Q. I’m getting ready to retire. What is the maximum annual leave I’ll be paid for? I am capped at 240 hours but will have close to 400 when I retire. A. If you retire before the next leave year begins, you’ll receive a lump-sum payment for all your accumulated and unused annual leave.
Browsing: annual leave
Q. Since we have 27 pay periods in 2012, ending Jan. 12, 2013, do I receive an extra eight hours of annual leave, since annual leave is based on 26 pay days. I receive eight hours per pay period, which normally gives me 208 hours per year. Do I receive an additional eight hours? A. Yes.
Q. My husband was a temporary federal employee for the Defense Department for five years. He was laid off in August. He had two years of military service, which he bought that time back, so in essence he has seven years of federal service. He is 60 years old. He put 10 percent of his salary in the Thrift Savings Plan. Should he leave that money in TSP or put it in another vehicle? Also, when he reaches retirement age (62), will he receive a pension for the seven years of federal service? He left DoD with a sick leave…
Q. If the paperwork for my retirement takes longer than the requested date, what happens? For example, if my anticipated retirement date is Dec. 31, but the paperwork does not clear until February 2013, do I have to work until then? What about the use-or-lose for 2012? A. Regardless of how long your agency or the Office of Personnel Management take to process the paperwork, your retirement date is the one stated in your application. Therefore, you would be on the annuity roll on Jan. 1. Because that matter is set in stone, you would receive a lump-sum payment for…
Q. If the paperwork for my retirement takes longer than the requested date, what happens? For example, if my anticipated retirement date is Dec. 31, but the paperwork does not clear until February 2013, do I have to work until then? What about the use-or-lose for 2012? A. Regardless of how long your agency or the Office of Personnel Management take to process the paperwork, your retirement date is the one stated in your application. Therefore, you would be on the annuity roll on Jan. 1. Because that matter is set in stone, you would receive a lump-sum payment for…
Q. I’m a 66-year-old federal employee under FERS. I’ve been working for the government for 26 years and six months. Next February will be my 27th year. I would like to know what is the best month to retire in 2013. A. There is no such thing as the best month to retire. However, for two reasons, many employees choose to retire at the end of the year. First, if they have unused annual leave that exceeds the carryover limit, they can receive a lump-sum payment for all those hours and, in a year when federal employees are being given…
Q. As a FERS employee, if I wait to retire till Jan. 1, 2014, to get credit for all my sick leave, will I lose the annual leave I have exceeding 240 hours? A. No. The 2013 leave year ends Jan. 11, 2014. As long as you retire on or after Jan. 1 (but no later than Jan. 11), you’ll get not only credit for all your sick leave but also a lump-sum payment for all your unused annual leave. There’s only one downside to this scenario. If you retire after Dec. 31, you won’t be on the annuity roll…
Q. I am a CSRS employee with more than 41 years and four month of service (computation date April 1971) so will most likely be maxed out by March. I was thinking of retiring Jan. 3 to take advantage of a lump-sum payout of my unused annual leave. Thing is, I also have about 3,500 hours of sick leave. Since I won’t need to use the sick leave to hit my maximum 80 percent, what happens to it? Since it will add an additional one year to my length of service, would my annuity increase above the 80 percent? A.…
Q. I retired under CSRS on a Voluntary Early Retirement Authority at age 46 with 26 years of service. I’m considering going back to work with the agency from which I retired. I’m still under age 55 (53 years old). What benefit would returning to full-time work be for me? Can I retire again any time after 55? Will my additional years apply to my retirement the second time around? What happens to penalties previously taken on early retirement? A. If you return to work for the government, your annuity will terminate and you’ll be treated as if you had…
Q. My agency is contemplating a buyout but wants everyone off the books by Dec. 31. I would think it would be beneficial to retire on a date that would roll any buyout payment and any annual leave lump sum into the following tax year, when income would be lower. Am I correct that retiring on Dec. 29 would place me on the annuity role in January, and my Voluntary Separation Incentive Payment buyout and annual leave lump sum would be 2013 income? A. Yes.