by Phase 2 scholar » Wed Jan 11, 2023 7:33 pm
I know you didn't ask this, but there are some things you should be thinking about as you look to leave your current job.
If you are leaving government service and not returning, I think you can "cash out" your government pension, which has been being deducted from your pay (should be 4.4% of your salary). However, doing so may detrimentally affect your service computation dates, should you later decide to return to government service.
Leaving your job will affect your insurance, dental, vision, FSA, ect., so plan ahead on that front. If you quit your job, you will lose all FSA funds, so it's important that you spend as much of those as you can before you leave if you put funds into that account. Emergency medical kits, over-the-counter medications, sunscreen, radon tests, and glasses lens wipes are all FSA-eligable expenses.
If you leave government service after one year (as opposed to moving to another government position), you likely will not be considered "vested" in your TSP, so you will lose the 1% basic pay that your employer contributed. I believe you should still be able to keep matched funds though (4%, if you didn't decrease your contribution from default).
I know you didn't ask this, but there are some things you should be thinking about as you look to leave your current job.
If you are leaving government service and not returning, I think you can "cash out" your government pension, which has been being deducted from your pay (should be 4.4% of your salary). However, doing so may detrimentally affect your service computation dates, should you later decide to return to government service.
Leaving your job will affect your insurance, dental, vision, FSA, ect., so plan ahead on that front. If you quit your job, you will lose all FSA funds, so it's important that you spend as much of those as you can before you leave if you put funds into that account. Emergency medical kits, over-the-counter medications, sunscreen, radon tests, and glasses lens wipes are all FSA-eligable expenses.
If you leave government service after one year (as opposed to moving to another government position), you likely will not be considered "vested" in your TSP, so you will lose the 1% basic pay that your employer contributed. I believe you should still be able to keep matched funds though (4%, if you didn't decrease your contribution from default).