FERS already has employees put in 4.4% for defined bene, 6.2
Posted on: August 13, 2020 at 17:11:03 CT
SparkyStalcup MU
Posts:
24001
Member For:
12.51 yrs
Level:
User
M.O.B. Votes:
0
for SS, and employees can pay 5% for TSP and govt will match 5%. TSP (Thrift Savings Plan) is a defined contribution plan like a 401k.
Govt retirement is a 3 pronged system for 96% of federal employees.
Employees who stay in 20 years or more get 1.1% of the average of their top 3 years of salary per year of service as the defined benefit part. If you retire after 30 years, you would get 33%. If your average salary is 100,000, then you would get 33,000 a year in retirement, to be supplemented by SS and whatever you managed to make by investing in TSP.
Edited by SparkyStalcup at 17:14:51 on 08/13/20