Any other FERS employees?

[David1961]

Was wondering how many civil servant FERS employees there are out there eyeing possible early retirement. My situation is I'll have 25 years in next August, and will be 47. My NW is abut 1.5 m and although it has gone down in the past year, I think I could ER from a financial point of view. My agency already told us they will be offering early outs this year and I'm hoping they will also offer it next year. I'd be great to hear from others in a similar situation.

[Texarkandy]

i David - I'm FERS will have 25 next year also. Can't say my net worth is quite up to yours, but I'm eligible for early out unreduced because I'm in a 6c position (immediate COLA & SRS applies.) Between that and thanks to our LBYM lifestyle the past 25 years we should be able to semi-retire next year at 49 y/o.

Just curious if you are 6c, regular FERS & in an agency offering early-outs, or looking at taking a deferred retirement?

[W2R]

Quote:

Originally Posted by David1961 Was wondering how many civil servant FERS employees there are out there eyeing possible early retirement. My situation is I'll have 25 years in next August, and will be 47. My NW is abut 1.5 m and although it has gone down in the past year, I think I could ER from a financial point of view. My agency already told us they will be offering early outs this year and I'm hoping they will also offer it next year. I'd be great to hear from others in a similar situation.

I'm in FERS but my situation is quite different. I am not going to be in an early out situation like you are. I am 60 years old and plan to retire on the MRA+10 provision in late 2009. My net worth is enough to quit tomorrow, and I wish I could! I am waiting because of the lifetime medical benefits for which I will be eligible in late 2009. In my case my FERS pension itself will be negligible once taxes and insurance premiums are taken out of it.

[David1961]

Quote:

Originally Posted by Texarkandy i David - I'm FERS will have 25 next year also. Can't say my net worth is quite up to yours, but I'm eligible for early out unreduced because I'm in a 6c position (immediate COLA & SRS applies.) Between that and thanks to our LBYM lifestyle the past 25 years we should be able to semi-retire next year at 49 y/o. Just curious if you are 6c, regular FERS & in an agency offering early-outs, or looking at taking a deferred retirement?

Texarkandy:

I'm regular FERS and my agency will likely offer early outs next year. By the way, I should know this, but what is 6c?

[Tadpole]

FERS here. I turn 60 with 22 years in less than a month. I probably have enough to retire but have decided to stay at least another year. Just butted in to make sure that you know that FERS doesn't get diet-cola until age 62 unless your deal negates this rule. The buy-out if you get enough would help this of course. Will you get the full amount?

[Khan]

I was a (converted) FERS employee when I retired a/o Dec '04 (54, 26.5 years).

Are you sure you can take an early retirement before age 50?

[Texarkandy]

Quote:

Originally Posted by David1961 what is 6c?

Law Enforcement, Firefighters, & Air Traffic Controllers can go at age 50 with 20 "covered" years or at any age with 25 "covered" years with immediate unreduced FERS pension & the Special Retirement Supplement (SRS) begins immediately & exempt from means testing on the SRS till age 55. The "diet" COLA also begins immediately upon retirement for 6c retirees. The first 20 "covered" years of FERS is factored at 1.7% in the pension calculation - 1% for all additional years including bought back military time.

TSP rules remain unchanged - can't tap without penalty unless you retire in the year you turn 55 or later - if you retire earlier like me you have to wait till 59.5 like everybody else. Only way to get TSP money sooner & without penalty is to buy a MetLife annuity or have TSP pay out equal payments based on life expectancy.

[Texarkandy]

Quote:

Originally Posted by Khan I was a (converted) FERS employee when I retired a/o Dec '04 (54, 26.5 years).

Were you forcibly or voluntarily converted to FERS? If voluntary do you regret the choice?

[freebird5825]

Quote:

Originally Posted by Khan I was a (converted) FERS employee when I retired a/o Dec '04 (54, 26.5 years).Are you sure you can take an early retirement before age 50?

FERS early out minimum eligibility is age 50 AND 20 years, the last time I checked. is there some other option for special career categories?
I was FERS, no conversion from CSRS, resigned at age 48 with 18 yrs 3 mos, did the TSP conversion to annuity under IRS SEPP 72(5) and FERS voluntary separation rules. I will apply for deferred retirement at MRA of 56. i have health benefits as a survivor, so that was not a problem.

[Khan]

Quote:

Originally Posted by Texarkandy Were you forcibly or voluntarily converted to FERS? If voluntary do you regret the choice?

My choice, in '87; don't regret it.

Haven't yet touched TSP (or other retirement accounts).

[DOCMECH]

Dave,
I work for the New york City Department of Correction as an auto Mechanic. I'm in what they call Auto25 plan (50 years of age and 25 years of service). I'm 52 and January 24th I complete my 24th year. With the way our Mayor is talking I'm wondering if there will be a package offered to us. I'm so ready. See my posting also.

[Texarkandy]

Anybody have a prediction whether congress will pass something on the FERS sick leave issue & what it will look like if they do?

[martyb]

Quote:

Originally Posted by Texarkandy Anybody have a prediction whether congress will pass something on the FERS sick leave issue & what it will look like if they do?

My opinion is, yes they will. I doubt it'll be as generous as the one us CSRS folks have, but they're gonna have to do something. There's not much incentive, in many folks eyes to save up a pile of sick leave if they're gonna just lose it at the end. Of course, it's really a great insurance policy, especially when you're in your 40's. 50's or 60's+ and have to be off for an extended illness. Still, there needs to be a better incentive to preserve SL for it's intended purpose, and to keep healthy folks on the job instead of just burning up the leave. I'd say a somewhat watered down version of the program CSRS has. Not fair, but better than what you have now.

[Texarkandy]

I'm sitting on 1400 hours SL myself

Some mornings just the thought of it makes me ill strangely enough though, I go in anyway - old habits die hard I guess

[Brat]

Slight change of subject ... but the increase in BC Std next year is stunning. Any comments about switching to GEHA Std (Medicare A & B). The online edition of Checkbook didn't disclose any issues.

[Texarkandy]

I've been happy with NALC the last few years

[DOCMECH]

Today the Governer of New York announced more shortages and cutbacks for the state & I'm sure that they will trickle down to the city level. Just one more push in the dirrectio9n of offering incentives to the city workers (slaves)

[freebird5825]

Quote:

Originally Posted by DOCMECH Today the Governer of New York announced more shortages and cutbacks for the state & I'm sure that they will trickle down to the city level. Just one more push in the dirrectio9n of offering incentives to the city workers (slaves)

i searched MSN news site for story, no luck. do you have a link you can share?
i have a sizable stake in VNYTX, so state cutbacks may mean more high yield or muni bond issue opps if the state is cutting aid to cities. or more local taxes
thanks!

[Lakedog]

Quote:

Originally Posted by Texarkandy Were you forcibly or voluntarily converted to FERS? If voluntary do you regret the choice?

I retired in March of this year after converting (voluntarily) to FERS in 1998. I went out early under discontinued service with 28 years. I have since applied for 6c retirement (and hear that it will be approved). All 28 years will be covered at the higher rate since you can have up to 20 years under each system (CSRS and FERS). I was glad to have most of my time under CSRS but wanted to be able to invest more (and get the match) with TSP for a few years so it worked out fine for me.

[Bimmerbill]

I think you need to be 50 for an early out package, and I'm only 42. I can do MRA+10 at age 56, or full retirement at age 60. I'm FERS.

I had BC Basic now, but was considering switching to BC standard now that my DD was diagnosed with autism. FEHB doen't cover any of the therapies, but the out of network and additional coverages may be worth it. I have some serious research and number crunching to do tho.