Q. I am 48 with 25 years of federal service under FERS. I am considering my options and was wondering what would be the ramifications of leaving government service by resignation or early retirement, if available. A. If your agency offered you an opportunity to retire early, you could do that. If it didn’t, you couldn’t. With early retirement, you’d receive an annuity computed as follows: 0.01 x your high-3 x your years and full months of service. You wouldn’t be eligible for the special retirement supplement until you reached your minimum retirement age (56) and your first cost-of-living adjustment…
Browsing: cost-of-living increase
Q. I am 48 with 25 years of federal service under FERS. I am considering my options and was wondering what would be the ramifications of leaving government service by resignation or early retirement, if available. A. If your agency offered you an opportunity to retire early, you could do that. If it didn’t, you couldn’t. With early retirement, you’d receive an annuity computed as follows: 0.01 x your high-3 x your years and full months of service. You wouldn’t be eligible for the special retirement supplement until you reached your minimum retirement age (56) and your first cost-of-living adjustment…
Q. I plan to retire at the end of the year under CSRS with 30 years of service. I received my last cost-of-living increase Jan. 3, 2010, which would be part of my high-3. Do I have to stay until Jan. 3, or can I retire Dec. 29 and still receive full credit for the cost-of-living increase toward my high-3? If I have to stay until Jan. 3, will I still get paid in my last check for my 439 hours of annual leave? A. The 2012 leave year ends Jan. 12. If you want to be on the annuity…
Q. I am planning to retire at the end of this year with 30 years’ service under CSRS. I received my last cost-of-living increase Jan. 3, 2010. I received my final step increase Nov. 10, 2010. To use the cost-of-living increase toward/as my high-3, do I have to stay until at least Jan. 3 to get full credit? If I go on Nov. 1, will I lose the benefit of staying until Jan. 3? My EOD date is Oct. 17, 1982. A. Your high-3 will be based on the average basic pay you received during 78 consecutive biweekly pay periods.…