I have a dilemma with a job offer that I received this week. I would appreciate your thoughts as I think through these issues and make a decision about the offer.
(TLDR - should I take a 5k pay cut to take a "higher level" job that will contribute more towards my pension and qualify me for higher levels jobs down the road?)
1. I am a GS 13-10 (this is important. Base pay 120K + 10% bonus = 132K annual) and have been stuck and maxed out in my current position for several years now. It is extremely unlikely that my current organization will have any opportunities for advancement to GS-14. I received retention bonus of 10% which put my pay at about a 14-7 14-8 level. (This is a federal employment pay scale, for those unfamiliar w/ the system). I am at the highest pay level for GS-13, the retention bonus could potentially go away if there were budget changes or the powers that be become unhappy w/ my consistently "exceeds expectations" performance.
2. I have been looking for a GS-14 job in my field since January. There are few listings because I work in a specialized area. There are also occasional GS-15 positions, but I can't qualify for them because you are required to be level 14 for 12 months at minimum. Accepting the current GS-14 job is likely my only way to advance and move towards an eventual GS-15 job.
3. The position that extended an offer would be at a GS 14-6 pay is $127K - 5k less than my current job. However my current retention incentive doesn't count towards FERS (12K of what I make). This would move another 5K into my FERS calculation immediately, and that would continue to increase as I move up in steps and as annual pay increases occur. Retirement is based on the highest pay last 3 years x1% per year worked - I have about another 15 years to go before I retire (at roughly 25 years).
4. My current job is "ok" - but has a flexible work schedule and some telework. I am trying to get more information from the new agency about the available of both programs. (And the lack of both may make the pay issue moot).
I can handle the 5K loss - it won't hurt my budget too much. There are a few other non-tangibles about the job that I want to address separately w/ the hiring agency (e.g. I have only had a phone interview and plan to visit in person before accepting the job). I also have another job "in the works" that I have waiting to hear about an interview. However, they are moving very slowly. I would *greatly* prefer that job, and I contacted them to inquire about the status of their hiring project - but I am not going to pass this opportunity for something that might not happen.
Because I am already a federal employee I do not qualify for a new hire bonus, nor can I negotiate the starting salary (per HR - I plan to talk to the person who will be my actual boss. )
So - do I eat the 5K loss, knowing that over time my pay will catch up, I will have step increases along the way (every 2-3 years), and that my contributions to FERS will result in higher pay at retirement? What else should I be considering?
I'll add that retirement is a concern for me because I am 47 and divorced a few years ago and had to basically start from scratch. Including my house I have about ~500k in retirement savings now.