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  1. #1
    Climber27J's Avatar
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    Pension & Retirement

    I haven't seen this clearly spelled out but since I'm slated for the 18 February class (onto ZHU afterwards) and haven't received my FOL yet (wait til the last minute much?) I may be asking this question just a couple weeks prematurely. Anyway, how doe the pension work in regard to payout v. salary? Is there an average annual figure available for what retirees currently get? Is it a certain percentage of the top 5 years or something like that? I'm just curious what income it tends to provide (and I know it depends on years of service and I'm 30 so assume the earliest and latest retirement in that case). I know I'm asking a lot so thanks for the help and information!

  2. #2
    irishcarbomb's Avatar
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    Re: Pension & Retirement

    moved not a union question...but check out these links, they will provide everything you need/want to know

    and you can retire after 25 years of service or at age 56 (unless you aren't on the boards anymore)

    FERS Retirement

    Understanding Your FERS Retirement Benefits
    Commercial SEL, MEL, Instrument, CFI, CFII

  3. #3
    UNDgrad06's Avatar
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    Re: Pension & Retirement

    This site is much better

    https://employees.faa.gov/employee_s...nt/atc_retire/

    You can retire at any age if you have 25 years of service. You can retire at age 50 if you have 20 years of service.

    Bascially take you high 3 years. The first 20 years get multiplied by 1.7% would would equal 34% of your top 3. Any years after 20 you get an additional 1%. So if you worked 25 years then you would get 39%.

  4. #4
    Michalak87's Avatar
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    Re: Pension & Retirement

    http://www.opm.gov/retire/pubs/handbook/C054.pdf

    Pg 6 states 50% min of highest 3 years, or using the formula, whatever is greater..... correct me if im wrong... But sounds like 50% garunteed

    Quote Originally Posted by UNDgrad06 View Post
    This site is much better

    https://employees.faa.gov/employee_s...nt/atc_retire/

    You can retire at any age if you have 25 years of service. You can retire at age 50 if you have 20 years of service.

    Bascially take you high 3 years. The first 20 years get multiplied by 1.7% would would equal 34% of your top 3. Any years after 20 you get an additional 1%. So if you worked 25 years then you would get 39%.

  5. #5
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    Re: Pension & Retirement

    Thats CSRS. You had to be hired in the early 80's or beyond to get that. You'll be FERS

  6. #6
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    Re: Pension & Retirement

    Can anyone tell me how much notice a controller has to give HR if they are looking to retire at the end of December?

  7. #7
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    Re: Pension & Retirement

    Quote Originally Posted by Jbhogen00 View Post
    Can anyone tell me how much notice a controller has to give HR if they are looking to retire at the end of December?
    You can retire the first minute of your next shift if you'd like. I've seen two people who were going to retire in the next few months just change their minds and retire on the spot mid shift.

    If you're asking if you'll get your pension immediately, no. Its takes several months from what I've seen to get your payments straightened out. I plan on having 6 months of expenses saved to shore myself up until OPM gets mine right when I retire.

    Edit to add. I see you're a new hire. If you're asking that thinking 20 plus years down the road, how much notice must I give to prevent my pension from getting screwed up, forget about it. They'll screw it up guaranteed.

  8. #8
    mbalunda's Avatar
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    Re: Pension & Retirement

    Quote Originally Posted by Genot View Post
    You can retire the first minute of your next shift if you'd like. I've seen two people who were going to retire in the next few months just change their minds and retire on the spot mid shift.

    If you're asking if you'll get your pension immediately, no. Its takes several months from what I've seen to get your payments straightened out. I plan on having 6 months of expenses saved to shore myself up until OPM gets mine right when I retire.

    Edit to add. I see you're a new hire. If you're asking that thinking 20 plus years down the road, how much notice must I give to prevent my pension from getting screwed up, forget about it. They'll screw it up guaranteed.
    We had a guy just randomly retire not to long ago. He went on break and just never came back to the area. The Supes were paging him and looking for him. They had no idea he didn't work there anymore LOL

  9. #9
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    Re: Pension & Retirement

    Quote Originally Posted by Jbhogen00 View Post
    Can anyone tell me how much notice a controller has to give HR if they are looking to retire at the end of December?
    Controller: "hey yeah I'd like to take a day of leave today, can you show me on leave?"

    Sup: "no I'm sorry we don't have the staffing today, I need you in."

    Controller: "ok then, show me retired"

    ....

  10. #10
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    Re: Pension & Retirement

    Ok, thank you. I'm not a new hire, I'm waiting for a class date. I can't even see the day I retire in my mind. The reason I ask is because my slated facility has a guy saying he will retire at the end of December. He's using that trick all you guys use where you actually retire in the beginning of December with all of your time-off built up and officially retire Jan. 1st, so your retirement checks start in January sometime, but get paid for the entire month of December. I'm just trying to get a feel for the process and how far out you have to file all that paperwork.

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