What do want to know about the great federal retirement?
First thing you should know is that seasonal time doesn't even qualify for retirement prior to 1988. Never mind that thousands and thousands of workers did the job as seasonals, some for decades, most working more than 40 hours per week at low level/pay positions marking timber, fighting fire, etc. None of that time counts toward retirement, no 401, no nothing.
Also, up until just recently, these full time seasonals didn't even get health insurance. Took about a decade of lobbying D.C. to get that basic benefit (thanks to the worthless Union that
@Treeshark says does nothing), but still nothing toward retirement for seasonals.
I know a lot of employees that punched in 20+ years and don't receive anything in pension for that work, pretty stellar huh?
Lets say you did luck out after say, 10 years of being a seasonal and found yourself a permanent job, either a PSE or PFT position.
You qualify for FERS retirement, MRA for most people is 57 with 30 years of service or age 60 and 20 years of service to qualify for retirement. Your retirement is based off high 3 years of pay. So, I'll use the majority of the folks I work with as an example, they are all mostly gs-9s and most will reach step 10 if their bodies can hold to 57, but most will have to work to 60 at least. High 3 with location pay gs-9 step 10, maybe 80K a year. Most will have less than 30 years most likely, so multiplier is 1.0 per year of service. But assuming 30% of 80K, advanced math: 24K a year, or 2k per month.
Deduct 20% for taxes, $400 month for insurance....$1200 a month pension to pocket or a whopping 14.4K a year.
Yes, under FERS you get the SS offset until age 62 if you retire mra+30 or 60+20 ...formula for that (google it) but say 70-75% of what you would get at age 62. Say another 1000/month, maybe 800 to pocket. Round it to another 10K...less than 25K a year. That number would increase at 62 if you decide to take SS then. Still likely less than 30K a year for 30 years of service.
Only other benefit is the TSP (think 401), that is a 3% match dollar for dollar, another 2% 50 cents on the dollar. Depending on salary, contributions, how its invested, etc. For me, that will be the largest part of my retirement since I was in the great position to invest 25% of my gross income since being eligible. Most people I work with probably contribute 5-10%. Keep in mind that 20% of that was MY money.
When you start drawing tsp at age 59 1/2 withdrawls on TSP is taxed by federal law at 20%.
Are you seeing the "greatness" yet?
The biggest benefit by far is the health insurance, second is the TSP which is only true if you've invested wayyyyy past the 5% match, tied for 3 and 4 is SS and pension.
Also keep in mind that most 9's were hired on career ladder positions 5-7-9, meaning they did a year as a 5, a year as a 7, and year as a 9 to get there.
I can't speak to all federal positions but the one I do beats people up pretty bad, has even killed people that I worked with. Don't like to get into details or even talk about it, because it still bothers me a lot, but a plane crash, a bad encounter with a grizzly which are 2 of the constant risks we face. Not to mention riding ATV's, dirt bikes, horses/mules, vehicles, all the shit that can kill you in the woods, crazy folks in the woods, etc. etc. We've had many close calls, but considering the amount of work we do, its impressive we haven't had more bad days. A vast majority of our staff are pretty much full time field people, meaning we're out in all kinds of weather. Our field packs are 35-42 pounds standard including 2 quarts of water and an apple and a sandwich. The places we visit are across all ownerships across the entire U.S. and U.S. territories. Field locations are found roughly every 3.5 miles on a random grid. Meaning, you don't have a choice where these things are located and most are not in real friendly places. Since these locations are so spread out, extensive travel is necessary and because the unit I work covers 8 states, its not uncommon to be traveling away from home a majority of the season.
Lots of the field locations require long backpacking trips, lugging the required 35-42 pounds of gear, plus everything for extended stays. While backpacking sounds fun on vacation, its a whole different thing when you're doing it for several weeks a years for decades. The wear and tear on your knees, back, ankles, hips, etc. are real. Not to mention the risk involved with the other means we use to get to these locations...all of which can cause a real bad day, right quick like.
Nobody I work with complains, but we are constantly aware that all of us are one bad step from a career ending injury.
There's a reason only a handful of the people I started working with on my current job are still around after 29 years, its not for everybody, and frankly not many people can do it, in particular for any length of time.
But, hey, the pay is mediocre, hours long, get to be away from home a lot, and you get a 14K a year pension if you can make it 30 years if your body holds out!
Feel free to ask any other questions.