.

Rick
09-15-2007, 04:25 PM
There is a guy I work with that is retiring in Jan 2008.
He is the first FERS ATC retiree I know of,
He has been told by HR that His SS Sup is $833 a month. He has Maxed out his SS contributions for the last 10 years (40 Quarters).
His SS Statement says (if you continue to work to age 63 you ss benifet would be $1400 a month). He is a FLM so he can not sell back any sick leave that is unused. I will post any news that I have on FERS ATC Retirement.
We are all finally getting close to retirement!!!
Let the new Controllers deal with the FAA!!

Hobie14T
09-15-2007, 05:50 PM
Ever thought of using a 72T for your TSP. (Google 72T, it might be an option for you.) I will be retiring at forty-nine and a half with thirty one years. I believe that your SS supplement is sixty-two percent of the amount on your annual statement. If you need a couple of calculator send me a PM and I will forward the links to you tomorrow.

clester
09-16-2007, 08:47 AM
The Supplement is your number of years fers divided by 40. So with 20 years fers you would have 20/40= 1/2. Use the amount of ss your statement says at 62 amount and multiply. So the flm above must have about 25 years fers.
I think the 72t is a good possibility too. The calculators on the TSP site use the minimum distribution method for calculating payments based on life expectancy (the only way to avoid 10% penalty). Using the 72t you would transfer you TSP into an IRA and make SEPP (series of substantially equal payments) withdrawals based on life expectancy. Then you have 3 options. One is the minimum distribution, next is amoritization methos, and last is anuitization method. The last two offer much higher withdrawal rates. However you account will deplete faster. Choose wisely. One negative I've found is that whatever payment you choose, your stuck with until age 59 1/2. Here's a link to the 72t site http://72t.net/Sepp/Irc72tCalculator.aspx
Play with the calculator. You can choose any interest rate up to the max on the calculator which is about 5.5% withdrawal rate. Remember though your stuck with the amount until 591/2.

Rick
09-17-2007, 07:49 AM
Thanks for the link to the 72t.
Cant I leave my TSP in the account and take equal payments say for 25 years and avoid the 10% penalty?
the G fund will net me 5.5%, and we dont pay much in management fees. This will also allow me to play the dips in the TSP funds to beat the 5.5% return.

clester
09-17-2007, 08:04 AM
Thanks for the link to the 72t.
Cant I leave my TSP in the account and take equal payments say for 25 years and avoid the 10% penalty?
the G fund will net me 5.5%, and we dont pay much in management fees. This will also allow me to play the dips in the TSP funds to beat the 5.5% return.
You can only leave it in TSP if you take the payments based on life expectancy( same as minimum distribution method) and avoid the 10% penalty. That is a good option if you can stand the lower payments.
Some other members have said there are some survivor issues if you leave it in TSP, but I'm not familiar with that. Also, the unlimited transfers may end soon. See the thread on this.

James48843
09-17-2007, 08:07 AM
the G fund will net me 5.5%, and we dont pay much in management fees. This will also allow me to play the dips in the TSP funds to beat the 5.5% return.

the latest 12-month return on the G fund, according to the TSP website, is 4.86%. And it's been falling, and is now right around 4%.

The same 12-month period, the "L Income" produced 7.28%

http://tsp.gov/rates/monthly-current.html

Don't count on only "G" if you are going to try and stretch it out for a lot of year.....a little mixture will help over the long run.

Rick
09-17-2007, 10:06 AM
Thanks.
What to do with the TSP funds is by far the most important decision the FERS retiree will make.

Hallatauer
09-17-2007, 06:32 PM
I'm still 3 1/2 years before I take the FERS ATC retirement at 50. I'm just starting to look into all this info. thanks for the info on 72T. Alot of info to sift thru but gotta stay ahead of the game.

ATCHUNTman
09-22-2007, 11:57 AM
I have about two years until retirement (FERS). I don't know of any FERS guys that have retired yet, other than medicals, there are some getting close. Thanks for the 72t information CLESTER.

