AnotherPilot
New Member
What do controllers do after their 20 or 25 years is up? I would think most are still too young to completely retire.
Work after ATC?
- Thread starter AnotherPilot
- Start date
TennisPlayer
New Member
From what I understand the retirement package is rediculously good. I'm not sure exactly what it is but the controllers I've talked to said that the retirement is great and they will be making more than most after they are done working! If this is true I'll be working on my tan playing tennis every day.
Controllers feel free to explain the retirement benefits to us. Thanks.
Controllers feel free to explain the retirement benefits to us. Thanks.
bippoptl
Well-Known Member
the Pension for an air traffic controller is:
1.7%, of your TOP THREE highest paying years, for the first twenty years your their (so it comes to 34% of your top three highest paying years)
1% for ever year over 20 years. (so for example if your a controller for 25 years then you will get a total of 39% of your top three highest paying years)
now dont forget, you also have a 401k that you can contribute to. and the more you contribute over your career, then the more the faa matches, and the more you will make when you retire
and you will also get Social Security when your old enough.
So all in all you will be makin pretty good money during retirement.
(oh, and in case anyone was wondering, im not just guessing about those percentages...they are 100% accurate)
1.7%, of your TOP THREE highest paying years, for the first twenty years your their (so it comes to 34% of your top three highest paying years)
1% for ever year over 20 years. (so for example if your a controller for 25 years then you will get a total of 39% of your top three highest paying years)
now dont forget, you also have a 401k that you can contribute to. and the more you contribute over your career, then the more the faa matches, and the more you will make when you retire
and you will also get Social Security when your old enough.
So all in all you will be makin pretty good money during retirement.
(oh, and in case anyone was wondering, im not just guessing about those percentages...they are 100% accurate)
The percentage is of the "average" of your top 3 years, not the sum, right? That would be too good to be true.
MrFent
New Member
I highly doubt any of us younger generation folks will ever see a dime of social security.
RetiredATLATC
Well-Known Member
The newer controllers do not have it as well as the older ones under CSRS (Civil Service Retirement System). Some older guys make out with more than 75% of there salary, but are/were not able to contribute very much to the Thrift Savings Plan.
propcircles
New Member
Ok, i'm sorry but you guys are driving me absolutely crazy here:
first we got--
:banghead:
Okay *sigh*. . .
the spelling "their" is a possessive form of the word "they" and is used to refer to possession/ownership/etc... i.e. "their things" "their dog" "their salary" etc...
the spelling "there" is an adverb which indicates place or location, i.e "over there" "put the widget there" or "the years you're there"
And don't get me started on "your" and "you're"!! uggggg
first we got--
then,
:banghead:
Okay *sigh*. . .
the spelling "their" is a possessive form of the word "they" and is used to refer to possession/ownership/etc... i.e. "their things" "their dog" "their salary" etc...
the spelling "there" is an adverb which indicates place or location, i.e "over there" "put the widget there" or "the years you're there"
And don't get me started on "your" and "you're"!! uggggg
RetiredATLATC
Well-Known Member
Sorry Mr. Wizard. I wuz working on 2.5 hours of sleep after 3 quick turns in two daze, with no spel chek.
propcircles
New Member
TennisPlayer
New Member
bippoptl...
how is 1.7% of of the top three come to 34%. Also, do you know of a web page explaining this???
how is 1.7% of of the top three come to 34%. Also, do you know of a web page explaining this???
20 years * 1.7% = 34%
Code:
Air Traffic Controller Retirement
There are special retirement provisions for Air Traffic Controllers (ATC) under FERS.
You are an Air Traffic Controller (ATC) if you:
Engage in the separation and control of air traffic
Provide pre-flight, in-flight, or airport advisory service to aircraft operators
Are a first-level supervisor of an Air Traffic Controller
“Good time”, “covered position”, or “ATC time” are common names for these positions.
You are eligible for retirement if:
You have 20 years of service in an ATC position (retirement code L)
You have 20 years of service in a “covered position” at age 50
You have 25 years of service in a “covered position” at any age
Your annuity is:
1.7 percent x the high-3* average salary for the first 20 years of service
1 percent x the high-3 average salary for the years of service over 20
*High-3 is the average of the highest 3 consecutive years of pay before
retirement. This is usually the last 3 years.
At some point in your career, you may have a position that is not a
"covered" ATC position. This could happen if you become a second level
supervisor or manager, or enter another occupation. This service is not
considered "good time" for ATC service for retirement under the special
provisions. If you move to such a position, Block 30 on the Standard Form
50 Notification of Personnel Action (SF 50) will have code K - FERS and
FICA.
You contribute .8 percent of your salary to the retirement system and 6.2
percent of your salary to FICA. Regardless of what position you hold at
retirement, you are eligible for the special ATC retirement as long as you
have completed at least 20 years of "covered" ATC service.
Mandatory Separation
If you occupy a “covered” ATC position, you must retire after meeting
certain age and service points. The following table outlines these.
If you are… Your mandatory separation occurs…
Age 56 or younger On the last day of the month that you turn 56
Over age 56 When you complete 20 years of service
The mandatory separation provisions only apply if you currently occupy a
"covered" position. This is true even if you are eligible to retire under the
special provisions because you have served a minimum of 20 years in a
"covered" position.
Trident
New Member
That is some funny Shiznit....:laff: