Q. I want to receive the 1.1 percent enhanced multiplier of 20 years of retirement at age 65 versus 1 percent. I started work May 9, 1993 (service computation date is May 28, 1992). I will have 360 days’ sick leave when I retire. I realize only half of my sick leave is computed for retirement purposes before 2014. I would like to retire either April 7 or April 21, 2013, but only if I get full credit for 20 years of service under FERS. Do I have to wait until May 9, 2013, to qualify for 1.1 percent enhanced…
Browsing: actual service
Q. I have 3¾ years military service and 2¼ years as a term employee. Recently I accepted a new position with the government. I am 65. Will I be eligible for retirement after completing three-quarter years in my current position? I was covered under FERS as a term employee and in my current position. A. No. You would need to have five years of actual FERS service to be eligible to retire. Even if you made a deposit for your active-duty military service, it wouldn’t count until you had those five years under your belt.
Q: I plan to retire in December 2011. I will have 42 years in the Civil Service Retirement System with the U.S. Postal Service max annuity is 80 percent, but I will have 18 months of sick leave on the books. How will I be compensated for the sick time? A: At 41 years and 11 months of actual service, you will have reached the maximum annuity of 80 percent. The Office of Personnel Management will offer you the choice of receiving a refund of the additional month’s retirement contributions or using them to buy a little additional annuity. Like…