Q. I’m in CSRS. My service computation date is July 31, 1978, and I maintain the maximum of 240 hours of annual leave. I also have 3,702.4 hours of sick leave. Since annual leave is projected forward, is the first pay period of the new leave the best time to retire to receive a lump-sum payment for 448 hours of unused leave? However, I don’t know how this will affect my sick leave. Is there a formula or software that can determine the best year and date to retire to maximize lump-sum payment for unused annual leave and sick leave?
Browsing: Retirement date
Q. I am considering requesting a Voluntary Early Retirement Authority/Voluntary Separation Incentive Pay and being off the rolls by March 31. My service computation date is Feb. 28, 1982 (CSRS and FERS). On Feb. 28, 2014, I will have 32 years of combined service (CSRS and FERS). On April 11, 2014, I will be 58 years old. I transferred to FERS on March 30, 1994. Therefore, I will have 20 years under FERS on March 30, 2014. I previously withdrew all of my retirement funds from CSRS, and never paid them back. I understand that although I did not repay…
Q. I am a Postal Service employee under FERS. I originally planned to retire Nov. 28, 2014 to avoid another holiday season. First, can you retire with more than 440 hours of annual leave? Second, if I delay my retirement to the end of December and my annual leave is paid in January, will that lessen the taxes I would pay since my income would be less?
Q. I am in FERS, and my service computation date is June 2, 1982. I will be 56 in April 2014. I have three dates for planned retirement: May 31, 2014; June 2, 2014; or June 28, 2014. I hear the special retirement supplement is based upon a full year of service. It appears 31 May 2014 is a good date to retire, but I will miss a full service year by three days if I select this date. I earn $100,000 per year. Which of the three dates would be best?
Q. I am a FERS-covered firefighter with a retirement date of Dec. 30. I have been on the job since Dec. 30, 1984 (at retirement, I will have 29 years and one day) and I am 49. I have easily met the FERS firefighter retirement requirement of 25 years, any age. I know the mandatory retirement age is 57 (I don’t need to concern myself with that). I have been informed to be prepared for three to four months (potentially up to six months) before I would receive a “full/normal” retirement check. I have recently started a small business which…
Q. My planned retirement date is Jan. 11. Will I forfeit my use-or-lose leave?
Q. I will have 448 hours of annual leave accrued when I plan to retire on Jan. 3. By retiring after Jan. 1, will I lose 208 hours and not be paid for it? If so, would Dec. 31 be a better bet?
Q. I always thought retiring Jan. 3 was a good idea, but let’s assume I plan to retire in 2014. If there is a retiree cost-of-living adjustment in 2015, and I retire Dec. 3, 2014, will my annuity increase in January by the 2015 COLA percentage? (If not, how far back into 2014 would I need to retire to get the next COLA?) Is it 1/12 of COLA per month prior to the January increase?
Q. I plan to retire May 31, 2014. 1. How soon can I submit my retirement package? 2. If a Voluntary Separation Incentive Pay is offered before my retirement date, can I amend the date to get the VSIP?
Q. I have 174 hours of sick leave. I’m 62 under FERS. Should I retire Dec. 29, where I’d only get half of my unused sick time to add to my annuity but get the 1 percent cost-of-living adjustment in January? Or should I retire Jan. 3, 2014?