57 employees reported this benefit
The old systems was better than the FERS that we currently now use.
Best thing is the early eligibility for air traffic controllers. 25 years of service at any age means as young as 46 or 47, you're retired.
TSP and FERS system is antiquate
US Gov employees have the best annuity programs offering employees several options including IRAs. No ad comments are available.
Thrift Savings Program is the federal version of a 401K. 100% matching to 3%. 50% matching between 3% and 5%.
Best thing is the remant of the defined benefit plan. Thrift Savings Plan, the govt's 401k equivalent, is very reliable and safe to invest in.
Find a better retirement plan outside of the federal government for someone who isn't a CEO or local government Indian chief.
Eligibility for FERS retirement plan starts at only 5 years of service and the annual amount received increases 1% of your highest salary per year of employment. You can start receiving the pension payments at age 62.
Retirement from FAA is like any other federal job - you got Federal Employes Retirement System(FERS) and Thrift Savings Plan (TSP). TSP contributions are matched up to the 6% level, FERS requires contribution but the gov't pays most of it.
Air traffic controllers who maintain their status in a safety critical position can retire at age 50 with 20 years of service or at any age with 25 years of service. Pension plan is, however, partially dependant upon the viability of social security.