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dantheman  
#1 Posted : Wednesday, July 31, 2019 9:16:09 PM(UTC)
dantheman

Rank: Newbie

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Joined: 5/9/2016(UTC)
Posts: 4
United States

Hello everyone! As the title states, I am ready to depart from Federal service in the near future. I have orally informed my closest co-workers that I have been thinking about it, but have not told anyone in writing/email.

Some background, I am a GS-11 0511 working as an Auditor. I am a term exempted employee, with one year left remaining on my CORE contract. I recently obtained my CPA license after years of hard work and struggle and the role I'm currently in does not make best use of it, or frankly reward it in any way.

I'm actively applying to firms outside of the Federal Government, and am unsure if I will be coming back in the near future (or ever). If I'm being fully honest, the type of work I've been doing, the pace of work, and management's handling of things in DC have put me off to staying with this agency even if I didn't have a set end date looming in 2020. It is time to strike while the iron is hot, and while I can craft a narrative to a future employer with my newly obtained CPA license.

I've been with this agency since I graduated college in 2016 and just passed my 3 year anniversary, meaning my TSP account is fully vested. I have around 200 hours of leave, around 180 hours of sick time, and around $8000 which I have personally invested in my pension through FERS.

Any advice would be appreciated, but I would like some ideas and feedback on a few things in particular.
1. How should I inform people that I am leaving?
2. What documents should I make sure I retain in case I need them later down the line?
3. Should I cash out my FERS contributions? (Leaning towards yes, and $8000+ interest now, invested, is worth a bit more than a $1840 annuity when I turn 62 in 2055)

I know the 31 day extension applies when I quit, and I lose vision/dental, so I may get one last cleaning/eye checkup done before I leave to get my money's worth. I also know my sick leave hours are as good as gone, the Federal Government doesn't cash out (do they in California?) but I should be looking at a pretty significant leave pay out which will easily cover any amount of time I am unemployed (https://www.opm.gov/policy-data-oversight/pay-leave/leave-administration/fact-sheets/lump-sum-payments-for-annual-leave/).

Finally, I don't exactly have a new job lined up, but have been looking for a reason and way to devote more time to my side business/hobby/passion that I have been helping run part time with some friends (it's currently not profitable, just pays it's own expenses) and giving the business my all for a few weeks or a month before starting a new job could be an eye opening experience.

That's all I've got really, thanks in advance for reading and your responses.
ex-military  
#2 Posted : Thursday, August 1, 2019 4:42:34 AM(UTC)
ex-military

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First, congrats on the CPA. Not easy to do. Prepping for it is a full time job by itself. (though, I took the last of the paper/pencil tests, we couldn't take one section at a time, just anything you hadn't passed). You are correct in your assessment that the Fed govt doesn't value the CPA the way the Public Firms do. That said, I have too many years in at this point to do anything else.

As to your questions:
1. "Peace out *****es! I am gone! (As you walk out the door). Oh, contact your HR and let them know you are resigning, they will tell you what you need to do.
2. Save everything in your eOPF file. You never know what/when/where you might need it.
3. Cash out FERS? Nobody can really answer that for you. You have 3 years, so if you cashed out and did come back, the re-buy wouldn't be too bad. On the flip side, with such a small amount, if you let that ride for 35 years, you are probably as likely to forget about it entirely as anything else. If it was me, and odds for return were less than 50%, I would ca***** out.

The sick leave is gone. There is no cashing that out. The annual leave you get paid for.

I am never a fan of leaving one job without another lined up. Too many variables and things to go wrong. Suddenly you're six months down without a paycheck and now you have to explain the gap to possible employers. Your "hot iron" can get cold in a hurry. This too is a personal decision, so whatever works for you.

Good luck.
nembamike  
#3 Posted : Thursday, August 8, 2019 6:04:11 AM(UTC)

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A simple email to your boss is all you need to do. Yes save everything official. Leave the FERS alone and when you get your new job, transfer that money to your new retirement plan (if there is one). Good luck.
GWPDA  
#4 Posted : Thursday, August 8, 2019 6:27:20 AM(UTC)
GWPDA

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A simple e-mail to your boss AND to HR - there are a series of forms to be filed and you need to take care of that part of leaving now, rather than trying to gather them up fifteen years from now. Also? DO NOT CASH OUT YOUR INSURANCE!

And confirming - go into your EOPF and print off every single piece of information in it. Having hard copies is something you will treasure as things go on. As well, when you deal with HR make sure they make the arrangements to send you your W-2 next year - you'll find it tricky to get that once you're outside the system.

Happy trails!
FS0201  
#5 Posted : Thursday, August 8, 2019 8:41:00 AM(UTC)
FS0201

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Originally Posted by: dantheman Go to Quoted Post


Any advice would be appreciated, but I would like some ideas and feedback on a few things in particular.
1. How should I inform people that I am leaving?
2. What documents should I make sure I retain in case I need them later down the line?
3. Should I cash out my FERS contributions? (Leaning towards yes, and $8000+ interest now, invested, is worth a bit more than a $1840 annuity when I turn 62 in 2055)


1. Depends on your preference. I have seen people walk out with a box and nothing said (sometimes the supervisor hasn't even known...), and others who want to let everyone know... have cake and hugs at the door.
2. Agree with above on reviewing eOPF - and then download the whole thing.
3. I have seen quite a few retreads, thought they were leaving and end up coming back years later. You never know. It isn't so much money that leaving it in would imperil anything.


The excuse of, "I read it on FederalSoup..." won't work. Please do your due diligence.
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