Why do military retirees collect retirement......

[vince77]

Unused sick leave isn’t subject to the 80 percent limit on an earned annuity. Unused actual service hours are added to unused sick leave hours to create additional months (and even years) of credit in the annuity calculation.

[Ken King]

Originally Posted by vince77

Unused sick leave isn’t subject to the 80 percent limit on an earned annuity. Unused actual service hours are added to unused sick leave hours to create additional months (and even years) of credit in the annuity calculation.

I'm aware of that, but it didn't apply in your case as you aren't getting higher than 80%.

[So_what]

Originally Posted by CrashTest

You probably didn't live there in 1962. And I'm sure it is a beautiful country but in the early 60's, service members and their families were basically confined to the base. The Icelandic Gov was 67% Communist back then and that's how they wanted it.

I will admit I wasn't there in 1962 but did spend many years in Iceland. The main reason service members were restricted to the base was WWII. It was a stop over for just about every American going overseas during the war. In effect there were more Americans (foreigners) on their island than Icelandics and they didn't like that. It took them a long time to get over that. IIRC it wasn't until 1970's-80's that "blacks" were allowed to be stationed there.
The Icelandic government has many different political parties but I never heard of it being 67% Communist.

[StadEMS3]

Originally Posted by So_what

I will admit I wasn't there in 1962 but did spend many years in Iceland. The main reason service members were restricted to the base was WWII. It was a stop over for just about every American going overseas during the war. In effect there were more Americans (foreigners) on their island than Icelandics and they didn't like that. It took them a long time to get over that. IIRC it wasn't until 1970's-80's that "blacks" were allowed to be stationed there.
The Icelandic government has many different political parties but I never heard of it being 67% Communist.

I was stationed there 92-94 and was told "blacks" were not allowed off base until only a few years earlier. Of course it didn't take long before a few of the locals were impregnated...

[fastgto]

This misfit guy seems to post a lot of passive aggressive material about the military.

[Misfit]

Originally Posted by fastgto

This misfit guy seems to post a lot of passive aggressive material about the military.

I try to post subjects that will encourage conversation and from 105 replies I think this one is a success.

[philibusters]

Originally Posted by DoWhat

I will have over 40 yrs government service when I retire, but it will be under the new government retirement system. Which is mainly based on your 401K.

FERS has three components but the biggest is probably the defined pension. The pension is 1% for every year you worked for the federal government. So if you worked for the gov't for 40 years your pension will be 40% of the average of your highest 3 years salary.

The other two components are Social Security. The social security component works the exact same as it does in the private sector both in respect to the how much comes out of the employees pay check each month for social security and what the benefit the employees gets back after they reach a certain age.

The last component is the TSP (which is like a 401K). The gov't has up to a 5% match (thus prudently employees will contribute at least five percent of their salaries to take advantage of the match. Less frugal employees who don't contribute to their TSP actually get no benefit from the TSP because you have to contribute in order to the get the match.

[CrashTest]

Originally Posted by So_what

I will admit I wasn't there in 1962 but did spend many years in Iceland. The main reason service members were restricted to the base was WWII. It was a stop over for just about every American going overseas during the war. In effect there were more Americans (foreigners) on their island than Icelandics and they didn't like that. It took them a long time to get over that. IIRC it wasn't until 1970's-80's that "blacks" were allowed to be stationed there.
The Icelandic government has many different political parties but I never heard of it being 67% Communist.

The first black service member was allowed in Iceland in the last half of 1963 (against the wishes of Navy Brass in country).

In the years following WWII, American service members stationed in Iceland married about 5000 Icelandic women and took them back to the US. This was a huge deal for a country with only 100,000 people and didn't sit well with the Icelandic Govt (which was majority Communist at the time).

[Ken King]

Originally Posted by philibusters

FERS has three components but the biggest is probably the defined pension. The pension is 1% for every year you worked for the federal government. So if you worked for the gov't for 40 years your pension will be 40% of the average of your highest 3 years salary.

The other two components are Social Security. The social security component works the exact same as it does in the private sector both in respect to the how much comes out of the employees pay check each month for social security and what the benefit the employees gets back after they reach a certain age.

The last component is the TSP (which is like a 401K). The gov't has up to a 5% match (thus prudently employees will contribute at least five percent of their salaries to take advantage of the match. Less frugal employees who don't contribute to their TSP actually get no benefit from the TSP because you have to contribute in order to the get the match.

If 62 or over at retirement (and more than 20 years of service) the pension is 1.1% per year. And for the TSP the agency automatically contributes 1% of your salary per pay period.