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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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pnwnative  
#1 Posted : Thursday, August 23, 2018 1:19:33 PM(UTC)
pnwnative

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I am currently a GS-9/4 age 61 with 25years of creditable service. I want to retire next May @ age 62. My agency is planning to eliminate my position prior to my retirement and no other GS-9 is available. My Director proposed I take a GS-7/10 position until I retire however when reviewing OPM it appears I should be eligible for salary retention for 2 years. My question is will I be able to use my current base pay under the salary retention amount when calculating my high 3?

Much thanks for any input
pnwnative  
#2 Posted : Thursday, August 23, 2018 1:32:53 PM(UTC)
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I better start using spell check rention??? wish there was an edit function.
roger.d  
#3 Posted : Thursday, August 23, 2018 2:06:28 PM(UTC)
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There is an edit function. Put your cursor in the upper right corner of your post.

Your "high 3" is exactly that. The 3 years of your highest salary. That could have been 10 years ago. But is usually your last 3 working years.

As for keeping your current salary for your final few months, I don't have an answer for that.

Ed may be able to answer that question in this forum:

https://forum.federalsou...lt.aspx?g=topics&f=6
Learn to discipline yourself, so someone else doesn't have to
Exit7A  
#4 Posted : Thursday, August 30, 2018 4:28:15 PM(UTC)
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Originally Posted by: pnwnative Go to Quoted Post
I am currently a GS-9/4 age 61 with 25years of creditable service. I want to retire next May @ age 62. My agency is planning to eliminate my position prior to my retirement and no other GS-9 is available. My Director proposed I take a GS-7/10 position until I retire however when reviewing OPM it appears I should be eligible for salary retention for 2 years. My question is will I be able to use my current base pay under the salary retention amount when calculating my high 3?

Much thanks for any input


In the GS-7/10 position, have you asked if they would promote you to the 10?
That's all I got to say about that.
frankgonzalez  
#5 Posted : Friday, August 31, 2018 3:11:07 AM(UTC)
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Originally Posted by: Exit7A Go to Quoted Post
Originally Posted by: pnwnative Go to Quoted Post
I am currently a GS-9/4 age 61 with 25years of creditable service. I want to retire next May @ age 62. My agency is planning to eliminate my position prior to my retirement and no other GS-9 is available. My Director proposed I take a GS-7/10 position until I retire however when reviewing OPM it appears I should be eligible for salary retention for 2 years. My question is will I be able to use my current base pay under the salary retention amount when calculating my high 3?

Much thanks for any input


In the GS-7/10 position, have you asked if they would promote you to the 10?
I am guessing the OP means a GS7 Step 10 position not GS 7 target 10.

You should have voted Cthulu...the greatest of all Evils
TheRealOrange  
#6 Posted : Tuesday, September 04, 2018 4:20:04 AM(UTC)
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Originally Posted by: pnwnative Go to Quoted Post
I am currently a GS-9/4 age 61 with 25years of creditable service. I want to retire next May @ age 62. My agency is planning to eliminate my position prior to my retirement and no other GS-9 is available. My Director proposed I take a GS-7/10 position until I retire however when reviewing OPM it appears I should be eligible for salary retention for 2 years. My question is will I be able to use my current base pay under the salary retention amount when calculating my high 3?

Much thanks for any input

After reading the regulations, I am not sure that the facts justify "mandatory" pay retention. It seems like the only provision that might apply would be a "reduction in force or reclassification action that places an employee in a lower-graded position when the employee does not meet the eligibility requirements for grade retention...." But, unless the agency has officially announced a RIF, that part of the regulation does not appear to apply. And based on your description, this is not a reclassification but rather is the elimination of the position. Perhaps that might be considered as a RIF, but I am not certain that it fits the regulatory definitions. That said, the action may allow for optional pay retention:

§ 536.302 Optional pay retention.

(a) Subject to the requirements in § 536.102 and this section, an authorized agency official may provide pay retention to an employee not entitled to pay retention under § 536.301, but whose payable rate of basic pay otherwise would be reduced (after application of any applicable geographic conversion under § 536.303(a)) as the result of a management action.

Clearly your rate of pay will be reduced due to a management action. You may want to discuss the possibilities with your supervisor and/or servicing human resources personnel. Since you intend to retire in May 2019, they may be receptive to a short-term pay retention pending retirement. It can't hurt to ask. Also, your high-3 will be the highest three consecutive years of service. So, if you convert to the lower grade, it likely will be your last three years as a GS-9. With only a few months to go before retirement, I doubt your high-3 would be much different even if you retain your GS-9 pay, but that would depend on the 2019 pay increase, if any. Even with a pay increase, the difference after only a few months is likely to be negligible. Best of luck to you.
NeutronBoy  
#7 Posted : Tuesday, September 04, 2018 4:31:37 PM(UTC)
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High 3 will likely not change because the President has eliminated the fed raise.
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