Q. I am 57 years of age and served 25 years as a FERS law enforcement officer. Two years ago, I transferred from that position to another agency (unbroken service) and serve in a non-LEO FERS position. I continue to contribute 1.3 percent to FERS while my agency contributes its required LEO percentage. The agency suggests I should be paying only 0.8 percent. Upon leaving federal service, how will my retirement be calculated in terms of percentages and high-3 years? Will the calculation change as well as any other factors if I contribute at the lower percentage as the agency…
Browsing: High-3
Whoopee! You just got a 1 percent pay raise, the first increase in several years. It may not sound like much, but in the long run it will pay off. That’s because once you meet the age and service requirement to retire, it’s your length of service and high-3 that will determine what your annuity will be. Your high-3 is an average of your highest rates of basic pay over any three consecutive years of creditable civilian service, with each pay rate weighted by the length of time it was received. That three-year period starts and ends on the dates…
Q. I served in the Army from June 1975 to July 1978 (three years). I started working for the Postal Service in June 1985 for a total of 28.5 years. I have applied for disability retirement (FERS). I would like to buy back my military years, thus I requested the RI 20-97 and have sent it out with my DD-214 and am waiting. Can I buy these years now in the middle of this disability retirement process? If so, how would this delay or hurt the process?
Q. I understand that the first 20 years for law enforcement officer annuity computations are as follows: .017 x your high-3 x 20 years. The remaining years would be computed using the standard formula: .01 x your high-3 x all years over 20. Are the annuity computations for LEO before taxes or after taxes?
Q. Does participating in the Flexible Spending Account affect your high-3 calculation? I put the maximum $5,000 in 2012 for my son’s braces. Does this reduce my annual pay for 2012 by $5,000 and reduce my high-3 pay?
Q. I’m a civil service employee. Is there a website where I can find out what my current high-3 amount is? I’ve read that high-3 is calculated using your highest 78 consecutive weeks of earnings. But, I’ve also read that it’s calculated using the highest three years. Is the high-3 calculated with earnings from Jan. 1 to Dec. 31? Or can it be any 78 consecutive weeks with no specific starting time — for example, May 2010 to May 2013?
Q. In computing the high-3 salary, what happens if you get a step increase during your last year but the higher amount does not equate to exactly a full year? Do you average the total of so many consecutive days that total three years, or does it have to be one set salary for 365 days to equate to one year?
Q. I am 46 years old and coming up on 23 years of federal law enforcement service. Under our retirement calendar, we must retire at age 57. I could retire voluntarily at 49 with 25 years of service. I am considering a disability retirement due to a recent injury that has left my body, which has had many prior on-the-job injuries, racked with pain, and I can no longer perform my job. Will the following years that will count into my federal total time in service, once on disability retirement, continue until my 57th or 62nd birthday under normal retirement…
Q. I am a FERS employee who will be retiring in June with 30 years at age 56. I understand that my 10½ months (1,759 hours at present) of unused sick time will be added to my annuity. I also understand that at my salary of $56,810, my monthly annuity with almost a year of unused sick time is only an additional $40 per month. Am I correct, or am I missing something?
Q. I am eligible to retire under FERS now that I am 56 years old and have 28 years of service with the Veterans Affairs Department. If I were to retire under FERS disability instead, would I still receive the special retirement supplement that accompanies regular FERS retirement? Also, would my five years of military service be taken into account for FERS disability if I have paid my military deposit into the system?