Q. I have been a part-time federal employee under CSRS for 32 years. How will my time in service be calculated for retirement? Is it counted year for year as a full-time employee is counted? I will be 55 in six years, and I would like to start planning now for the day I can retire.
A. Your years will be counted as though you were full time, but your annuity will be prorated to account for the fact that you did not work full time. Due to a change in the law, which is to your benefit, your annuity will be calculated using the FERS methodology found at www.opm.gov/retire/pubs/handbook/C055B.pdf. Scroll down to Subchapter 55B.
However, instead of the FERS percentage used to calculate the amount of your annuity, the CSRS formula will be used:
0.015 x your high-3 x five years of service, plus
0.175 x your high-three x five years of service, plus
0.02 x your high-3 x all remaining years and full months of service.