[kevao]

$60,000/yr x 30 years after retirement at age 51 = $1.8 million

So he gets a fixed annual payment regardless of how much he has contributed to his retirement account, and irrespective of how well his investments have done?

So, not at all like the 401(k) we suckers have in the private sector.

[entropy12]

He gets BOTH, his 403-B plan + monthly pension based on years of service as a civil service employee. That second portion is in danger due to firing. The first portion is his money, and can not be confiscated under current law.

[weston]

I’m a Federal Retiree under FERS. He will still get his Thrift Savings (like a 401k) at age 59 1/2. He will not get any monthly pension since he did not have a 70 combo. 50yrs + 20 yrs. It can be any combo, like 15 years at age 55. But I think you have to be at least 50. Of course different branches have different rules, but that’s the way it was for me. I had 35 years at age 65

[grey_whiskers]

Government parasites get defined-benefit pensions: a fixed, already-known, set-in-stone *payout*. The rest of us slaves and peons have to contribute our *own* money -- after paying a lot off the top in taxes to pay for their guaranteed pension -- and have to take our chances between the Scylla of inflation and the Charybdis of a stock market collapse.

[OldMissileer]

So, not at all like the 401(k) we suckers have in the private sector.

The rank-and-file government workers have a 401K program. The people at the top are under a totally different pay and retirement structure and get a much more lucrative retirement.

Even though I was around all that ( I am not, nor have ever been, a government employee) for almost 20 years I have never looked in to exactly what the big wigs get, but they do quite well when they retire.

Getting fired, even two days before his full eligibility, means he will have to try to sue to get paid as he was fired for cause.