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Retirement Issues for Postal Employees

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^     All messages            2526-2545 of 2545  2506-2525 >>
2545
Hannah BlectorPerson was signed in when posted
06-19-2017
01:56 PM ET (US)
/m2543 Keith, if you have military or any service that requires that you pay into your retirement system to get credit for it you need to evaluate that. You can log on to liteblue.usps.gov and find information. You can also call human resources shared services and talk to someone. Just google usps hrssc. You can also find a FERS or CSRS retirement handbook online by searching. Lots to variables. If you are CSRS it might be simpler. If you are FERS, you can factor in the FERS supplement if you have not turned 62 yet. Since you must be near or at 62, you need to know that a FERS employee with 20 or more years of creditable service gets 1.1% per year (of high 3 at this time) at or after age 62 instead of the normal 1% per year. So if you are FERS, you might not want to retire at 61.5 years of age. Sick leave is also a factor--use it? have it added to years of service?

Hope that gets you started.
2544
birdcat
06-19-2017
10:04 AM ET (US)
Anything new on the Sandra McConnell class action....or are we all just going to get screwed and after nearly 10 years of waiting for this case to be resolved will we then just have to file our own case. I thought we were all a part of the class action. The case website update never really gives enough info. Still waiting.
2543
Keith S-BMC Alaska
06-19-2017
09:34 AM ET (US)
How do you figure out what you will actually receive on retirement? I have over 42 years federal service- some funded some not and I don't seem to be able to nail down what to expect if I should retire, Are there counselors available to help you through this process? Obviously I have paid little attention to the thought of actually having lived long enough to get to this point. Stupid I know. Any thoughts?
2542
Hannah BlectorPerson was signed in when posted
06-17-2017
07:56 AM ET (US)
/m2541 Go to opm.gov and do a search. Find a phone number there. If someone retires while married (or has a divorce that affects pension) the spouse has rights. Hopefully, your mom did not sign away her survivor's pension. I believe it is half. If your dad had Thrift Savings Fund money, you need to find out if there is anything there, also. tsp.gov
2541
Tony :)
06-16-2017
11:51 PM ET (US)
My dad just passed away.
He was a retired postal worker with a good pension. Just curious if my mom will receive any of his benifits now that he is gone. If so what does she need to do if anything? Thank you for your help.
2540
Lisa M
06-14-2017
03:02 PM ET (US)
2 years. Can't wait!!! Thanks!!!
2539
82% RetiredPerson was signed in when posted
06-14-2017
02:48 PM ET (US)
Lisa try Googling CSRS pr FERS retirement seminars. I just did and found several. How long until you plan on retiring?
2538
Lisa M
06-14-2017
02:35 PM ET (US)
Looking for pre-retirement seminars?
2537
Hannah BlectorPerson was signed in when posted
05-14-2017
11:23 PM ET (US)
/m2535 No experience. However, it seems logical that the value of the remaining negative balance of sick leave would be paid from your final check and from any terminal leave pay. If that is not sufficient, you would get a bill I would think. I would not think they would mingle that debt with your OPM retirement check. But I guess they could if you did not pay. The government is going to get their money somehow.
2536
RIKSNYPerson was signed in when posted
05-14-2017
03:32 PM ET (US)
This is the only thing I see about it in the ELM:

 513.532 Liquidating Advanced Sick Leave

The liquidation of advanced sick leave is not to be confused with the substitution of annual leave for sick leave to avoid forfeiture of the annual leave. Advanced sick leave may be liquidated in the following manner:

