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> But at least by retiring they will start getting paid (I think) via 401k, Social Security or pensions. Gov't 401k is called TSP, and like regular 401k plans
by Jtsummers 1y ago
> But at least by retiring they will start getting paid (I think) via 401k, Social Security or pensions.
Gov't 401k is called TSP, and like regular 401k plans it's not accessible (without penalties) until you're 59 1/2. Social Security also has a minimum age (62) before you can start receiving benefits. ATC can access FERS earlier than other federal employees because of their mandatory retirement age (56) which is below MRA under FERS (57 for most people now). They can get their pension at age 50 with 20 years of ATC time or any age with 25 years of ATC time (some other services also get this benefit and count towards that).
And an important point there, because ATCs retire before 59 1/2 and before 62 by necessity (56 is the oldest they can be), they won't get their TSP or Social Security for several more years.
Pensions are being held up for people who are retiring right now as the people processing retirements are also furloughed (I don't think all, but it's impacted friends of mine with delays to processing). Retirements are already slow to process and occasionally people end up waiting 6+ months to get their pension (they should get back pay in that case, but it's still months without income).