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…
Browsing: unused sick leave
Q. I am eligible for retirement in July. I started under CSRS and transferred to FERS. I know that after Jan. 1, 2014, I will get time of service for all of my sick leave. How is that figured? Do 2,080 hours add one year of service? A. No, 2,087 hours equals one year. Therefore, a month of additional credit is roughly 174 hours. Be aware that unused sick leave isn’t treated separately. It’s added to any hours that weren’t used in the computation of your annuity. There are usually some hours left over because your annuity is based on…
Q. I have 17 days of unused sick leave. I do not want to give it back when I retire. Is that calculated as 17 working days or 17 calendar days? A. Neither. Unused sick leave days (and days of actual service that don’t add up to a full month) are converted to annuity days. That’s done by dividing 2,087 (the number of hours in a work year) by 360 (12 30-day months). As a result, an annuity day is about 5.79 hours long, and an annuity month about 174 hours long. Only full months are used in an annuity…
Q. I am retired military with 27 years in. Since that time, I have been a civil servant and am coming up on my 10-year anniversary under FERS. My service computation date is Aug. 10, 2003. I am planning to resign from my civil position Dec. 31, prior to my 62nd birthday. (I was born Dec. 11, 1952.) I plan to ask for a lump-sum check for my unused accrued leave. But it looks like I will not gain anything for having been such a healthy individual and that my many days of sick leave will simply go wasted. Is…
Q. When I retire at the end of this school year, I will have 43 years of service with the Department of Defense Education Activity and 130 days of unused sick leave. I have been informed that my sick leave can be used to add additional service time. Does that apply when I have already reached 80 percent of my salary for retirement? A. Yes. Unused sick leave isn’t subject to the 80 percent limit.
Q. According to my leave and earnings statement, my service computation date is Feb. 28, 1971. So on Feb. 28, I will have 42 years of continuous federal government service. I am under CSRS and have paid back my military contribution. So I reached my maximum annuity based on actual service that’s allowed under law: 80 percent. How is this annuity computed? I know it is based on my high three grades, but how is the high-3 established? Is there a certain amount of time required between these grades? Also I have been told that after 42 years of service,…
Q. When is the last day of 2013 that I can retire and get a lump-sum payment for unused annual and sick leave? A. Assuming that you are talking about retiring at the end of the 2012 leave year, the answer is Jan. 12, 2013.
Q. I am a FERS employee who plans to retire at the end of 2013. At that time, I hope to have around 448 hours of annual leave (240 hours carried over from 2012). What is the best date for me to retire without losing any annual leave? I will be 65 on Nov. 10, 2013. A. Before I get to your question, let me remind you that if you retire before Jan. 1, 2014, you’ll only get half credit for any of your unused sick leave. With that out of the way, you can retire on any day up…
Q. My husband was a temporary federal employee for the Defense Department for five years. He was laid off in August. He had two years of military service, which he bought that time back, so in essence he has seven years of federal service. He is 60 years old. He put 10 percent of his salary in the Thrift Savings Plan. Should he leave that money in TSP or put it in another vehicle? Also, when he reaches retirement age (62), will he receive a pension for the seven years of federal service? He left DoD with a sick leave…
Q. I’m a FERS employee who is retiring Dec. 31. Will my unused sick leave count for some service time in 2012? A. You will receive half credit for your accrued and unused sick leave in the computation of your annuity.