ATCHUNTman
09-22-2007, 12:09 PM
Most of the FERS controllers I know are planning to go ASAP unless things were to change. Great idea for a thread.

Spaf
09-22-2007, 03:26 PM
Some of the ATC future retirees might want to explain their retirement plan!
Generally speaking:
1. You get a civil service annunity......X$
2. You get TSP options.
3. You get a SSA payment at an appropriate age.
The rest kind of the information is kind of vague. The SSA supplement is not very much. Retiring under SSA at an earlier date has penalities unless one is disabled, which takes about 9 months to process.
I realize that different agencies have different plans, is that what is throwing me off??
Spaf

Rick
09-22-2007, 07:52 PM
Spaf:
Thanks for joining us, I have been watching your pre and post retirement posts for some time now and have found them very helpful.
ATC retirement: 20 years of service and age 50 or 25 years of ATC duty any age. Mandatory retirement at age 56. Reagan fired most of the Controllers in 1981 so 2006-2007 most Controllers can now retire. (25 years of service)
1. FERS Annunity 1.7% for first 20 years then 1% for extra years of service.
2. TSP
3. SS Supplement starts as soon as you retire.

Rick
09-22-2007, 08:02 PM
so you can see that ATC types can not work past the age of 56. Most ATC types are leaving service ASAP (age 50).
The TSP portion has a 10% penalty on withdrawls prior to 59 1/2 this really bites when you must retire at age 56

Spaf
09-23-2007, 01:34 AM
Rick,

One thing you might do is to visit an accountant. Get advice for your individual retirement situation.
hint - For retirement I was told to not pay off the house, but get a minimum mortgage (for IRS itemization).
hint - Keep your medical program. Deductables and co-pays really get up there.
hint - Make a spreadsheet of expenses vs benefits, so that you know where you stand, and any needed adjustments.

Good luck my friend, the best on your retirement!....:)

Spaf

PS: Gotta lov those ATC folks, as a pilot they saved my seat cushions a many a times!



so you can see that ATC types can not work past the age of 56. Most ATC types are leaving service ASAP (age 50).
The TSP portion has a 10% penalty on withdrawls prior to 59 1/2 this really bites when you must retire at age 56

Rick
09-23-2007, 09:39 AM
Thanks Spaf!!!

Rick
09-23-2007, 10:12 AM
Clester wrote:
Some other members have said there are some survivor issues if you leave it in TSP,
I can not find any info on this other that the TSP Pamplet that states that when you die your beneficiary will get the Balance of you TSP account.

Hallatauer
09-23-2007, 07:42 PM
PS: Gotta lov those ATC folks, as a pilot they saved my seat cushions a many a times!

I just hope we haven't ever scared your pants off! :nuts:

ATCHUNTman
09-23-2007, 08:59 PM
Thanks for the kind words.





Rick,

One thing you might do is to visit an accountant. Get advice for your individual retirement situation.
hint - For retirement I was told to not pay off the house, but get a minimum mortgage (for IRS itemization).
hint - Keep your medical program. Deductables and co-pays really get up there.
hint - Make a spreadsheet of expenses vs benefits, so that you know where you stand, and any needed adjustments.

Good luck my friend, the best on your retirement!....:)

Spaf

PS: Gotta lov those ATC folks, as a pilot they saved my seat cushions a many a times!

gavinman
09-24-2007, 09:04 AM
so you can see that ATC types can not work past the age of 56. Most ATC types are leaving service ASAP (age 50).
The TSP portion has a 10% penalty on withdrawls prior to 59 1/2 this really bites when you must retire at age 56

At 55 you can take it out without penalty. Any time before 55 you must use 72t. When the pension reform act was passed it allowed early withdrawals for local law enforcement officers from eligible retirement plans without a penalty. I think federal law enforcement and ATC should lobby for the same benefits. This is the first batch of retirees under the new system and obviously some changes need to be made to TSP for LEOs and ATCs.

James48843
09-24-2007, 10:26 AM
A Detroit approach ATC'er saved my life in 2002 when I checked in outside and below the Class B while departing Willow Run. I was running northwest bound, having just leveled at 2,000 feet, which is below the floor of the class "B". Heading home after a day at work.

