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Federal Employees Benefits Q &A

Do you have questions about your federal employee CSRS or FERS pension/annuity or federal employee retirement planning? Concerns about your Thrift Savings Plan (TSP) account or what about federal employee pay and leave issues?

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The Q&A forum is moderated by Ed Zurndorfer -- an expert on federal employee benefits -- and a Certified Financial Planner, chartered life underwriter and chartered financial consultant in Maryland.

Zurndorfer is also the author of several federal employee benefits guides published by Federal Employees News Digest.

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Go Cubs Go  
#1 Posted : Tuesday, January 15, 2019 9:02:57 AM(UTC)
Go Cubs Go

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In all my reading, I've not seen mention of a formula for estimating your lump sum payment for annual leave when you retire. Is it as simple as multiplying your hourly rate (from the LES) by the number of hours of AL? Or is there some super-secret formula requiring a super computer to calculate? ;)

Thank you!
Ed Zurndorfer  
#2 Posted : Tuesday, January 15, 2019 10:15:29 AM(UTC)

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To approximate a retiring employee's lump sum gross payment for unused annual leave, take the retiring employee's number of hours of unused annual leave on the day of retirement and multiply that number by the retiring employee's hourly wage rate. The hourly wage rate can be obtained by the taking the retiring employee's SF 50 salary (which includes locality pay adjustment) divided by 2087 hours.
Go Cubs Go  
#3 Posted : Tuesday, January 15, 2019 12:14:13 PM(UTC)
Go Cubs Go

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It really is that simple! ;) Thank you so much!
Ed Zurndorfer  
#4 Posted : Tuesday, January 15, 2019 12:34:15 PM(UTC)

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Actually, the calculation can get more complicated if an employee retires at the end of the leave year (during, or at the end of, pay period 26) and there is a government-wide pay increase taking effect on the first day of the new leave year. Sorry - the computation is too complicated to discuss in this forum.
Go Cubs Go  
#5 Posted : Wednesday, January 16, 2019 4:32:02 AM(UTC)
Go Cubs Go

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Understand completely - you answered my question about getting a reasonable gross calculation and I very much appreciate that. Thanks again!
Ed Zurndorfer  
#6 Posted : Wednesday, January 16, 2019 5:17:30 AM(UTC)

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You are most welcome.
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