Q. I plan to retire after 20 years of service at age 64 in 2015. I understand that I will be paid for unused annual leave. Will I be paid for unused sick leave?
Browsing: unused sick leave
Q. It is my understanding that unused sick leave after Jan. 1, 2014, is credited at 100 percent to the employee at retirement. Is it just added to the total annuity, or is it a lump-sum payout like unused annual leave? A. Unused sick leave has no cash value. Instead those hours are added to any actual service hours that weren’t used in the initial computation of an annuity. For every combination of hours that adds up to 174, an additional month will be added to the actual service time and increase the amount of the final annuity.
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…
Q. I’ve come to understand that excess retirement contributions can be had/applied in two ways for annuity purposes. One is a lump-sum return of same and the other can be applied toward my annuity over the 80 percent. I’m a CSRS employee and will have almost 43 years of service in May. I also have more than a year’s sick leave on the books, which is another 2 percent, which puts me at 82 percent. If I chose to apply my excess to my annuity, how and what percentages would apply? A. You would receive an annuity based on 42…
Q. FERS annuity computation includes only whole years and whole months worked in calculating longevity service time. But unless you retire on an exact date — completing a whole year or a whole month worked on the specific date of retirement — you will be left with some workdays not credited for longevity service time purposes. But can these few uncredited days — not amounting to a whole month — be added to your sick leave balance and have those non-whole month days PLUS your sick leave hour balance combined and added to your total service time for longevity? A.…
Q. I’ve worked for the U.S. government as a Department of Defense Dependents Schools teacher for 40 years. I am under CSRS and have 230 days of accumulated sick leave. What would this be converted to should I elect to retire this year at age 65? Also can I, should I wish, work as a substitute teacher once retired, even should I be granted Voluntary Separation Incentive Pay? A. Because unused sick leave is added to hours of actual service that weren’t included in the initial annuity computation, you’ll have to do the arithmetic. Go to www.opm.gov/retirement-services/publications-forms/csrsfers-handbook/c050.pdf and scroll to…
Q. If I have met the requirements for a Voluntary Early Retirement Authority being offered in 2014 (over 25 years and any age — in my case, 27 years and age 46), would I get credit in my retirement benefit calculation for sick leave. I know after Dec. 31, 2013, the full amount can be used. However, I wasn’t sure if you have to retire under “normal” circumstances and whether it was still applicable in a VERA situation. After meeting the requirement for a VERA, I know you can collect your retirement annuity immediately. Does the same hold true for…
Q. I am 50-year-old FERS employee with 28 years of service. If I am offered an early-out and take it, what would happen to my 578 hours of sick leave? Would I still be entitled to get credit for my unused sick leave? Also, would I be eligible for special retirement supplement? A. If you retire before Jan. 1, 2014, you’ll only get half credit for your unused sick leave in the computation of your annuity. If you retire on or after Jan. 1, you’ll get full credit for it. As for the special retirement supplement, you’ll be entitled to…
Q. I work for the Postal Service. If I retire at 56 with 20 years of service after Jan. 1, 2014, and decide to postpone my annuity, what happens to my sick leave? Will I be credited with 100 percent, 50 percent or 0? If it does not count, is there any reimbursement? A. You’ll receive full credit for your unused sick leave in the computation of your annuity. That’s true regardless of when you begin receiving your annuity. Because you’d be retiring under the MRA+10 provision, your annuity would be reduced by 5 percent for every year (5/12 percent…
Q. I have decided to retire June 1. I’m in CSRS Offset, will have 36½ years of actual service, and 2,200-plus hours of unused sick leave, for 37½ years of credited service time. This is my 35th year of credited Social Security earnings. I’m aware of the offset reduction. I’m a widower and my retirement forms have been sent in as such. If I were to remarry after the effective date of my retirement but before I were to receive the first full annuity payment, and sent in a revised retirement form, marriage certificate, beneficiary forms, etc., to the Office…