Q. Three questions regarding CSRS retirement: 1. I read that in 2010 and 2011, there was a six- to 12-month delay before retiring employees actually receive their full pension. I’m not sure if a partial pension was received in the meantime and how much. Is this still true for employees retiring in 2012? I am under CSRS and planning on retiring the end of July or early August. I understand it’s best for me to retire at the end of a month or within the first three days of a month to receive my pension check the following month. I…
Browsing: lump sum
Q. I’m a CSRS employee. When I retire and sell my annual leave, will Social Security be deducted from my lump-sum payment? A. No.
Q. I am thinking about retiring Jan. 1, 2013, and I will have over 240 hours of annual leave. Can I get paid for the full 270, or do I need to use the amount over 240 (30 hours) before Dec. 31, 2012? A. Because the 2012 leave year doesn’t end until Jan. 12, 2013, you’ll receive a lump-sum payment for all of your hours of unused annual leave.
Q. I am a CSRS employee expecting to retire Aug. 31. I will have completed 43 years and seven months of service. Accumulated sick leave will add one year and four months of service credit. I calculate that I have had about 20 months of CSRS retirement pay deducted beyond my 41 years and 11 months maximum. This totals about $18,000. I will repay about $5,000 (The Office of Personnel Management confirmed the amount due was $4,600 as of March 2011) to cover 3½ years of service credit while I worked at the Postal Service in college. That leaves about…
Q. I’m planning to retire at the end of 2012. In addition to my annual use-or-lose leave, I have 105 hours of restored leave that expires in December 2013. Do I need to bring the combined total of my leave down to the maximum 240 carryover, or could I get paid for 240 hours in the annual unused leave plus the 105 restored leave? A. As long as you retire before the end of the leave year, you’ll receive a lump-sum payment for all your unused annual leave.
Q. Can you receive a lump-sum payment from FERS? I am receiving $750 per month. I would like to pay a Chapter 13 so that I can move ahead. My spouse is employed and will work an additional 12 years. We have the means to continue with very little difficulty. A. No, you can’t.
Q. I am considering retiring Dec. 31. I turned 62 on April 7, and as of Aug. 28, I will have 42 years and four months of total service. Scenario 1: What if I decide wait until Jan. 2, 2013, to retire instead? Would I get full credit for any unused annual or sick leave I would have accrued if I stayed to the new year? Scenario 2: Will the excess retirement dollars from September 2012 to Dec. 31 (date of retirement) equate to any percentage of annuity or lump-sum payment after I retire? A. You’ll have to check with…
Q. I am a 20+year Postal Service employee. I had an on-the-job injury and have been on leave without pay and receiving workers’ compensation for two years. Recently, I was separated from the Postal Service due to being on the Office of Workers’ Compensation Program rolls for more than a year. My last pay stub shows I have 190 hours of annual leave. Should I be paid for this now that I’ve been separated? A. Yes, you are entitled to a lump-sum payment from your former agency.
Q. I am approaching age 70 and I currently work full time. What happens to the monthly deduction for Social Security that I pay in if it doesn’t increase my monthly benefit? Can I get that money back in a lump sum? A. No, you can’t.
Q. I’m a full-time FERS employee with 21 years of service and over 60 years in age. I am on a temporary promotion that is to “Not to Exceed 12/31/2012”. I am planning on retiring Nov. 30, a month before the temporary promotion expires. I am also planning on “selling” my 100 hours of unused annual leave at retirement. Will my leave be sold at my temporary promotion salary (GS-14) or at my permanent grade (GS-13)? A. Since your agency has the right to return you to your official position of record before you separate, the amount of your lump-sum…