I normally don't check in for traffic advisories, but this day I did.

When I gave him my info, location and direction of flight, he gave me "Decend IMMEDIATELY, traffic at 10 o'clock, same altitude, less than one mile". I pushed the yoke over on the word IMMEDIATELY, and before the word "...mile" was spoken, a Baron filled my windscreen slightly above me.

The miss was by about, I'd say, less than 25 feet horizontal, less than 50 feet verticle. I had not seen him because he was coming at me from the left, a hair above me in my high wing cessna, and was double my speed.

Had the controller not given me that "Decend IMMEDIATLY" info, it would have been a mid-air for sure. There is no doubt in my mind about it.

Thanks ATCers.

Rick
09-24-2007, 06:43 PM
Thanks for listening to Air Traffic. Believe me, you made his day also.

wv-girl
09-25-2007, 02:11 AM
Spaf:
Reagan fired most of the Controllers in 1981 so 2006-2007 most Controllers can now retire. (25 years of service)
.
I remember something about that..but can't quite recall details. Could you elaborate? Wasn't there class action suits following?

tia
Debbie:)

budnipper1
09-25-2007, 02:57 AM
I remember something about that..but can't quite recall details. Could you elaborate? Wasn't there class action suits following?

tia
Debbie:)
I'm not ATC, but I remember when Reagan fired the striking ATCs...federal employees have a no strike-clause in their labor contract, but they walked out anyway. Reagan gave them 2 days to come back to work or be fired. The same rules apply to my union contract with usps. For what it's worth, a positive thing I can add is that there is also a "no lay-off" clause.
http://en.wikisource.org/wiki/Ronald_Reagan's_ultimatum_to_striking_air_traffic_ controllers

budnipper1
09-25-2007, 03:38 AM
Flashback: August 3, 1981
http://www.youtube.com/watch?v=-vVJ51Zh4JI

Rick
09-25-2007, 06:41 PM
On August 3, 1981 nearly 13,000 of the 17,500 members of the Professional Air Traffic Controllers Organization (PATCO) walked off the job, hoping to disrupt the nation's transportation system to the extent that the federal government would accede to its demands for higher wages, a shorter work week, and better retirement benefits.PATCO president Robert Poli demanded an across-the-board wage increase of $10,000/yr for controllers whose pay ranged from $20,462 to $49,229; the reduction of a five-day, 40-hour work week to a four-day, 32-hour work week; and full retirement after 20 years service
Over 11,000 strikers received their pink slips, while 1,200 went back to work within a week's time.

Rick
09-25-2007, 06:48 PM
http://eightiesclub.tripod.com/997c32c0.jpg

Rick
09-25-2007, 07:00 PM
This is why you will never hear an Air Traffic Controller Call Washington National Airport by its's offical name:
Ronald Reagan Washington National Airport.

Hallatauer
09-26-2007, 06:47 AM
Hehe... that's is true.. we still call it Washington National and pilots respond appropriately too.

GWILLIAMS
10-03-2007, 05:25 PM
I will retire in May 2008 and plan to leave my money in the TSP and take money out monthly. I will front load my retirement to have more money in my 60's and 70's for travel. I am 60 now and after I am 80 or so My FERS annuity will probably be enough to live on til I croak. I have other IRA accounts but none are doing as well as the TSP and they cost a lot more. I use the EBB chart system through TSPTALK.com and so far this year I have made about 27% on my account. It takes a little work but certainly is worth it. I would sure like to hear if there is a better way.

nnuut
10-03-2007, 05:34 PM
Welcome to the Message Board GWILLIAMS, GREAT returns, hard to beat that. Looks like you have a good retirement plan. Stick around after retirement and let us know how it goes!
Norman:D

Rick
10-07-2007, 09:36 AM
GWILLIAMS:
I am planning on doing the same thing. I can not see myself rolling over my TSP into a IRA and letting someone else run or ruin my account. I will set up equal payments also to the age of 80. What kind of travel are you looking at? I am thinking seriously of full-timing my class A for a year or two.