Q: Under the Federal Employees Retirement System, after 20 years, your annuity is figured at 0.011 percent of your high-3 salary average multiplied by your years of service. Below 20 years, the percentage used is 0.01. With the new law allowing 50 percent of unused sick time to be used for annuity calculations, can that time also be used to meet the 20-years-of-service criterion? A: Let’s first get the computational facts straight. The standard FERS formula is as follows: 0.01 x your high-3 x your years of creditable service. The 0.011 multiplier is only used if you retire at age…
Browsing: annuity calculation
Q: What will my high-3 be if I retire at the age of 55 with 34 years of civil service? My computation date is Nov. 10,1980. My retirement date is planned for Nov. 10, 2014. A: I’ll give you the formula. You’ll have to do the arithmetic. 0.015 x your high-3 x 5 years of service, plus 0.0175 x your high-3 x 5 years of service, plus 0.02 x your high-3 x all remaining years and full months of service. Additional months are created if you have any unused sick leave. You can find out how many you have by dividing your total…
Q: I retired from active duty military as of Sept. 25, 1993, and entered the Defense Department federal civil service Jan. 10, 1994. As of Jan. 10, 2011, I will have 17 years in federal civil service and will be 59 years old. My high-3 grade is GS-11. Is there any way I could buy back my military time, 20 years, to add to my federal civil service time to gain 20 years? For 17 years of civil service time, what would the percentage of retirement pay be? I am under the Federal Employees Retirement System. A: If you make…
Q: I’m trying to understand the military buy back system. I served in the military from November 1981 to May 1999. I finished just short of retirement but separated with an honorable discharge. I’m now a Defense Department civilian and currently buying back my military years. Right now all my years count toward federal retirement. Once I’m done buying back my military service, will I be eligible for military retirement and a retirement I.D. card? Will my years of government service be split (i.e. 20 years credit for military retirement and the others toward federal retirement)? A: When you complete…