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Also, you might want to burn all your sick time up before you retire. I retired under CSRS in 2004 and the Personnel Office explained to me that your sick time is added to your pension ...you get 2% of your sick leave for each retirement year. What a bargain! You'd have to be retired for 50 years to get all your money back. My boss managed to get "sick" and use her year's sick leave up and then retired. That was a much smarter move. She increased her "high 3" average by doing this. I don't know if they've changed sick leave policy since 2004 for the FERS people. Something to think about!
i'm unclear how getting paid for sick time at her then current salary raised her high 3?
i'm unclear how getting paid for sick time at her then current salary raised her high 3?
If, during her last year, she received any raises to her base salary, they'd be included in her high 3 calculation when she retired, rather than using last year's high 3. She spent her last year burning up her sick time while accumulating any raises. It's not like the agency was going to cut her a check for the total amount of her sick time. That's only for AL!
If, during her last year, she received any raises to her base salary, they'd be included in her high 3 calculation when she retired, rather than using last year's high 3. She spent her last year burning up her sick time while accumulating any raises. It's not like the agency was going to cut her a check for the total amount of her sick time. That's only for AL!
Also, you might want to burn all your sick time up before you retire. I retired under CSRS in 2004 and the Personnel Office explained to me that your sick time is added to your pension ...you get 2% of your sick leave for each retirement year. What a bargain! You'd have to be retired for 50 years to get all your money back. My boss managed to get "sick" and use her year's sick leave up and then retired. That was a much smarter move. She increased her "high 3" average by doing this. I don't know if they've changed sick leave policy since 2004 for the FERS people. Something to think about!
First let’s clear something up. They changed that. You get 1 for 1 in weekly increments. I retired with 1800 + hours of sick leave. I had 10 + months added to my pension. Burning up sick leave puts two things in play. Abuse of the leave program and being at risk should you need recovery time from an injury or illness. My boss retires next month with 1 year added to his pension. CSRS was very different and mostly irelivant now with almost no one left working under that system.
I’m not saying don’t use your sick leave. Use if you need to. The longer you stay working though the more annual leave you could build up and not be able to carry over. There is no limit on sick leave balance. There is a 244 hour annual leave carry over year to year. At 16 years you hit 8 hours a pay period. That can add up quickly. Save you leave up as much as possible the year before you retire. 300+ hours of cash can tide you over while you’re waiting for that first check (80% estimate). That is something to think about.
I’m not saying don’t use your sick leave. Use if you need to. The longer you stay working though the more annual leave you could build up and not be able to carry over. There is no limit on sick leave balance. There is a 244 hour annual leave carry over year to year. At 16 years you hit 8 hours a pay period. That can add up quickly. Save you leave up as much as possible the year before you retire. 300+ hours of cash can tide you over while you’re waiting for that first check (80% estimate). That is something to think about.
it's 240 hours carry over for most but not everyone. also, AL earnings vary as well, i.e. title 38
For the original post, although the pension itself may not be huge, the later contributors brought up the other two legs of the stool... Social Security and more importantly the TSP. The govt should be matching 4% of whatever you add into TSP (matching first 3% and 50% of 4th and 5th percent you contribute) so that is totally free money. I think they also do a 1% regardless of anything you may contribute - over time, this will add up especially if you also do the over-50 catch-up contribution. Add to that the FEHB after five years of employment.
For the retirement change proposals, several are very concerning - namely the cancellation of any COLA for FERS retirees (I think ALL FERS retirees) and the reduction by .5% of the COLA for CSRS retirees, as well as changing the calculations for the G Fund rates to drop to true short term rates instead of mimicking long-term rates - that will devastate those who have any substantial balances in the G Fund and particularly impacts those either already retired or getting closer to retirement who have a lower risk tolerance. I haven't heard a lot about any grandfathering for the various items (I'm currently getting the FERS supplement). This is all very unsettling since after 35+ years of govt service, just as I'm heading out the door they are changing all the rules - none of them in our favor.
P.S. I retired with the crowd at the end of 2016, got my first partial (approx 95% of my final) on 15 February (two-week delay was expected due to the end of the year rush), and my file was completed with the final amount coming on 1 May (4 month turnaround); annual leave payment was received within two weeks of retirement with a later adjustment up to account for the 1.9% raise on 1 January 2017. Not bad at all.
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