Browsing: retirement calculation

Q: Can you confirm that a FERS employee who retires from air traffic control, law enforcement, or fire fighting at their minimum retirement age with 30 years of service in the covered position will have their retirement calculated with all (30 years at 1.7 percent) as opposed to (20 years at 1.7 percent and 10 years at 1 percent)? In addition, lets assume only 15 years in the covered position and 15 years in a non-covered position that the calculation will be (15 years at 1.7 percent) and (15 years at 1 percent)? Lots of people believe that they need at least…

Q: I have been a full-time Federal employee for 37-plus years under the Civil Service Retirement System. I am considering retiring by year’s end and working on a part-time basis (64 hours per pay period) for the next six to eight months. Will this affect my monthly retirement annuity calculation? A: Yes, it will. However, the shorter the period of part-time service is, the less its impact. You’ll find the formula used to compute an annuity with part-time service on the Office of Personnel Management website here (scroll down to Section 55B2.1-1). Although this section refers to Federal Employees Retirement…