345 employees reported this benefit
FERS takes too much out and they make it required at that.
New employees pay 2.8% of salary into fixed benefit plan. The VA matches 11.2%, but the pension is based on 1% of average of highest 36 months yearly salary times numbers of years employed. There is also a TSP plan (401K variation) the matches input up to 5%.
Overall a very good plan . They have Fers Federal Employee's Retirement System , Social Security and TSP Thrift Savings Plan which is like a 401 K. Nothing bad to say about it compared to the private sector plans.
You can set how much you want to pay into it and the VA will match the first 3 or 5%.
If this lasts, it will be a nice pension plan.
Pension is basically an annuity starting with your employment, but not from your wages (1% theirs), unless you consider their below average wage scale. Can be good if you stay with them for a long time. It's what hey're looking for.
10% of average highest 3 years x the number of years you work there. So 30 years 30%. Pluse SS and 401. Pretty sweet
they match evry thing you put in
Best thing is that it is a defined benefits pension with COLA when retired.
If you put in 20 years then you'll be qualified for the pension plan which is great.