retirement

stasi2002 Junior Member

whats the retirement rate??? Have gotten different answers:

- 1.75% for every year

- 1.75% for first 20 and then 1% for every additional year

-1.7% for first 20 and then 1% for every additional year

Just got done buying back military time also and do they just throw that onto the the end of my retirement???

Thanks

stasi2002 Junior Member

thanks man

dale1122 Newcomer Florida

1.7% for your first 20 years as a controller or first or 2nd level supervisor. Then all other gov time or controller time adds 1% per year. They do calculate part years. So if you had 20 years controller time thats 34% and 5 years 3 months of other gov time or additional controller time,that would add 5.25% for a total of 39.25% of your average high 3 base pay.

You also get a special social security supplement from retirement age until age 62 and then there is also your TSP (thrift savings plan).

boondr PHD without a degree North of the Equator

If you make it to 30 years of controller "good" time isn't the rate 1.7% for all 30?

Dale Senior Member Uniondale, Indiana

You get the time whether you "buy back" or not. The "buy back" is for social security and does not relate to how your time is calculated. It is refered to as the "Catch 62" rule.

If you qualify for social security, they reduce your annuity at age 62 by the amount that social security will/would give you. It's thought of as an offset for social security.

For instance, I was able to get 4 years military time added to my longevity (total time = 36 years, 4 months) even though I chose not to "pay back" my social security for that time. I only had 16 of the required 40 quarters to qualify for social security, and intended NOT to get 40 quarters. Now, I am old enough that I cannot qualify by my 62nd birthday, and will not face the "Catch 62" rule. They evaluate your social security eligibility 1 day after your 62nd birthday, then never again.

I hope I explained that correctly.

.

Cirrus12 Epic Member So. NH

I hadn't heard that, but it would be fantastic. Please tell me someone can verify that.

dale1122 Newcomer Florida

its correct but all 30 must be good time = 51% + SS supplement + TSP (FERS retirement)

atcguruaf Rico Suave AZ

The way I read the following link is that you can only count 20 years for the 1.7% rate then anything beyond 20 years of service is counted as 1%. So, in my case for example, If I put in 25 years, I will have 20 years at 1.7%, then 5 years at 1%. Add my military time (paid back) and that adds an additional 8 years at 1% for a total of 33 computed years of service. But that's so long from now, I'll worry about my retirement pay when I hit 20 years.

FERS Computation

Radium Epic Member SoCal Tracon

ya I dont see the 30+ good yrs thing for 1.7... tho that would be sweet.... cause I'd hit over 30 if I did military + 56yr old faa.

boondr PHD without a degree North of the Equator

hmm I don't see it either but I swear someone did a briefing to that effect. But anyways the military time only counts as "other federal" time not as 1.7 eligible time.