[Magdalen] Cruel... boggles the mind

[Roger Stokes]

On 18/03/2018 13:20, cantor03--- via Magdalen wrote:
> I suppose retirement pensions ("annuities") for USA Federal workers
> may vary among branches, but In the USVA, basis for retirement
> is predicated on working for the VA for 30 years.  Shortages may be
> augmented by other US Federal employment,  In my case I needed
> a couple of years to make for that full 30 years, and I was able to
> document and submit my Army Medical Corps duty (3.5 years) and
> my time as a dermatology resident at UM-Minneapolis where my
> employment was technically at the Minneapolis VAMC (3 years), to
> more than make up for those 2 years.  I don't know whether it works
> the same for the US FBI.

The link Eleanor posted referred to a pension based on number of years 
service and the highest paid three years of service. That is a defined 
benefit pension scheme. An annuity in my understanding is something 
different. That is when you give an insurance company a pot of money you 
have built up during your working life and they agree to pay you so much 
a year. The amount they will pay depends on factors such as the age at 
which you start claiming and the current economic situation, notably the 
yield they expect to get on your pot of money. If the Stock Market is 
depressed and the interest rates low when you retire then you will get a 
lot less than when the Stock Market and interest rates are higher as the 
amount you are offering is lower and the yield they expect is lower.

Roger