My MIL is a retired federal employee. She worked in the private sector before kids (at a bank) then started as a file clerk (GS1) when the youngest kid started school. She retired as a GS6 or 7, 20 years later. She worked for the feds back when they had decent pensions. Most newer federal employees (hired after 1983) don’t get a big pension – haven’t for years. They get Soc. Sec, a TSP plan (which is the equivalent of a 401k – employee contributes pre-tax), and a small annuity under the FERS plan. Employees hired before 1983 (like my mother in law) had the civil service retirement plan – which was much more generous. Despite saving, having a “great pension” and social security – she doesn’t have a lot of cash laying around and she lives pretty frugally. (Might be disappointing for the relatives that are hoping for a big inheritance. LOL).
My husband’s nephew works for the GAO. Previously he worked on Wall Street after graduating from one of the top business schools. He realized that ethics and wall street might not be compatible, so he did his graduate work and now works for the Fed. He’s not a slacker and he is paid less by the Feds than he did fresh out of his ivy league undergrad working for a large investment firm. He hired after 1983 so he does not get the gold-plated pension… just a small annuity IF he stays long enough and reaches a certain age.
The vast majority of federal workers are on the GS payscale – that is available online.
A GS15 maxes out at $129517. If you move to the executive schedule (much fewer people) it maxes at $200k. (There can be offsets for geography… these are the basis rates.)
The health benefits for federal employees are similar to those offered by large private employers – employees have several plans to pick from (well actually a HUGE assortment) – they can pick a “cadillac plan” and pay a monthly premium commensurate. They can pick an HMO and have a lower monthly payroll deduction. I have a friend who works for the DOT – she has more choices than I do – but the monthly payroll deduction for her HMO is similar to what I have deducted for my HMO. (I work for a pretty large company). Friends who work at Qualcomm (a private employer) have much better health benefits for employees than the Fed offers.
Like FLU and flyer said – worry about your own bottom line, wealth, benefits. If you are envious of the federal wages and benefits – get a job with the feds. You don’t have to work in DC to do so… there are a lot of agencies right here in San Diego.
