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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.

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chappy  
#1 Posted : Monday, June 17, 2019 11:19:50 AM(UTC)

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Hi:

If I retire on 1/3/2020 (end of PP #1, and I have in excess of 240 hours of annual leave, do I loose the amount accrued over the 240 hours?
Ed Zurndorfer  
#2 Posted : Monday, June 17, 2019 12:19:37 PM(UTC)
Ed Zurndorfer

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For leave year 2019, the official end of the leave 2019 is Saturday, January 4, 2020. Therefore, by retiring on Friday, January 3, 2020, you are retiring before the end of the leave year and you will get paid for all of your unused annual leave hours including the annual leave hours you accrued exceeding 240 hours.
CyberSoho  
#3 Posted : Thursday, June 20, 2019 9:11:42 AM(UTC)
CyberSoho

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Location: New Mexico

And if I retire on January 4, 2020 ??
Ed Zurndorfer  
#4 Posted : Thursday, June 20, 2019 9:39:24 AM(UTC)
Ed Zurndorfer

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If you were to retire on January 4, 2020 which is the end of leave year 2019, you would get paid for all of your unused annual leave hours including the hours in excess of 240 hours (a maximum of 448 hours). However, if you retire on January 4, 2020, then as a CSRS retired employee your retirement becomes effective February 1, 2020 and you do not receive your first CSRS annuity check until March 1, 2020. In other words, while retiring on January 3, 2020 results in your getting paid for a maximum of 440 hours of unused annual leave, your retirement becomes effective January 4, 2020 and you get your first annuity check on February 1, 2020.
Marty  
#5 Posted : Wednesday, July 10, 2019 8:16:31 AM(UTC)
Marty

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If this person does decide to retire on January 4, 2020, with an annuity commencing on March 1, 2020, how will the FEHB and FEGLI premiums for January and February be billed / paid for?
Ed Zurndorfer  
#6 Posted : Wednesday, July 10, 2019 9:41:23 AM(UTC)
Ed Zurndorfer

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The FEHB and FEGLI premiums will be deducted from the February 2020 CSRS annuity check retroactively. The January FEHB and FEGLI premiums will be deducted from the two paychecks received in January 2020.
Sofedup  
#7 Posted : Wednesday, July 10, 2019 11:37:49 AM(UTC)
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An oddity of a leap year baby question here. Birthday is 2/29/1960. Friend wishes to retire right at 60 years with almost 25 years. As retiring is most advantageous for him on last day of month, the 29th actually falls on a sat the first day of a new pay period. Does it matter. Retiring on a Friday the 28th wouldn’t technically put him at 60 years, ( unless it was a non leap year ). If that were the case would he wait till March 1st. Wants to make sure he has all his ducks in a row.
Ed Zurndorfer  
#8 Posted : Wednesday, July 10, 2019 7:24:21 PM(UTC)
Ed Zurndorfer

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There is no problem your friend retiring on Saturday, Feb. 29, 2020 at age 60 with more than 20 years of service.
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