Q. Will annual leave be paid under phased retirement, or will the participant maintain the same leave balance in phased retirement?
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Q. I am FERS employee planning to retire Jan. 31, 2014. I will receive a check for unused annual leave when I retire. I know the annual leave payment will be taxed and Social Security taken out. Is that annual leave payment considered income against the $15,000 that I can earn without affecting my Social Security benefit in 2014? Is the annual leave payment considered in establishing my Social Security benefit? The annual leave payment check will be over $15,000.
Q. I am 52 with 32 years of federal service under CSRS. If I was offered a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay, what would that do for me? I have been told that under VERA, I would receive 5 years toward my service. Does that mean my retirement would be based on 37 years service, but take a 6 percent loss due to my age? I would also be able to receive my pension right away.
Q. I work for the Postal Service as a mail carrier under FERS. Due to an on-the-job injury, I am receiving workers’ compensation. Can I also get Social Security disability (it is already approved), while receiving workers’ comp?
Q. My agency has announced their intent to restructure my organization and to offer early retirement and buyouts. I understand that my annuity will be immediate with no reduction for age, and that I can receive the special retirement supplement at age 56 until age 62 when Social Security kicks in. I would be age 49 at the time of retirement with 25 years of service. I do not understand how the Federal Employees Health Benefits will work. Will I be responsible for the full amount of the premium after retirement, or will there still be a portion paid by…
Q. Can I be terminated and denied my retirement if I decide to use all of my sick time (400+ hours) while waiting for my retirement package to go through? A very stressful situation arose before a day off and I do not wish to return to work at the Postal Service. I am under FERS. I have 10 years with the Postal Service in Cleveland as an electronic tech and 7½ years of credited military service.
Q. I am a FERS employee. I am planning to do an immediate retirement (MRA +10). Date of birth: March 1952. Service computation date: February 1996. This gives me 17 years in FERS and well within the minimum retirement age. I would like to postpone the receipt of my annuity until my next birthday (62), eliminating the penalty. This should allow me to use all my sick leave for annuity computation. Is this possible?
Q. I will reach my full retirement age of 66 before I have 20 years of service. I understand that I will receive credit for 100 percent of my unused sick leave (since I will retire after January 2014) for computing my annuity. If I were to retire with 19 years and 10 months of actual creditable service with an additional three months of unused sick leave, would that additional sick leave also result in my annuity being computed at the over-20-years-of-service factor of 1.1 percent x number of years service? Or would it remain at 1.0 percent unless I…
Q. What are the deductions/withholdings from the lump-sum payment of unused annual leave at retirement? Obviously, federal and state taxes will be deducted, but what about federal pension, Thrift Savings Plan, federal health and life insurance, etc.? I plan to take out a loan from my TSP which will have to be repaid when I retire, so I want to make sure I have sufficient funds from payment of my annual leave balance at retirement to pay off the loan. Therefore, I need to know what deductions will be.
Q. I am under FERS and plan to retire in June 2015 after five years with the Veterans Affairs Department. Am I entitled to my unused sick leave? If I am, how is it calculated and how is it paid out?