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Retirement Planning


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SSN637  
#1 Posted : Tuesday, September 14, 2021 3:52:26 AM(UTC)
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Question I am CSRS and trying to figure out which day to retire and still get payed for my 200 hours U/L leave. If I retire 31 Dec 20 i will get my U/L, but how will it affect my retirement annuity payment date? If I retire 1 Jan 22 (end of the leave year) I should get my annuity payment 1 Feb 22 correct?
Raoul  
#2 Posted : Tuesday, September 14, 2021 4:27:47 AM(UTC)

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CSRS can retire the the last day of the month or 1,2,3 day of the next month without 'missing' a month of retirement pay.
To earn AL and SL you have to be employed the enitire pay period, so Friday Dec 31st would not be so good.
Since you have lose or use the 2nd or 3rd of January would also be bad.
The January 1st (Sat) retirement date would ensure period leave accrual and no lose of U/L.


Retired July 2011
TheRealOrange  
#3 Posted : Tuesday, September 14, 2021 4:47:30 AM(UTC)
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Originally Posted by: SSN637 Go to Quoted Post
Question I am CSRS and trying to figure out which day to retire and still get payed for my 200 hours U/L leave. If I retire 31 Dec 20 i will get my U/L, but how will it affect my retirement annuity payment date? If I retire 1 Jan 22 (end of the leave year) I should get my annuity payment 1 Feb 22 correct?

The article linked below has this information:

CSRS employees (including CSRS Offset employees) who are eligible to retire and who retire on the first, second, or third day of the month will have their retirement become effective on the next day of that month, and their first retirement check will be dated the first day of the following month. For example, if a CSRS or a CSRS Offset employee retired on Jan. 2, 2021, then the employee’s retirement became effective on Jan. 3, 2021.

https://www.myfederalret...t.com/best-dates-retire/

It appears that if you retire on January 1, 2022, then your retirement is effective the next day, and your first annuity check will be dated February 1, 2022. To be sure, I would recommend double checking with your servicing HR personnel.
someoldguy  
#4 Posted : Tuesday, September 14, 2021 7:02:20 AM(UTC)
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Originally Posted by: TheRealOrange Go to Quoted Post
[...our first annuity check will be dated February 1, 2022.
Of course you won't see it for some time after that, and the first payments will be a partial estimate, but eventually you should get back pay retroactive to that date.

DISCLAIMER: You read it on an open internet forum :)
SSN637  
#5 Posted : Tuesday, September 14, 2021 10:32:25 AM(UTC)
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Thanks for the replies, I thought I was right just not sure about the annuity date.
The HalfBreed  
#6 Posted : Wednesday, September 29, 2021 7:46:30 PM(UTC)

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You have the correct answers above, I can add nothing to it, but to say that IF you're NOT eligible for SS monthly payments, and you apply for Medicare pt B, they will tell you they'll either bill you quarterly, take it from your bank automatically or have you ACH it monthly.

I fell into that trap, and all the folks were mainly familiar with FERS (who receive SS payments).

I had to call SS/and CMS (Center for Medicare and Medicaid Services) and have them ESCALATE the issue to their 2nd level, who KNOW to contact OPM and have Pt B payments taken from your OPM Pension. It took me 2 months to get that straightened out. Neither will talk to you (me) but only to each other.

Just thought I'd throw that in coz it really surprised me. If you get SS payments, it's a non issue.

Keep the FEGLI if you have it. It becomes FREE at age 65, but reduces to 25% of actual value...but hey...Free is Free. Mine is currently free now.
I retired in 2012 @ age 57, turned 65 in 2020 and the monthly charges were removed, but it's now free. You'll love retirement.
RETIRED CSRS 12/19/2012 @ age 57 w/39 years.
Good Bye Tension...Hello Pension !
wardripley  
#7 Posted : Wednesday, October 6, 2021 2:21:42 PM(UTC)

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Originally Posted by: Raoul Go to Quoted Post
CSRS can retire the the last day of the month or 1,2,3 day of the next month without 'missing' a month of retirement pay.
To earn AL and SL you have to be employed the enitire pay period, so Friday Dec 31st would not be so good.
Since you have lose or use the 2nd or 3rd of January would also be bad.
The January 1st (Sat) retirement date would ensure period leave accrual and no lose of U/L.




I am still wondering about this.... first -- it seems to me that if your approved work schedule ends on Friday Dec 31st, you would have completed it, and earned the leave that goes with it. I really think it is wise to get a validated answer on this with your agency benefits specialist.

The second matter of interest to me is whether the payment for the Use or Lose and the 240 hours of carry over annual leave will be paid out at the new 2022 rate of pay, if the effective date is in that last pay period of 2021.... since the check/payment will be processed in the new year, will that timeframe drive the selection of pay rate to be used in determining the amount to be paid for terminal leave?
someoldguy  
#8 Posted : Wednesday, October 6, 2021 3:22:29 PM(UTC)
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I dont think the new pay rate takes effect until the first pay period of 2022. So why not stay another two weeks :)
DISCLAIMER: You read it on an open internet forum :)
Raoul  
#9 Posted : Thursday, October 7, 2021 4:57:00 AM(UTC)

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I can only relay what happened to me.
My 'approved work schedule' also ended on Fridays.
My last pay period ended Saturday July 2, 2011.
I was told to retire on Friday July 1, 2011.
Knowing the rule I questioned the dates at that time but they wouldn't budge for whatever reason.
I did not get AL or SL for that last pay period.

Instead, I got a $25,000 VSIP so I took that and ran.
Retired July 2011
GordonG  
#10 Posted : Friday, October 8, 2021 6:35:04 PM(UTC)
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Originally Posted by: Raoul Go to Quoted Post
I can only relay what happened to me.
My 'approved work schedule' also ended on Fridays.
My last pay period ended Saturday July 2, 2011.
I was told to retire on Friday July 1, 2011.
Knowing the rule I questioned the dates at that time but they wouldn't budge for whatever reason.
I did not get AL or SL for that last pay period.

Instead, I got a $25,000 VSIP so I took that and ran.



I love happy endings.

Nice.
#F*ck Joe Biden



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