Browsing: retirement date

Pre-1989 nondeduction service and buyback

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Q. I worked as a temp from 1989 to 1994, when I was finally hired permanent, paying into FERS. What measure was passed disallowing me to deposit (make up) my FERS payment after Jan. 1, 1989? I’m losing five years toward my FERS retirement date while others before 1989 are allowed to buy back. It doesn’t seem fair that some can buy back their temp time and other can’t. I suspect during the hiring freeze in those days, there would be too many buying back those years, correct?

Best date to retire

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Q. My service computation date is April 24, 1971, and I plan on leaving at the end of April after 42 years with a load of annual and sick leave. I have always been told to leave at the end of the year because of the annual leave business, but I want to start a consulting firm and devote my time to it. My father-in-law, a former federal employee, says just get out because it is time and I should not miss the beach and I can always bring my laptop. A. As I’ve said over and over, the best…

Best date to retire

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Q. I am a FERS employee with 30-plus years of federal service looking to retire as soon as possible after turning 62. I will turn 62 on Jan. 28, 2015. What date is best to retire shortly after my 62nd birthday — the end of the pay period that includes Jan. 28 or some other day? A. There is no best date to retire. There are only a few tips that, once you consider them, can lead you to the date that seems best for you. First, because you are a FERS employee, you’ll want to retire as close to…

Retirement date

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Q. I submitted a retirement application under CSRS because I have more than 30 years and am over age 55. I chose Aug. 31 as my retirement date because it is the last day of a month. I am aware it is not at the end of a pay period, so it isn’t as good as retiring on June 1 or 29, or Nov. 2 or 30. Would a retirement date of Sept. 3 be better than Aug. 31? It seems that I would be paid for the Labor Day holiday, and since I must have a duty day to…

Best date to retire

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Q. I’m 60 with 10 years in CSRS, 25 in FERS, with about 2,900 hours of unused sick leave (900 of which were in CSRS) and about 440 hours of unused annual leave expected by the end of the year. If I retire on Dec. 31 to try to maximize my unused annual leave lump sum, it looks like I will not qualify to apply up to 100 percent of my unused sick leave to time of service (except the CSRS portion). If I retire on Jan 1-3, 2014, to be able to use the full (rounded in months) amount…

Best date to retire

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Q. I am a CSRS employee who plans to retire this year. I will have a large annual leave buyback, so I want to leave before the end of the 2013 leave year. I read one article that advised to retire Dec. 28 (the start of new pay period) and others that relay Jan. 3, 2014. While I understand that the 3rd is the max to stay and get a retirement check the following month, i.e., February, am I correct that if you retire Dec. 28, you miss out on two full days of pay, i.e., the 30th and 31st?…

Annual leave and retirement date

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Q. I work for a Veterans Affairs hospital under CSRS Offset. I was employed at the Postal Service from 1980 to 2001. I was reinstated at VA in 2008. I work Monday to Friday, 8 a.m. to 4:30 p.m. I am a GS-5. I have 178 hours of annual leave and 1,027 hours of sick leave. My service computation date is Feb. 12, 1987. I am eligible to retire on my 60th birthday, which is March 28. I have planned a European vacation from March 21 to April 9. I want to take annual leave March 21-29. I have annual…

Dec. 31 or Jan. 11?

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Q. I’m planning on retiring at the end of the year. I’m not sure if I should retire Dec. 31, a Tuesday, which would be the first week of pay period #2, or wait until Jan. 11, the end of pay period #2. I will have 42 years, four months and five days of service as of Dec. 31. A. The difference is simple. If you retired Dec. 31, you’d receive one extra day of pay and be on the annuity roll in January. If you retired Jan. 11, 2014, you’d earn an additional two weeks pay, plus any annual…

Retirement date

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Q. Is Feb. 8, 2014, a good time to retire? I am a CSRS employee. I was looking at Dec. 28, 2013, but I am not sure about my sick leave. If I have 160 hours of sick leave on the books, will this count as an additional month added to my retirement? My goal is to have 33 years. For either date, when would I receive my first retirement check? A. Typically, a good day to retire is one that is at the end of a pay period (to get credit for any annual and sick leave earned during…

Retirement date

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Q. On Jan. 29, BEST received my package requesting retirement April 30. Should I change the date to March 31 to dodge the sequestration mess? A. As the old song goes, “Que sera, sera. Whatever will be, will be. The future’s not ours to see. Que sera, sera.” In other words, you’re on your own.

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