We get both. A 401k equivalent called TSP (Thrift Savings Plan) and FERS. People hired after a certain year ( i wanna say 2011 or 2013) pay substantially more into FERS than people hired before (less than 1% vs 4.3% of pay). I don’t expect either to pay out in my lifetime tbh.
TSP is also unique in that you can take a loan from it directly, not using it as colateral. Any interest paid goes right back into your TSP.
We get both. A 401k equivalent called TSP (Thrift Savings Plan) and FERS. People hired after a certain year ( i wanna say 2011 or 2013) pay substantially more into FERS than people hired before (less than 1% vs 4.3% of pay). I don’t expect either to pay out in my lifetime tbh.
TSP is also unique in that you can take a loan from it directly, not using it as colateral. Any interest paid goes right back into your TSP.
This is also an option if jumping ship:
https://www.opm.gov/frequently-asked-questions/retire-faq/leaving-the-government/how-do-i-apply-to-have-my-retirement-contributions-refunded-to-me-in-a-one-time-payment/