393 employees reported this benefit
it is the 3 year high average at the end
Nice thing to have but doesn’t they don’t pay much. It will be a nice thing to have at retirement
it is good and standard yet the additional TSP is what takes the cake
good plan, especially coupled with the 401K
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.