Q. For a FERS employee who is age 60 and has 28 years of service, are there any disadvantages to retiring midmonth instead of at the end of the month? Using December as an example, would leaving midmonth or at the end of the month both mean an effective retirement date of Jan. 1, so the first retirement check would be Feb. 1? A. Your retirement would be effective on the day you retired. However, as you noted, you wouldn’t be on the annuity roll until Jan. 1 and your first annuity payment wouldn’t be due until Feb. 1.
Browsing: retirement date
Q. I am planning to retire either at he end of 2011 or early 2012. Which is the best time to retire, should it be the end of December or early January? How would it affect my annuity if I set the retirement date for Jan. 3, 2012? A. If your main concerns are to 1) get credit for all the annual and sick leave you earned by completing a pay period, and 2) maximize the size of your lump-sum payment for unused annual leave, and 3) walk off the employment roll and onto the annuity roll without the break…
Q. I have a small email newsletter to mostly federal administrative law judges. Your recent article on Dec. 31 being the best day to retire drew the following alternate theory and we would love to hear your response: “I have to disagree, especially in the case of high earning ALJs who presumably have some assets. Without taking the time to do a long-term analysis, I would suggest that it is better to carry forward the 240 hours of leave, enjoy the use or lose leave by Dec. 31, and continue working until March or April before retiring. You give up…
Q. In your July 25 article, you stated: “By retiring at the end of a pay period, most of you will get paid for all your unused annual leave, including the so-called use-or-lose leave that you would have forfeited if you retired after the new leave year begins.” I thought we were paid for the lose-or-lose leave regardless of when we retire. Please explain. A:. Most of you do get paid for all your unused annual leave if you retire before the end of the leave year; however, if you are an employee of the U.S. Postal Service, the amount…
Q. You mentioned Dec 31 as a good retirement date. On the CSRS retirement application, Section B, Block 2, the date of final separation is Friday, Dec 30, 2011. Some people confuse separation date and retirement date when they fill out the application. That could cause them to lose all their excess leave if they put Dec 31, 2011, in the final separation date. Right? A: You are making hard work out of a simple matter. You separate at the end of the workday on which you elect to retire. For most employees, this year their pay period will end…
Q. I’m confused regarding retirement date versus date of final separation Block 2, Section B of SF-3107 FERS Retirement Application. I’m more confused after having read all there was to read on this subject. My official retirement date will be Dec. 31, 2011; what date do I put in Block 2 so that I don’t endup actually retiring on Jan.1, 2012. A. You are making hard work out of this. Put Dec. 31, 2011, on your application and you will be retired at the end of business on that day. In fact, if you had completed a pay period at the…
Q: I am under the Federal Employees Retirement System and have been employed by the Environmental Protection Agency for 26 years. I am a GS-12/6, and am 48 1/2 years old. I would like to know exactly when can I retire and any other related details. A: The earliest you could retire is when you reach your minimum retirement age, which in your case is 56. Because you will have more than 30 years of service at that time, you’ll be able to retire immediately and receive an unreduced annuity.
Q. 1) Suppose one retires under the Civil Service Retirement System on Sunday, Oct. 31. I like to ask whether that is an especially poor date because I heard: a) in computing the high-3, only 30 days are used and thus Day 31 is not used; b) if one retires any other day except for the 31st, an extra day is added in computing high-3; c) two days of annuity is lost since salaries are not paid/prorated on weekends while annuity is paid/prorated. Yet, Human Resources said that the above is untrue because by some complicated formula, Day 31 is considered…