FIRREA is the way to go Wrote:
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> 20th & Constitution (retired) Wrote:
> --------------------------------------------------
> -----
> > FIRREA is the way to go Wrote:
> >
> --------------------------------------------------
>
> > -----
> > > HR department Wrote:
> > >
> >
> --------------------------------------------------
>
> >
> > > -----
> > > > Pretty much all those who had the choice at
> > the
> > > > time chose to stay with CSRS, as these
> > > > impoverished pansy-asses simply do not
> know.r
> > >
> > >
> > > Of course. But anyone hired after 1984
> didn't
> > > have a choice. CSRS was a most excellent
> > > retirement system. Almost as good as the
> > Federal
> > > Reserve and World Bank. Now those are some
> > good
> > > retirement systems. CSRS has a 2% of the
> high
> > 3
> > > times number of years worked. But you had to
> > pay
> > > in 7% over your career. And, while you could
> > > contribute to TSP, there was no government
> > match.
> > >
> > >
> > > FERS has a 1% match (or 1.1% if you retire
> > after
> > > age 62) and you have to pay in anywhere from
> > .8%
> > > to 4.something% (if you were hired after
> 2014).
> >
> > > Plus, you get up to a 5% match on TSP
> > > contributions. FERS employees pay 6.2% into
> > > social security and get that on the flip side.
>
> > > Thus, the three legs of the FERS retirement
> > > stool.
> > >
> > > The WB and FR have 1.6% of your high 3 (which
> > > includes any bonuses you get - usually $5000
> -
> > > $7000 a year), plus the employees don't pay
> > > anything into their plan, it's all covered by
> > the
> > > banks. And they get 8% matching on their
> TSP,
> > > which is worth hundreds of thousands of
> dollars
> > at
> > > retirement if you have a long career there
> and
> > max
> > > out your contributions. These employees have
> > the
> > > same social security gig as the FERS peeps.
> > These
> > > are the true golden plans in the government.
> > Good
> > > luck getting in though.
> >
> > FRB employees contribute 7% of their salary
> > towards the retirement plan
> > and I have no idea where you came up with the
> > numbers on the bonuses
> > but they are not automatic and only the top
> > performers receive them.
> > The FRB is on a Pay for Performance salary plan
> > and it shows. Sit on
> > your duff in this outfit and they will have you
> > looking for another job
> > in nothing flat. Too bad the Executive Branch
> > doesn't try the same approach
> > but the FRB doesn't have any employee unions to
> > deal with.
> >
> >
>
https://www.federalreserve.gov/careers/new4hire/pd
>
> > fs/benefit_hndbk/retirement.pdf
>
>
> The Fed has an automatic 1% contribution,
> regardless of whether an employee contributes or
> not. They then match up to an additional 7%,
> bringing the ceiling up to 8%.
Coverage Cost
As a participant, you are required to contribute 7 percent of your basic salary to the Board Plan. For purposes of this Plan, basic salary means your regular annual pay plus differential for certain categories of participants, excluding any bonuses, overtime pay, and other extra compensation. These contributions are deducted from your biweekly paychecks on an aftertax basis and sent to the Retirement Trust to be credited to your contribution account. The Board pays any balance of the Plan cost. Your contributions may be refunded if you leave the Board. However, if you withdraw your mandatory contributions, you give up any rights to a retirement benefit. If you do not have contributions in the Plan for any period of service — either because you did not make contributions or because you withdrew contributions — you can make a deposit or redeposit (plus interest) anytime before your retirement date. While you are required to make a 7 percent contribution to the Plan, you are not covered under Social Security. Therefore, your wages are not subject to Social Security tax withholding requirements.
> The Fed is no different than any other federal
> institution. It most certainly has dead wood.
> It's laughable that you think differently.
Lets say they take Pay for Performance very seriously. I was there when we made
the transition from rubber stamping GS and OPM guidelines and it was like the difference between day and night for the better. Some jobs were eliminated and some were consolidated with others. Some were just plain downgraded as a result of years of "grade creep". (No more GS/FR Grade 12 secretaries)
> I'm not positive about the union or not, but I'm
> pretty sure they have one (nteu), which is the
> union that most of the federal financial
> institutions have.
> It's a fact that their retirement is better than
> either CSRS or FERS. If you retired from there
> after 30 years, you'd know that. And perhaps the
> average bonuses of the higher graded (25 and
> higher) weren't that great when you were there,
> but now days, they are $5000 or larger for anyone
> who isn't a complete loser.
I know it's a better plan and never said it wasn't. Guess what? Not everybody
is a 25 or higher.
> These are simply facts. Why you try and argue
> them is puzzling. Perhaps you just one of those
> type of people who argue about everything. Good
> luck with that.
IRMC