7:33 am, May 24, 2015

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  • 17

  • Buyout/OPM Observations
    Carter Hired Fed
    If you lived in the state of Pennsylvania and retired on 5/3, your buyout net was $17,620 which arrived in the 5/14 paycheck along with nine days of pay. The annual leave and credit hours arrived in the 5/28 pay cycle. Giving OPM full credit where it's due, the 6/1 pension amount (70% of estimate) arrived on 6/1 and on 7/2 (but available on 6/30!) the pension amount became 77% of the estimate. As of August, OPM is 3 for 3! With all the data bases that have been available to federal employees for quite some time, there really is no excuse for not planning for early retirment. I ran the numbers using three different sites and also did a manual calculation using the CSRS retirment table and all four amounts were within $20 a month.
    Carter Hired Fed
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  • Additional Observations
    Carter Hired Fed
    It's very ironic that the only way to get a raise was to take early retirement. Federal pensions are not taxable in some states and retirees are eligible for 7/12 of the COLA to be announced this October.
    Carter Hired Fed
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  • possible FERS elimination.
    I don't think I would take a buyout if I were a FERS employee due to the threat of elimination of the supplement. It may not happen, yet again it may, or apply only to those retiring after it became effective. Since there is no way of knowing, taking a buyout (or retiring without a buyout under 62) would be a crapshoot. Any elimination of FERS supplement would be equal to or greater than the buyout payment.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • $25K buyout is Ok, but waiting for one will cost you dearly
    Honest Broker
    I'm only 56 and I'm retiring this year with 32 years of service for 2 reasons: 1) Politicians are gunning for our benefits to pay their buddies; 2) I'm tired of the corruption between the contractors and the government. At least in retirement, I will not be exposed to Government/Contractor "partnership" day after day. For the last decade or more, I have been chastised for not "playing the game" and shoveling the money over the contractors and then end up with a cushy and 6 figure retirement job. I am a 6-year veteran that went back to college on GI bill, so I have some ethics but apparently that does not align with current Government acquisition roles (best bang for the buck, HAH). I've gotten awards, letters of accommodation, saved the Government millions, worked in the field, and even gotten valuable capabilities out to the troops, but I cannot move to the final tier because those positions are reserved for the "right people". Some would say stay and fight the good fight, but upper management always finds someone willing to move up the ladder and comprise their ethics for that extra dollar bill and sweet retirement job. An earlier commenter mentioned that only high level personnel or people that refuse to retire are offered buyouts and that seems to be the trend at my organization as well. I have accumulated a pretty healthy TSP along with the supplement and the annuity retirement checks paying the bills (no house or car payments). With my skill sets, I'll be doing consulting work and writing off the expenses to keep my taxable income under the FERS supplement penalty limit of $14,160 and hopefully out of the greedy politicians hands. Since I've tried to get open and fair competition contracts with reputable businesses or developed in-house solutions because it worked out cheaper and put capabilities earlier in the hands of the troops, you would think upper management would offer a buyout to get me out the door sooner but that's reserved for the "right" people. It's no cake walk on the commercial side either, but companies cannot afford a too comfortable relationship with their contractors or they just go broke. The politicians just keep printing more money or stealing from the middle class and Government employees, so I’m bailing before it gets worse especially since I heard Romney is picking Paul Ryan for his VP. The Ryan Act which brought up the 5% deduction for the annuity and removal of the supplement went through the US House in 1 week, so get ready for serious slash and burning of your benefits if the House, Senate and Presidency goes all Republican. Waiting for a buyout is definitely going to cost you in the long run.
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  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }