Federal Retirement Fairness Act
- Thread starter Bigpretty
- Start date
RammerJammer
Well-known member
If ifs and buts were candy & nuts…
Maybe somebody that bought back RCA time prior to 1989 could tell how their’s was done but here’s my best guess. OPM would probably compute your total RCA time worked excluding OT and divide by 2080 to get your extra years of service to be added. So you wouldn’t get 10 years because most RCAs don’t start out working full time normally for awhile. Then you would make a deposit or buy back your FERS contribution rate plus interest for that uncredited time. After your check cleared that time would get added to your regular service time and used in your retirement calculation.
RammerJammer
Well-known member
Twistofcain
Well-known member
Would be great if this even gets passed, that you could buy back just a portion of rca years. I would just need 3 or 4 years of the 9 years.
All Saints Day
Member
Are they actually going to vote on this though? I haven't heard anything about that. I know the bill has been introduced like 4 or 5 times the last several years but has never gone to the floor for a vote. I wouldn't hold my breath on congress voting on this anytime soon. Let alone passing it.
justacarrier
Well-known member
As it is written it will never pass. A few years ago it was proposed in a way that the employee would pay for basically the full amount (approximately 11% to 14%) of the WAE (when actually employed) days. If it ever does pass it will almost assuredly be amended to be like that. That is the only way it could ever possibly get passed. It would be very expensive but it would be an option for people to decide if it was worthwhile.
Voglio-il mio
Well-known member
The least complicated way to calculate retirement pension is to multiple you annual salary times 1% for each year of service. Divide by 12 if you wish to know your monthly amount.
Example: 75,000 per year 20 years
$75,000 x .20 = $15,000 / 12 = $1250. per mo.
