> So, your medical plan evaporates the moment you stop working for most federal agencies? Just like my private employer's medical plan?
Yes.
>And guaranteed pensions are no longer a thing?
They pitch it as a three legged stool: social security, your 401k, and then a pension that pays out according to a formula (the amount you get in a year is calculated somewhat like pension := (1% of the average salary of the three highest paid contiguous years of service) * number of years of service, up to 20 (after 20 years the percentage goes down). Between the three legs of the stool you can probably get to about 60% of your income, which is supposed to be reasonable for retirement.
> What is left as a justification for below-market salaries? Employment opportunities in government-dominated towns (which do not have healthy private-sector economies), and more job security?
The salary isn't at all bad. For some specialties it's below market, but for the average joe it's pretty decent. But it's worth noting that, for me, the job security is key. I've made more money contracting, but contracts end, sometimes abruptly, and the peace of mind you get from having security is very valuable.
Yes.
>And guaranteed pensions are no longer a thing?
They pitch it as a three legged stool: social security, your 401k, and then a pension that pays out according to a formula (the amount you get in a year is calculated somewhat like pension := (1% of the average salary of the three highest paid contiguous years of service) * number of years of service, up to 20 (after 20 years the percentage goes down). Between the three legs of the stool you can probably get to about 60% of your income, which is supposed to be reasonable for retirement.
> What is left as a justification for below-market salaries? Employment opportunities in government-dominated towns (which do not have healthy private-sector economies), and more job security?
The salary isn't at all bad. For some specialties it's below market, but for the average joe it's pretty decent. But it's worth noting that, for me, the job security is key. I've made more money contracting, but contracts end, sometimes abruptly, and the peace of mind you get from having security is very valuable.