Q. If I retire at age 50 with 20 years of service, what will be my monthly income?
Q. Is locality calculated separately from base pay for retirement? Is locality also a high-3 calculation, or is it based on locality of location when you retire, or is it the locality where you earned your high-3 base pay? If my locality is reduced because base pay plus locality exceed the cap, is retirement annuity calculated from the capped number or full base pay and full locality?
Q. I am 54 years old and have been working for the U.S. Postal Service for 22 years as a city carrier. Am I eligible for retirement? What percentage of my pay will I be able to receive? A. No, you aren’t eligible to retire now. However, you could resign from the government and apply for a deferred annuity under the MRA+10 provision. If you did, your annuity would be reduced by 5 percent for every year (5/12 percent per month) you were under age 60. Your annuity would be based on your high-3 and years of service as a FERS employee when you left.…
Q. I served in the military on active duty for 14 years. I am in the process of buying back my military service as a credit toward retirement with the federal agency with which I am currently employed. Once my military service is paid, do I still have the option to retire after 20 years of service as I would with the military? How much of my pension could I expect?
Q. I will be moving from a lower Cost of Living Allowance (COLA) area to a higher COLA area (a difference of 6 percent). The first two years of my high-3 is at the lower COLA and the last year will be at the higher COLA rate. I am 62, in FERS and have a year of unused sick leave. How will the sick leave affect my high-3 year average for retirement purposes? Will it be used to increase my high-3 year average or not?
Q. I am a USFS firefighter with 17 years of 6c covered firefighter/law enforcement service. If I take a temporary promotion/detail in a non-6c covered position during my last 3 years of service (my high 3), will this higher salary be included in my high-3 calculations?
Q. I am a Defense Department employee in Washington D.C. If I change my locality three months before I retire Jan. 1, when I retire would the lesser locality pay kick into my base and be used as the high-3? A. How may times do I have to say this? Your high-3 is your highest three consecutive years (78 pay periods) of average basic pay, regardless of when they occur in your career.