Browsing: lump sum

Q. I have been receiving Social Security Disability Insurance for a total disability since 2008. From 1981 to 1989, I was a CSRS offset employee in the USPS. When I tried to apply for my CSRS pension, I was informed by letter that I had to wait until I reached age 62, which is unlikely, or withdraw the small amount I contributed as a lump sum. Is it not possible to apply for and receive my CSRS pension when completely disabled? I have read CSRS Pamphlet No. 7 and searched the website Q&A, and I am very confused.

Q. I will have approximately 503 hours of annual leave when I retire at the end of May (183 hours were carried over). I also have 24 hours of a time off award and 30 hours of home leave unused as a result of a previous overseas assignment. Will my payout for leave include the 24 hours of the time off award added to my 503 hours? Will I receive a payout for the 30 hours of home leave, will I simply lose it, or will it be added as creditable service in my retirement calculations?

Q. I am 45 years old with 13 years of service under FERS and will be resigning this month to pursue other activities. I understand that I would eligible for a full pension (computed on my high-3) at age 62. That is 17 years away and, in the meantime, my defined benefit pension would remain static and thus be seriously eroded by inflation. Is there a way to protect myself against this within the pension system, or can I take a lump sum on separation and roll that into an IRA? If I take the lump sum, must I do…

Q. I am a letter carrier, age 52, started in 1985 and have 28 years of creditable service. If I understand what I’ve gleaned from the posts here and the Postal Service were to offer me a Voluntary Early Retirement Authority this year, 1.  Would I begin my annuity immediately? 2.  Would I have no reductions in calculations of my annuity? (average high-3 x 1 percent x 28) 3.  Would I receive credit for half of my sick leave and all of my annual leave? (How are these applied?) 4.  Would I receive the special retirement supplement beginning at age…

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 being retired on medical disability, and I have more than 190 hours of annual leave. Who pays me for this and approximately when? A. Your agency is responsible for generating a lump-sum payment for any unused annual leave. Usually such payments are made at the same time as your final paycheck is issued. Check with your agency to find out what its payment schedule is.

Q. As a FERS employee retiring at the end of March after 27+ years at age 65. How will the sequestration and continuing resolution affect when I will get my check for unused annual leave? Will there be any effect on the delivery of my first annuity and Social Security checks? A. There shouldn’t be any delay in the delivery of your annuity and Social Security checks. Whether there would be a delay in your lump-sum annual leave payment is something that only your agency can answer.

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 am 62 with 25 years of service. Since Voluntary Separation Incentive Payments have been offered in my organization, I am thinking about taking one. Do I have to take the lump sum, or can the incentive be taken in installments? A. How the payments are made is entirely up to your agency, and, with the exception of the Postal Service, they usually make it in a one-time lump sum.

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