Browsing: Retirement date

Q. My military buyback will be completed Aug. 2, at which time need to wait for my letter from Defense Finance and Accounting Services to provide to my B/E section to do recalculation of my service computation date for retirement. As a FERS employee per my calculation, my new retirement date would be August 2013 for 30 years of service at age 56. But I have decided to wait until the end December to retire. Should I be retiring on Dec. 31, or should it be the end of that pay period to begin getting my annuity for the following…

Q. I am a FERS employee tentatively planning to retire on my 62nd birthday (Nov. 30), which is both the end of the month and the end of a pay period. I will have over 27 years in at that point. Are there any pitfalls or cautions that I should consider that might lead me to wait until the end of the year, or longer? I am really eager to go.

Q. I am eligible to retire Nov. 1 but plan on staying until around the end of the calendar year. I will receive a lump-sum payment for unused annual leave. I would like the taxes on that lump-sum payment to be on my 2014 taxes. What is the best date for me to retire? I am assuming it would be either the 1st, 2nd or 3rd of January 2014 so that I can began receiving my annuity Feb. 1.

Q. I plan to retire the end of this year under FERS and will be 67½. If I retire Dec. 31, that will be in the middle of a pay period. If I wait until Jan. 11, that will be the end of a pay period and I will get all of my sick leave counted toward retirement. If I wait until Jan. 11, will I lose all annual leave over 240 hours? I won’t be on the rolls for annuity until Feb. 1 or eligible for my first check March 1, I think. I was hoping that if I…

Q. I am a fully vested CSRS employee with the Environmental Protection Agency for 33 years at age 55. I have received my numbers, but I missed my first date to retire. How long does it take to receive my first full check? Worst-case scenario? Best-case scenario? And is there any way to speed up processing? When will I receive my annual leave payment? Will it be immediate in one lump sum without taxes since I already paid taxes on my leave? Should I take all of my Thrift Savings Plan out at once or leave about 10,000 in and…

Q. I will have been a federal employee for five years on Aug. 31. I will be 61 years old. I would like to leave federal service effective on that date. Will I be entitled to a pension? If so, how do I determine the amount. What is the financial impact if I wait to retire until August 2014 when I am 62?

Q. I am a CSRS employee, and I already qualify for an immediate retirement. I plan to retire May 3. On the retirement application (SF 2801), under Section B, block 2 is called “Date of final separation.” I entered May 3 because it is at the end of a pay period. I need to know: 1. Will I receive eight hours of annual leave since my last work day is at the end of the pay period? 2. Will my first retirement check come June 1 because I retired during one of the first three days of a month (May…

Q. Processing an individual for immediate retirement with an effective date of Jan. 1, 2013, but realized she was ineligible because she’s not 62 with five years of credible service. So we need to do leave without pay on her to get her past her 62nd birthday. She stopped working Dec. 31. What date do we make the leave without pay date effective? What should the end date be so that she can retire April 1, 2013?

Q. I’m a FERS employee preparing to retire at age 60 and 29 years of service. I have informed my human resources office and received the applications and an annuity estimate. I realize from reading your columns that the end of a pay period and month are good times to retire to receive the last annual leave increment and to begin the annuity on the first day of the following month. This year, a biweekly pay period ends on Saturday, June 1. However, that is not a work day in my agency. Can I retire on Friday, May 31 and…

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