What is postal benefits group?
Postal Benefits Group was formed to provide Postal Employees with useful information and resources regarding their postal benefits. Through our extensive postal seminars we have helped thousands of employees across the country understand their benefits and the retirement process.
What are the benefits of working for the postal service?
One of the primary benefits of Postal Service employment is the satisfaction you experience from working in a challenging and rewarding position. Positions are available with the level of responsibility and authority that you desire. The Postal Service’s retirement system is a three tiered system comprised of the following:
Why choose our postal seminar program?
Through our extensive postal seminars we have helped thousands of employees across the country understand their benefits and the retirement process. We are the ONLY private company working specifically with Postal Unions and Members.
How can the Post Office Help Me with my TSP?
Below are a few of the areas where we assist employees with their TSP: Explain the funds to you and help you decide which funds are best for you. Help you understand how the money can be used in retirement without the threat of running out of money too soon. We help you understand ALL your options and not just the ones the Post Office gives you.
What are postal benefits?
Postal career employees enjoy excellent benefits, including annual and sick leave that can be accumulated, the opportunity to donate leave, basic life insurance paid for by the Postal Service with additional options at the employee's cost, pretax health benefits with most of the cost paid by the Postal Service, pretax ...
How long do you have to work for USPS to get a pension?
Federal and postal employees under the Civil Service Retirement System (CSRS) and Federal Employees Retirement System (FERS) are eligible for voluntary early retirement if they're at least 50 years of age, with at least 20 years of service, or any age with at least 25 years of service.
Does USPS pension?
The Postal Service participates in the federal retirement program, which provides a defined benefit (pension), as well as disability coverage. Eligibility is determined by your age and number of years of creditable service.
How does USPS retirement work?
Based on years of service, a postal worker earns 1.5 to 3.5 percent of their “high-3” average salary for each year. The maximum allowable yearly annuity cannot be more than 80 percent of the high-3 average, which generally happens for those retiring after about 42 years of service.
How much is the average postal pension?
The amount of money a postal worker makes in retirement depends on their age and how long they worked as a postal worker or government employee. A postal worker who retired in 2020 with 25 years of service would make a monthly basic annuity between $1,308-$1,335.
What is top pay for USPS mail carrier?
The salaries of Postal Service Mail Carriers in the US range from $52,460 to $74,948 , with a median salary of $60,063 . The middle 57% of Postal Service Mail Carriers makes between $60,063 and $64,713, with the top 86% making $74,948.
How is USPS pension funded?
Overall results. The largest concentration sponsoring IPPs/ISPs continues to be from Banking and Finance, followed by Oil and Gas, and Consumer Goods and Retail.
Do postal workers get health insurance when they retire?
Yes. The Postal Service is part of the Federal Government,[2] and that means postal workers are federal employees. As a result, career postal workers are generally eligible to receive health coverage through the Federal Employees Health Benefits (FEHB) Program.
Do retired postal workers have life insurance?
The Federal Employees' Group Life Insurance (FEGLI) covers more than 4 million postal and federal employees and retirees, as well as many of their family members. Most new federal workers are automatically provided with Basic life insurance coverage under FEGLI.
What is the average pension of a federal employee?
The FERS defined benefits are smaller – an average of about $ 1,600 monthly and a median of about $ 1,300, for annual figures of $ 19,200 and $ 15,600 – because this program also includes Social Security as a basic element.
Can you retire from the post office after 20 years?
If you leave with 20 years but less than 30 years of service, then you can avoid the 5% per year reduction, if you wait until you reach the age of 60 to apply for the retirement benefit.
Do postal workers get Medicare?
Law requires postal retirees to enroll in Medicare. The landmark Postal Service Reform Act (H.R. 3076) Congress passed this week ends the mandate that the Postal Service pre-fund its retiree health benefit costs and requires postal workers to enroll in Medicare Parts A and B when they turn 65.
Can I take my post office pension at 55?
You can start taking some, or all, of your benefits as early as 55. This is the minimum age set by the Government. If you take your benefits early, the amount you get will be reduced.
What happens to my retirement if I quit the post office?
If you separate from federal service with at least 20 years of service, the unreduced retirement is payable if your application is postponed to age 60 with the insurance benefits eligible for reinstatement (as long as the five-year test was met prior to resignation).
Can you retire from the post office after 20 years?
Postal Inspectors are the only postal employees subject to mandatory retirement because of age. They are subject to mandatory retirement on the last day of the month in which they become 57 years of age or complete 20 years of law enforcement service if then over that age.
Do federal employees get a pension and Social Security?
FERS is a three-tiered system includ- ing Social Security, a Federal pension, and a tax-deferred savings plan. All workers enrolled in FERS are covered by Social Security. They contribute to it at the current tax rate and are eligible for the same benefits as all other workers covered by the program.
Great place to work!
Laid back atmosphere, managers are great! Lots of instruction, and many opportunities to grow your own portfolio. Compensation more than fair, would recommend.
Productive and very laid back work atmosphere when the job was done
I really enjoyed working with the people I worked for. Working with the public is the best part of any job. Getting to know the ins and outs of any company usually starts from within and includes the customers you serve . Management was very easy to get a long with. Very laid back atmosphere everyone got a long well.
Health Benefits & Life Insurance
Medical health plans under the Federal Employees Health Benefits (FEHB) program are diverse and costs are comparatively low considering that the federal government pays two thirds of the premiums for employees and retirees. The medical plan is an employee-employer contribution system and includes HMO and Blue Cross and Blue Shield programs.
Retirement
The Postal Service’s retirement system is a three tiered system comprised of the following:
Overview
Postal Benefits Group serves postal employees through retirement seminars.
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