Browsing: Retirement date

Finding Your High-3

0

The “high-3” is an essential element in the formula used to calculate your annuity. But what does the term high-3 mean? And how do you figure out what yours is? The high-3 defined Your high-3 is the average of your highest rates of basic pay over any three consecutive years of creditable civilian service, no matter when they occur in your career, with each pay rate weighted by the length of time it was received. That three-year period starts and ends on the dates that produce the highest average pay. It starts on the first day that leads to the…

Retirement date

0

Q.I read that Aug. 1 is a best date to retire. Why not July 31? That is for those who work a 4-5-9 schedule (i.e., Aug. 1 is a non-work flex Friday). A. As a CSRS employee, your only requirement is that you retire no later than the third day of a given month. Whoever wrote that Friday, August 1 was the best day to retire was probably accepting the fact that most employees complete their workweek on a Friday. By leaving at the close of business on that day, they’d receive a full week’s pay. Since you are on…

Creditable service

0

Q. I enlisted in the Marine Corps in 1984 and retired in 2004 with 20 years of service. In March 2006, I was hired as a Defense Department civilian and have been so to date. I completed my deposit for Military Service Credit in 2011 and have my letter for “paid In full.” I would like to retire at MRA 56 years, four months (1966). Does my time in service (military), if combined at retirement, override the minimum years of creditable service, therefore foregoing the penalty for retiring under age 60. My understanding is that you need MRA plus 30…

Retirement date

0

Q. I am a CSRS employee. If I retire on Friday, Oct. 31, will I accrue my annual leave for that pay period? I will have worked the 80 hours, but technically the end of the pay period is Saturday, Nov. 1. A. You may retire at the end of the day on Friday, Oct. 31, be on the annuity roll the following day, and get credit for the annual and sick leave you earned during that pay period.

Sudden retirement

1

Q. My mother is 66 and a letter carrier with 32 years of employment with the Postal Service. She loves her job, but as cuts are made and demands are harsher, she was wondering what would happen if she were to go to work one day and decide she wants to retire immediately. She wants to be sure that she could still get her accrued annual in a lump-sum payment. She als wants to know how long would it take for her to start receiving benefits?

Retirement timing

0

Q. I am a clerk, and I have been with the Post Service since October 2005. I will be 61 this month and am planning on retiring at age 62. Can you tell me when would be the best time to retire: at the end of this year or in March 2015?

When will annuity payments begin?

0

Q. I plan on retiring on June 28, 2014. When should I expect my first annuity payment? A. I can’t tell you that. What I can tell you is that you would be on the annuity roll in July, with your first month’s annuity payable on Aug. 1. Depending on much time it takes your agency to get your paperwork to OPM, you might not see your first interim payment until September. When your annuity is finalized, you’ll receive any additional money you should have received but didn’t.

When to retire on disability

0

Q. I am 62 and have 7 years of service under FERS. My disabilities have worsened, and I must retire fairly soon.  I have some other income from a state pension that will help while I apply for SSDI, but I need to know when would be the best time to retire.  I do not believe my retirement will amount to more than enough to cover my life and health insurance with a little to spare according to a recent retirement estimate I received from HR.  So given that, is there a particular day of the month, being paid bi-weekly,…

1 2 3 11