Q. I am under CSRS. If I retire Dec. 29 and receive payment for unused sick leave, will the payment be considered income in 2012 or 2013? A. Sick leave has no cash value. It can only be added to your actual service and used in the computation of your annuity.
Browsing: unused sick leave
Q. I am 53 years old with 24 years of FERS service and considering either a deferred or postponed retirement option in the next year or two. How does the newly enacted benefit for FERS employees to get service longevity credit for unused accumulated sick leave operate under the postponed or deferred retirement scenarios? I know you get 50 percent credit for longevity purposes for all unused accumulated sick leave for retirements between now and Dec. 31, 2013, and full day-for-day credit for unused accumulated sick leave for longevity credit for retirements on and after Jan. 1, 2014 in the…
Q. I am a 59-year-old Army civilian and have 30 years of service as of early August. I had left government service and did not withdraw my contributions from CSRS. I came back to the government after a more-than-five-year absence in the private sector. Hence the CSRS Offset status. Instead of retiring, could I resign and apply for my retirement at a latter age, say 62 or later? Between now and that time, I would be working in the private sector again contributing to Social Security. I still do not understand why the CSRS pension is reduced by Social Security…
Q. I retired at age 62 from the Postal Service on Feb. 29, 2008, just months before enactment of the changes made to federal unused sick leave. I worked 19.5 years for the Postal Service and had 3.75 years of military service. Will I be eligible for the 1,498 hours of unused sick leave accumulated during my postal career toward my retirement pay? A. No.
Q. I retired from FERS on Dec. 31, 2006, and returned to work on May 10, 2009. I am receiving both my salary and my full annuity. Both Medicare and Social Security are being deducted from my paychecks, which is fine. I am receiving my full entitlements from Medicare and Social Security. I am 70 years old. Will my benefits be re-evaluated when I return to retirement status, which will be on or around May 10, 2014? Also, as a retired annuitant, will my sick leave be adjusted to my time in service, and will I be able to draw…
Q. I recently resigned my position as postmaster to take advantage of the $20,000 incentive buyout. July 31 was my last day of work. I am 54 years old with 10-plus years of service. I left behind 796.5 hours of sick leave. Will these hours be converted to service credit? I don’t plan to apply for my FERS annuity until I am 62. A. As a deferred annuitant, you wouldn’t receive any credit for your unused sick leave.
Q. I will have 20 years of service on Oct. 26. I have more than 1,300 hours of sick leave saved up. We were told that I could use half of my sick leave and retire early with 20 years of computed service. Now that I am in that window, I am told that I cannot retire with 20 years of service until Oct. 26 to receive the 20-year mark. What happens to the sick leave? Do I lose it, or do they use it to add to my retirement income? A. Unused sick leave can’t be used to meet…
Q. I am a re-employed CSRS annuitant who is receiving both his full annuity and full salary. I receive and accrue annual leave and sick leave. When I retire again, for the second time, I will have accrued and unused annual leave and accrued and unused sick leave. At my retirement, will I be reimbursed for both the accrued and unused annual leave and the accrued and unused sick leave? A. You will receive a lump-sum payment for your unused annual leave. You won’t receive any payment for your unused sick leave because it has no cash value.
Q. I have 44 years of civilian service under CSRS and 2,400 hours of unused sick leave. Will the year of sick leave be added to my years of service and give me 82 percent annuity or just 80 percent annuity? A. Sick leave isn’t subject to the 80 percent annuity limit, which applies to any retiree who has reached 41 years and 11 months of service. Your unused sick leave will be added to your actual service and used to increase the amount of your annuity. Therefore, your 2,400 hours would add one year and one month to your earned annuity…
Q. I’m covered under FERS for retirement and currently have 27 years and eight months of service (service computation date of Oct. 10, 1984) with over a year of sick leave accrued/unused. I understand that starting in 2014, unused sick leave for FERS employees will be credited “day for day” vs. “1/2 for day.” If I schedule retirement for January 2014, will my unused sick leave place me over the 30-year mark for service and qualify me for the 1.1 percent of pay/year of service for the FERS annuity portion of the retirement package? A. No, it will not. Sick…