Gov't Career

[Nords]

But to most of the folks I know in DC a job is a job more than what agency they work for.

With the notable exception of SPAWAR (Space & Naval Warfare Systems Command). When those guys were moving from DC to San Diego in the 1990s they did employee survey after survey to determine who'd make the move and what replacements they'd have to hire in San Diego. The results were consistently around 80% moving to SD and 20% staying in DC.

Until, of course, they actually made the move. The final ratio was more like 20% moving to SD and 80% staying in DC, mostly moving to other civil-service jobs.

 

[azanon]

Another potential benefit with federal employment: every 5 years or so they have an "open season" for the life insurance program. You can get into the term life insurance with no medical underwriting. This was great for me. I had testicular cancer and couldn't get any affordable life insurance. When the open season came up I signed up for 5 X annual salary coverage and carried it until both kids were through college.

Grumpy

Maybe that explains why their rates are so uncompetitive (for healthy people). After i ran the numbers comparing them to an independant, it was a no-brainer for me to opt-out of the offered life insurance with the federal government. Its only a good deal for sick people who couldnt get coverage somewhere else as you just exampled.

 

[azanon]

To get health insurance when you retire, you must be covered for the last 5 years by the Federal Employees Health Benefits system, and also take an "immediate annuity" -- that is, be able to get your pension right away.  You can meet this latter requirement in several ways.  For example, I'll be eligible to retire with immediate annuity at my Minimum Retirement Age (MRA) of 56 plus 10 years of service (these events nearly coincide for me).  If for some reason I quit now, then I'd still get a pension at age 62 (since I have 5+ years in the system), but I'd not be able to pick up FEHB.  If I had started at age 57, then at age 62 I'd have 5 years in and be able to retire (with a 5% pension) and continue FEHB.

Be careful not to confuse an annuity with a pension.   The annuity the federal government offers you (a conversion of a portion of all of your TSP balance to payments), is optional, and is completely unrelated to the federal pension.

 

[azanon]

People check in but hardly check out, working for the federal government. Workers may complain about the lower salary than that of the private sector.

The so-called lower salary of federal workers is 100% myth.   I love going to family reunions where some of my private sector cousins boast about their 80-150K per year income, and fail to mention the 70-80 hr weeks they put in to earn that.    I counter with my pay per hour (40 hr week, so my salary X2 vs theirs) adjusted even beyond that of course for all federal holidays, 18 days of personal leave and another 12 of sick leave.   Lets just say its plenty competitive.   And i havent even begun to get into the eventual pension of 25-30K/year for life (which we all know takes in the neighborhood of 600,000-700,000 principle to earn at the magical 4% SWR).  Then there are things like social security suppliments that can start as early as 55! until you actually reach the age of 62, and the "filler" payments are almost the same, lol.  And of course health insurance where the government pays ~ 75% of the premium, again, for life.

Unless you're a real hot shot on your own, the federal government is a near slam dunk IMO.   

 

[jazz4cash]

But to most of the folks I know in DC a job is a job more than what agency they work for.

.........give them time.  Actually, I had to keep checking back to the begining of your post to confirm that you were disagreeing with me.  Things like a janitor being interested in a successful project by his agency, even though his particular job appears unrelated to the project support my opinion.  You should see my family members when we gather and they try to convince each other whats good about agency X or Y.  Also there is less distinction between NASA  and any  of the DoD agencies, compared to say IRS. 

I also pretty much agree with the statement Az made about the lower salary being mythical....maybe years ago, but not anymore.  Now there are ALOT of folks that are underpaid, but in an area like DC where there are LOTs of federal jobs, people find the sweet spots and many people hired in the 80's or thereabouts are OVERPAID compared to pvt industry in my opinion.  So now the Gov't is getting alot more like Pvt Ind......they are outsourcing many activities.  These trends generally shift somewhat whenever a different party occupies 1600 PA Ave.  The best budgeted agency nowadays is Homland Security.

 

[donheff]

Unless you're a real hot shot on your own, the federal government is a near slam dunk IMO.

I was in Federal HR for years and I never bought the salary studies - they just didn't seem to comport with reality. By and large the pay seems very competetive. The only thing you don't have is the extreme top end that private industry offers. But, even among the highly talented, very few reach that top end; most remain in pay levels comparable to govmt. When you add in the benefits package, Federal employment becomes very attractive.

 

[Robert the Red]

Be careful not to confuse an annuity with a pension.   The annuity the federal government offers you (a conversion of a portion of all of your TSP balance to payments), is optional, and is completely unrelated to the federal pension.

Actually, the FERS 'pension' is variously called a 'retirement benefit' and an 'annuity' -- it is never called a "pension" on the OPM website (and retirees are called 'annuitants').  Confusingly, the TSP conversion you mention is also called an 'annuity'.  What I referred to in the previous post as the "immediate annuity" is the "pension", and has nothing to do with TSP.  To continue your health benefits, you must be eligible for and take the immediate annuity (pension) -- under most circumstances, that is.

 

[BunsGettingFirm]

The so-called lower salary of federal workers is 100% myth. I love going to family reunions where some of my private sector cousins boast about their 80-150K per year income, and fail to mention the 70-80 hr weeks they put in to earn that. I counter with my pay per hour (40 hr week, so my salary X2 vs theirs) adjusted even beyond that of course for all federal holidays, 18 days of personal leave and another 12 of sick leave. Lets just say its plenty competitive. And i havent even begun to get into the eventual pension of 25-30K/year for life (which we all know takes in the neighborhood of 600,000-700,000 principle to earn at the magical 4% SWR). Then there are things like social security suppliments that can start as early as 55! until you actually reach the age of 62, and the "filler" payments are almost the same, lol. And of course health insurance where the government pays ~ 75% of the premium, again, for life.

Unless you're a real hot shot on your own, the federal government is a near slam dunk IMO.

These days with private industry freezing pay for even good performers, the pay gap is getting smaller and smaller. Another thing people don't realize is that you can leverage your government connections into some very desirable private-industry jobs.