8 ms·
FERS website says the annuity rate is 1% per year of service of the average of your highest 3 years of service. Sounds like a defined benefit to me. (even if
by Roboprog 12y ago
FERS website says the annuity rate is 1% per year of service of the average of your highest 3 years of service. Sounds like a defined benefit to me. (even if percent-per-year is higher in some local agencies)
- pmorici 12y agoTrue, but is isn't a good one, for that "privilege" employees are forced to pay 4.4% of their salary per year into the fund. If you work out the math depending on what assumptions you make it's only worth about $5k-$10k per year in compensation so it doesn't really make up for the huge disparity in pay between private contractor and government employees. You would be hard pressed to convince me that as it is presently structured that it presents some great value to the employee.