Retirement tips for feds: Take control

Friday - 8/5/2011, 10:02am EDT

Ed Zurndorfer, registered employee benefit consultant

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You might have heard that Congress is considering changing the way federal employee pensions are calculated.

For example, one idea is to base pensions on an employee's highest five years of average salary instead of the highest three years. Another idea is to have feds contribute more into their Federal Employee Retirement Systems account.

At this point, these are all still just proposals, but that doesn't mean feds shouldn't have a solid plan for managing their money.

Ed Zurndorfer, a registered employee-benefit consultant, joined the Federal Drive with tips for how federal employees can take control of their retirement.

Zurndorfer said feds should prepare a budget — and stick to it.