The following is a questions submitted by a Federal Times readers about retirement and other issues facing the federal workforce. They are answered by Reg Jones, a charter member of the senior executive service and a Federal Times columnist since 1995.
Question: I am by all measures eligible to retire now – I am 61 years old with over 42 years of service (I bought back 21 years of military time). My question – If I were to separate NOW (before I am 62), but elect to postpone drawing retirement until AFTER I turn 62, will my annuity calculation use the 1% multiplier or will my annuity calculation use the 1.1% multiplier?
Reg’s Response: If you resigned and applied for your annuity at age 62, that retirement benefit would be calculated using the 1.1 percent multiplier.
Question: I am about to retire at age 60 with over 36 years in. I know my annual leave payout (estimated at about 272 hours) is not subject to the earnings test. I should have about 40 hours of comp time that will be paid out when I retire. Is that payment subject to the earnings test?
Reg’s Response: Yes, it is.
Question: After getting a CSRS Benefit report, I see that seven months of my Total Service Credit was not used in computing my unreduced monthly annuity (based on the CRRS maximum annuity rule). Is it legal to choose a retirement date seven months later and and use up that sick leave in the meantime if I’m not sick? I always heard that unused sick leave was added to the total service credit and didn’t realize there was a cap on that. I hate the idea of wasting all that sick leave!
Reg’s Response: I can understand your disappointment; however, it isn’t legal to use sick leave for the purpose you site.
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