Hi, was wondering how long before you get vested in the pension at MSC?? I am a Third Mate Deck
I would ask the office…
[QUOTE=Traitor Yankee;163483]I would ask the office…[/QUOTE]
Not me, I’d work for 40 years and then wonder about it.
I’ve worked 24 years and I don’t even know what that is…
You vest at 5 years for FERS and 3 years for the agency 1% in TSP. All other matching funds in TSP immediately vest.
Go by 310 and ask the dragon lady.
Wish I could understand your answer…haven’t actually started working yet. Please decipher ! Thanks
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[QUOTE=anrima;163718]You vest at 5 years for FERS and 3 years for the agency 1% in TSP. All other matching funds in TSP immediately vest.[/QUOTE]
.??? All those abbreviations
FERS- Federal Employee Retirement System
TSP- Thrift Savings Plan (401k)
Been here 10+ years. Have no idea about the pension. I see money going into a FERS account every two weeks. Beats me what that is? I try to actively manage my TSP. If you are smart you can make big money in the TSP.
They better make good money and have a good pension/401k, they never get to go home. They will never get to enjoy any of it until they retire.
[QUOTE=anrima;163718]You vest at 5 years for FERS and 3 years for the agency 1% in TSP. All other matching funds in TSP immediately vest.[/QUOTE]
FERS is the retirement system for Fed employees. TSP is like a 401K plan for Feds… FERS came out in ~1985 to replace the CSRS while it has less % per year served, the TSP is matched.
It behooves you to allot the max IRS limit to the TSP ($18,500/24,000 over 50 YO) the Government will match portions up to 5%.
The US Congress in on this same retirement system, so it aint bad, I retired from the system 2 years ago, with 25+ years as a federal Agent (LEO)
Civ Mariners probably have to be employed ~30 years. There is an AGE/Years of service calculation. But you can receive a delayed retirement at age 62? with 5, 10 or more years.
https://www.opm.gov/retirement-services/fers-information/computation/
If you make a career with the Govt. YOU MUST UNDERSTAND THE SYSTEM.
Here are some other links a FED can use:
http://federalnewsradio.com/category/pay-benefits/
Good luck,
Marc
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[QUOTE=anrima;163718]You vest at 5 years for FERS and 3 years for the agency 1% in TSP. All other matching funds in TSP immediately vest.[/QUOTE]
FERS is the retirement system for Fed employees. TSP is like a 401K plan for Feds… FERS came out in ~1985 to replace the CSRS while it has less % per year served, the TSP is matched.
It behooves you to allot the max IRS limit to the TSP ($18,500/24,000 over 50 YO) the Government will match portions up to 5%.
The US Congress in on this same retirement system, so it aint bad, I retired from the system 2 years ago, with 25+ years as a federal Agent (LEO)
Civ Mariners probably have to be employed ~30 years. There is an AGE/Years of service calculation. But you can receive a delayed retirement at age 62? with 5, 10 or more years.
https://www.opm.gov/retirement-services/fers-information/computation/
If you make a career with the Govt. YOU MUST UNDERSTAND THE SYSTEM.
Here are some other links a FED can use:
http://federalnewsradio.com/category/pay-benefits/
Good luck,
Marc
[QUOTE=anrima;163718]You vest at 5 years for FERS and 3 years for the agency 1% in TSP. All other matching funds in TSP immediately vest.[/QUOTE]
If you stay w/ MSC for 5 years you become vested in FERS. If you leave before 5 years, the money you put into FERS is returned to you via direct deposit. After 10 years you can receive healthcare at the government rate for the rest of your life. The retirement age when you can start claiming your FERS monies is 57. So as long as you work for MSC for 5 years, at age 57 you can start collecting a check.
For the TSP whatever you put in is matched up to 5% and after 3 years of contributions you get to keep the monies that have been put in by the gov. So if you leave before you’ve put in 3 years, you will not get to keep the funds that the government matched.
However you spread out the TSP, through the various funds, make sure to put in the maximum if you intend on staying over 3 years. As a third mate you won’t even notice the difference in your paycheck, and 3 years down the line when your look at your acct you’ll be glad you did.