dogleish99
Well-Known Member
Does anyone know what kind of benefits for retirement that ATC guys are offered?
Retirement benefits
- Thread starter dogleish99
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nathanw
New Member
ATC RET 2003
No More Vectors
Five days a week you don't have to vector. One day each week you don't work overtime and the other one you're off.
Aside from that, the link nathanw posted gives you a little more insight.
1.7% for the first 20 years
1% for each year after that
For example if you work from age 26 to 56. 30 years, you would receive 44% of your high 3 salary. Your high three is based on your highest average annual earnings during a conitnous 3 year period. This is base pay only no OT or premiums are figured in.
You also recieve a Social Security supplement until you reach the age of 62, at which time you will be eligible for SS benefits.
In addition to that you have a matched 401k aka. TSP up to 5% contributions of your base pay. Which you can withdrawl ( Subject to income tax) or set up an annuity payment with the balance. From what I saw you can get around 4% annually on the balance with surivir benefits.
Overall federal retirement is a pretty good package and even better as an ATC. I think most of this right but I may be wrong on some.....
1% for each year after that
For example if you work from age 26 to 56. 30 years, you would receive 44% of your high 3 salary. Your high three is based on your highest average annual earnings during a conitnous 3 year period. This is base pay only no OT or premiums are figured in.
You also recieve a Social Security supplement until you reach the age of 62, at which time you will be eligible for SS benefits.
In addition to that you have a matched 401k aka. TSP up to 5% contributions of your base pay. Which you can withdrawl ( Subject to income tax) or set up an annuity payment with the balance. From what I saw you can get around 4% annually on the balance with surivir benefits.
Overall federal retirement is a pretty good package and even better as an ATC. I think most of this right but I may be wrong on some.....
I'm pretty sure the 1% after 20 years is 1% in addition to the 1.7%. So if you work 25 years, you are actually accuring 2.7% pension per year for the last 5 years.
jigglyball
New Member
Nope. 1.7% for the first 20, 1% only for the years over 20. Still better than most pensions out there, if you can find any others...
You pay ~3% of your total base military pay to get your time counted toward FAA retirement. http://www.opm.gov/retire/pre/fers/servicecredit.asp#military
overtime isn't included in the top 3...im not complaining lol! still looks really good
great info - thanks for the link!
There are also rumors circulating that it is going to go to your top FIVE years for retirement purposes...
pm577
New Member
random question: do developmentals get overtime?
PeterPilot
New Member
That specific proposal comes up often as the politicians play around with civil service retirement. There is a long list of such "tinkering", but typically they do not make it out of committee. However, occasionally one does and it serves as a reminder that all the promises you received can disappear at the whim of Congress.
I called and spoke to the facility manager where I am headed and through our conversation this question came up. NO was the answer.
For example if you work from age 26 to 56. 30 years, you would receive 44% of your high 3 salary. Your high three is based on your highest average annual earnings during a conitnous 3 year period. This is base pay only no OT or premiums are figured in.
Is that 44% every of your high three salary every year. What I am getting at is, if your high three averaged $100,000 while working, your pension would be 44,000 every year until you pass on to the pie in the sky?
Is that 44% every of your high three salary every year. What I am getting at is, if your high three averaged $100,000 while working, your pension would be 44,000 every year until you pass on to the pie in the sky?
I met some developmentals who got some OT at a facility I toured, I think it depends at where you are in your training, when you first start and are doing mostly classroom or simulation training, obviously you don't get OT. But if you at a Center for example, checked out to work on some positions, and working on getting certified on others, I am almost sure your can work OT at the positions you are already certified on if its available.
Yes, Fed Gov't retirees get an annual cost of living bump in retirement.