    Charging the sick leave against the sick leave earned by the employee as it is earned upon return to duty.
    Charging the sick leave against an equivalent amount of annual leave at the employee’s request provided the annual leave charge is made prior to the time such leave is forfeited because of the leave carryover limit.
2535
carrier2
05-13-2017
03:46 PM ET (US)
Has anyone had experience with advanced sick leave and what happens when you retire before it's repaid.
2534
Cali to ColoPerson was signed in when posted
05-07-2017
08:55 PM ET (US)
Just letting you know I faxed my request for a withdrawal out of my TSP (I am retired) on Monday 5-1 and received the direct deposit Friday 5-5. I was very surprised it came so quickly.
2533
Daniel
05-03-2017
12:30 AM ET (US)
   law requiring workmans comp. time off to be counted as time in service for retirement purposes
Edited 05-03-2017 03:28 PM
2532
egarkPerson was signed in when posted
03-23-2017
01:49 PM ET (US)
PMR2PSE2PTF /m2529 - could you provide an examples of many states that pay 3% per year? That would give, for example, a 35 year employee 105%. My wife is a retired teacher and got 1.82% a year which has been changed to 1.67% for new hires.
2531
PMR2PSE2PTFPerson was signed in when posted
03-23-2017
10:05 AM ET (US)
/m2530 Because half the payout means half the financial carnage of unsustainability, all else being equal. And at 4.4% contributions it's not even half that, more like 1/3. Even if the model is still more or less the same, the potential bottom-line fiscal impact will be considerably less.
Edited 03-23-2017 10:07 AM
2530
egarkPerson was signed in when posted
03-23-2017
10:01 AM ET (US)
PMR2PSE2PTF /m2529 - yes, I get that. But, until recently, CSRS was getting double the benefit (2% v 1%) for almost 9 times the money (7% v 0.8%). Why, therefore, would FERS style plans be more financially sound than CSRS plans?
2529
PMR2PSE2PTFPerson was signed in when posted
03-23-2017
09:49 AM ET (US)
/m2528 I and all other relatively new hires are paying 4.4% into FERS, for between one-third and one-half the benefit of CSRS.

There is also a TSP match for FERS employees, of course, but those are fixed, knowable and predictable costs incurred in a pay as you go manner, not a ticking fiscal time bomb with a large but unknown future impact.

And in reality, many state and local pensions promise 3% per year, not 2% like CSRS or 1% like FERS. So even CSRS was less flammable than most state and local pension plans, and it didn't have the ease of spiking that many state/local plans allowed. And FERS dials it down another level, especially for those paying more than 0.8% for it. FERS is a good deal for 0.8% for sure.... at 4.4% it's really not a sure thing that it's better than investing the 4.4% yourself and letting it ride for decades.

For what it's worth, earliest retirement for me would be in 2025 at age 59 (MRA+10), and I'll consider myself fortunate if the annuity is enough to just pay my health insurance premiums -- it probably won't be.
Edited 03-23-2017 10:00 AM
2528
egarkPerson was signed in when posted
03-23-2017
12:12 AM ET (US)
PMR2PSE2PTF /m2526 - not sure if the CSRS/FERS comparisons are logical. CSRS employees contributed 7% of their pay for 2% per year, and this is not financially sound, but FERS employees contributing a fraction of a percent for 1% per year is? Makes no sense to me.
2527
Hannah BlectorPerson was signed in when posted
03-22-2017
11:40 PM ET (US)
And now FERS hires pay 4.4% into the system. These newbies have no idea how much they will pay and what they get. There should be a rule that new hires have to be told this before joining the USPS because some definitely would not take the job if they knew what was ahead of them regarding retirement cost and benefits. I knew a new regular who was thinking about quitting due to the way management treats city carriers in my office. When I explained the retirement he was both shocked and gone. I was so happy for him.
2526
PMR2PSE2PTFPerson was signed in when posted
03-22-2017
10:09 PM ET (US)
/m2522 The "killer retirement deal" you see bankrupting cities and some states are where they are still on a CSRS style retirement plan, plus all the abusive pension spiking some local agencies allow in order to give out inflated pension checks. And yes, their assumptions of 8.5% or even 9% rates of return are too optimistic, IMO.

Again, those are pension plans much more reminiscent of CSRS, which Uncle Sam took away from new hires more than 30 years ago. A FERS retirement still gives a good deal on health insurance benefits (for now) but the pension part is not even close to what is bankrupting local governments. FERS pensions are not out of control.
Edited 03-22-2017 10:10 PM
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