That doesn’t sound right at all. People quit all the time and you want people to quit if they aren’t in the right job. For DC pensions you transfer out what you accrued, but for DB pensions the calculations are more difficult. I just don’t have first hand experience with govt DB pensions.
If you leave your Government job before becoming eligible for retirement:
you can ask that your retirement contributions be returned to you in a lump sum payment, or
if you have at least five years of creditable service, you can wait until you are at retirement age to apply for monthly retirement benefit payments. This is called a deferred retirement. View the deferred retirement web page.
Yeah that’s how it should work. You don’t “lose” your pension at all, it’s either transferred to you or you get it when you reach retirement age. You just don’t continue to accrue any more, which is not “losing” your pension.
The closest you can come to saying you “lose” your pension and it’s a stretch to use the word “lose” is if you work for less than 5 years, it looks like you only get your contribution back. 5 years is a bit too long for, effectively, vesting imo but sorry to say you really have to pick a better word.
No that’s not what it says. It says you have to be at retirement age to get the pension.
EG. If I work for the govt from age 20 to 40, then leave from 40-60 to work in private industry, I have to wait until age 57 or 62 (see complicated chart) until I get the govt pension that I accrued from age 20 to 40.
That doesn’t sound right at all. People quit all the time and you want people to quit if they aren’t in the right job. For DC pensions you transfer out what you accrued, but for DB pensions the calculations are more difficult. I just don’t have first hand experience with govt DB pensions.
Below is the OPM guidelines https://www.opm.gov/retirement-center/fers-information/former-employees/#Options
Yeah that’s how it should work. You don’t “lose” your pension at all, it’s either transferred to you or you get it when you reach retirement age. You just don’t continue to accrue any more, which is not “losing” your pension.
The closest you can come to saying you “lose” your pension and it’s a stretch to use the word “lose” is if you work for less than 5 years, it looks like you only get your contribution back. 5 years is a bit too long for, effectively, vesting imo but sorry to say you really have to pick a better word.
But for those who are at retirement age, the only way to get it again is to be hired again, which wont happen for atleast 4 years
No that’s not what it says. It says you have to be at retirement age to get the pension.
EG. If I work for the govt from age 20 to 40, then leave from 40-60 to work in private industry, I have to wait until age 57 or 62 (see complicated chart) until I get the govt pension that I accrued from age 20 to 40.