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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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Jaykamaron  
#1 Posted : Monday, March 26, 2012 5:22:12 AM(UTC)
Jaykamaron

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I have several questions about my retirement date.  If I retire 1/3/2013, will I still get paid for my 440 Hours of annual leave since the last pay period ends on 1/12/2013?  I received a raise on 1/3/2010.  Do I need to stay to 1/3/2013 to have it included in my high three? With this information, would 1/3/2013 be a more advantageous retirement date than 12/29/12?
Fed1969  
#2 Posted : Monday, March 26, 2012 5:51:41 AM(UTC)
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If you retire on 3 January 2013 you will not earn leave for the pay period ending 12 January 2013.  You will be paid the for all other annual leave balance in 2013.

You need to work 3 years to get full advantage of your pay raise of your 3 January 2010 pay raise.  Retiring a few days earlier could reduce you retirement by $1 a month.  If the $1 a month is a big deal, maybe you need to wait the few extra days, otherwise you could retire on 29 December.
MikeOut  
#3 Posted : Monday, March 26, 2012 10:12:44 AM(UTC)
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I've been debating the same dates. I see a small benefit of working 31dec12 to 2Jan 2013 to pick up the holiday pay on 1Jan. Keeps the first annuity payment coming 1Feb13. But you may put your annual leave payout another payperiod longer.
My Command says if we plan the year end and retire on 29Dec12, then the lump sum leave would be received on next pay day.I would think that if you worked the 3 days into 2013 you may have to wait another pay period to get your 3 days and lump sum leave. 
The HalfBreed  
#4 Posted : Monday, March 26, 2012 10:22:12 AM(UTC)
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Jaykamaron wrote:
I have several questions about my retirement date.  If I retire 1/3/2013, will I still get paid for my 440 Hours of annual leave since the last pay period ends on 1/12/2013?


Yes you will, depending on who you work for, however, check with your HR Office.  I know the OPM website agrees with your assertion that 1/12/13 is the end of the LEAVE YEAR.

http://www.opm.gov/oca/leave/html/Leaveyeardates.asp



 
Jaykamaron wrote:
I received a raise on 1/3/2010.  Do I need to stay to 1/3/2013 to have it included in my high three? With this information, would 1/3/2013 be a more advantageous retirement date than 12/29/12?


Your raise will be included in your high 3. IF 2010 is a "High 3" year, I would not worry about it.
If your main intent is to reap the benefits of selling back 440 hours of leave, either of those 2 dates will suffice. The only question is....do you want to stay to get holiday pay for 12/25 or 1/1. (if you would)
RETIRED 12/19/2012 !!! Good Bye Tension !!! Hello Pension !!!
Not retiring yet  
#5 Posted : Monday, March 26, 2012 11:04:31 AM(UTC)
Not retiring yet

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This is PART ONE   from my federal retirement.com   Suggest reading the total article/s    Here it is:   
Another issue facing retiring federal employees is the treatment of unused annual leave at the time of retirement. All retiring employees are paid in a lump sum payment for unused annual leave at the time of retirement. This payment will be directly deposited into the retiring employee's same bank account that is used for direct deposit of the employee's payroll check. Many federal agencies will deposit this lump sum payment for unused annual leave into this account usually on the same day that the retiring employee's final paycheck is directly deposited - within two to four weeks of the day of retirement. The lump sum payment for unused annual leave is subject to federal and state income taxes and Social Security (FICA) and Medicare Part A payroll taxes.
Not retiring yet  
#6 Posted : Monday, March 26, 2012 11:08:17 AM(UTC)
Not retiring yet

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With that 3 year period, if that is your high 3/ 2010 until 2013   This is also from my federal retirement.com  

One other factor is used in considering the best days of the months to retire in 2011, 2012 and 2013: No more than three days can elapse between a retirement date at the end of the month and the first day of the following month.

With these issues and rules in mind, the following table lists the best retirement dates for federal employees (working a Mon. to Fri. bi-weekly 80 hour schedule) who are eligible to retire during 2011, 2012 or 2013:




Best Dates to Retire - CSRS and FERS: 
2011, 2012 and 2013

So, if not January 2013  it should be  June 29 2013  as a better date.  Still, your decision. Not retiring yet2012-03-26 19:16:01
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