Browsing: lump-sum payment

Q: I know that unused annual and compensatory leave is paid in a lump sum upon retirement. Are unused credit hours also paid out as lump sum? A: Yes. Up to 24 credit hours may be paid in a lump sum at the hourly rate of pay you were earning on the day you retired.

Q: Can an offer be made and accepted on a federal position prior to an effective retirement date? A: There’s no prohibition against accepting another federal position prior to retiring from your current position, as long as the reporting date is after you retire. However, you need to consider the potential consequences of becoming a re-employed annuitant. For example, if you retired on an immediate unreduced annuity, the salary of your new position would be reduced by the amount of that annuity, unless you were being hired into one of those rare positions where you are allowed to keep both.…