Q. In the event of a future buyout or within the next three months or so (February 2012): I am 58 years of age and will have 29 years and five months of service. My sick leave will be a little more than 200 hours. Will it be worth taking the buyout, or will my monthly annuity be reduced for the loss of the seven months shy of 30 years of service and if so, what will be my loss (1/6 percent of a percent for each month or 1 percent in total)?
A. Let’s get one thing straight. Your annuity won’t be reduced. You’ll get everything you are entitled to based on your years and full months of service. Obviously, the more years and months of service you have, the larger your annuity will be. As you pointed out, every additional month you work will increase your annuity by around 1/6 percent. It’s up to you to decide which is a better choice, staying a few more months or accepting a buyout. I can’t do that for you.