McCabe’s pension: How much are we talking about?

Earlier this week, the FBI’s disciplinary forces recommended that Andrew McCabe be fired for ethical violations that include lying to FBI investigators.

Note: That’s the “crime”  that Mueller is charging most often these days.

Most news sources were reporting that Andrew McCabe was at FBI headquarters yesterday pleading that he be able to retire before getting fired.

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Why would McCabe put up such a big fight?

Simple math … retirement benefits … starting with his government pension.

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Apparently, if McCabe is fired – as the internal investigators recommend – he would lose his government retirement benefits.

The biggest component is his government pension.

So, let’s start by looking at the FBI’s pension formula:

Under the Federal Employees Retirement System (FERS):

Law enforcement officers to receive 1.7% of the officer’s average highest salary over a period of three consecutive years per year for the agent’s first 20 years of service.

Additionally, they receive 1 percent of the highest average salary for each year exceeding 20 years of service.

Several sources report that the last 3 years were McCabes highest paying years, averaging just under $160,000 per year.

On Sunday, McCabe will be 50 years old (qualifying him for an FBI pension) and will have served served 21 years with the FBI.

So, his annual pension is $56,000.

1st 20 years

1.7% x 20 = 34%

34% x $160,000 = $54, 400

21st year

1% x $160,000 = $1,600

All 21 years

$54,400 + $1,600 = $56,000

With an average life expectancy of, say, 85 … McCabe’s aggregate expected pension will be almost $2 million.

Technical note: I think that Federal pensions get COLA increases.  If so, that’s the “real” value of the pension.

And, it’s my hunch that Fed retirees get a pile of other benefits (think: medical insurance) … so, the $2 million probably understates the value of McCabe’s retirement package.

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So, would it be fair to terminate McCabe a couple of days before his planned retirement.

Sure, if he violated internal regulations … and, quite possibly, committed crimes.

Think of his forfeited retirement benefits as restitution fore the expenses trying to remedy the mess that he created.

But, some say: “He served for 21 years, most of which are not being challenged.”

So, what?

Would you fell the same if he was caught embezzling or causing bodily harm?

I think not.

So, what’s the difference?

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Bottom line: I think he should be fired … and Sessions should be fired if he does have the cajones to do it.

See Trump doesn’t need to fire Mueller …

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See, Say. Hear, DO !
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One Response to “McCabe’s pension: How much are we talking about?”

  1. Lillian Martin Says:

    He deserves to be fired. Let this be a lesson to other government employees engaged in similar activities.

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