Great info. Both parents are in civil service but I wasn't aware ATC comes under FERS and has TSP. This isn't bad at all!https://employees.faa.gov/employee_services/retirement/atc_new_hire/
About 1/4 way down the page you'll find what you're looking for. This is straight from the page:
If you were first hired after January 1, 1984, in a non-temporary appointment, you are a Federal Employees Retirement System (FERS) employee. FERS is a three-tiered program consisting of Thrift Savings Plan (TSP), Social Security, and a FERS annuity. A detailed explanation of FERS can be found in the Office of Personnel Management (OPM) booklet FERS (An Overview of Your Benefits).
Could you please clarify how you figured 50% from rates you listed? I did:Under FERS, we have a defined pension plan and also a thrift savings plan. The defined pension plan works out where you multiply your total years of service * 1.7 and then add another percent for each year over 20 which then gives you the percentage of your highest three years you will get. I calculated it out where I will get 50% of my pay(avg of high 3) at 26 years.
i havent been to one yet,but some of my peeps said that military buy back time didnt count for the SSI sup, thanks.Queeno,
I was not military, so I may be wrong on including that in the SSI Sup. But the rest is correct. Its been awhile since I went to a retirement briefing, I built that post out of my notes from a seminar about 2 years ago.
You are correct!!!
This is from the OPM website.
Firefighters, Law Enforcement Officers, and Air Traffic Controllers
These groups of employees receive an unreduced benefit at age 50 with 20 years of service, or at any age with 25 years of service. Your annual annuity is:
1.7% of your high-3 average pay $100,000 X .017=$1700
years of service 29 x $1700= $49,300
1.0% of your high-3 average pay $100,000 x .01= $1,000
years of service exceeding 20 $1,000 x 9 = $9,000
so 49,300 + $9,000 = $58,300
esw, I think the faa website contradicts that information. To quote:
Your annuity is:
So it would be more like:
- 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"
$100,000.00 X 1.7% = $1700
$1700 X 20yrs (the first 20 years of service) = $34,000.00
$100,000.00 X 1% = $1000.00
$1000.00 X 9yrs = $9,000.00
$34,000.00 + $9,000.00 = $43,000.00