Browsing: leave payment

Q: I am an employee under the Civil Service Retirement System, 6C, facing mandatory retirement the second week of January 2012. I anticipate finishing 2011 with 448 hours of annual leave on the books. Jan. 1, 2 and 3 would be the ideal retirement dates. In 2011, Pay Period 26 ends on the last day of the year. I’m now looking at Dec. 31, a Saturday, as the retirement date on the paperwork in order to receive the full annual leave 448-hour lump-sum payment. Do you see any problem with that date given the information provided? Additionally, I would imagine…

Q: I plan to retire Jan. 3. At the end of this year, I will still have 40 hours of “use or lose” leave. Will I be paid for that leave in my final lump-sum annual leave payment, or will I forfeit this leave? A: In 2011, the leave year end date is Jan. 1. If you retire after that date, any unused annual leave in excess of 240 hours would be lost. You would receive a lump-sum payment for those 240 hours.

Q: I a Civil Service Retirement System Offset employee and I am trying to decide whether to retire Dec. 31, 2010, or Jan. 1 2011. I am in the Senior Executive Service and will have over 800 hours of annual leave for a lump-sum payout. If I retire Dec. 31, is that lump sum considered part of 2010 income or 2011?  I believe I will not pay Social Security tax on the lump sum if it falls in 2010, since I usually have this covered by September of each year. A: Your lump-sum payment is considered to be earned income…