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ji_  
#1 Posted : Friday, January 31, 2020 2:06:49 AM(UTC)
ji_

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I know the CG scale offers higher base salary than the GS scale, and that locality pay is in addition to CG base salary. But I want to make sure that FDIC locality pay is included in the high-three computation for FERS-eligible employees — it seems too good to be true, so I want to make sure.

I’m moving (lateral) to a FDIC CG position from a GS position in another agency.
TheRealOrange  
#2 Posted : Monday, February 10, 2020 10:20:05 AM(UTC)
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Originally Posted by: ji_ Go to Quoted Post
I know the CG scale offers higher base salary than the GS scale, and that locality pay is in addition to CG base salary. But I want to make sure that FDIC locality pay is included in the high-three computation for FERS-eligible employees — it seems too good to be true, so I want to make sure.

I’m moving (lateral) to a FDIC CG position from a GS position in another agency.

The FDIC is under the same rules and regulations for FERS retirement as are other agencies. Therefore, the FERS "high-3” average pay is the highest average basic pay you earned during any 3 consecutive years of service. Your FDIC pay constitutes your basic pay for that purpose. And, like all other FERS retirees, your basic pay includes locality-based comparability payments. While it may seem too good to be true, that is the rule under FERS. Despite the FDIC's higher pay scale, the inclusion of locality pay in the high-3 average salary applies to FDIC employees when they retire.
ji_  
#3 Posted : Monday, February 10, 2020 12:39:18 PM(UTC)
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That's the answer I wanted to hear!
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