Welcome Guest! To enable all features please Login or Register.

Notification

Icon
Error

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.


To read today's top news stories on federal employee related news visit FederalDaily.com.

Options
Go to last post Go to first unread
VAer1  
#1 Posted : Saturday, November 7, 2020 4:44:29 PM(UTC)
VAer1

Rank: Groupie

Groups: Registered
Joined: 1/27/2020(UTC)
Posts: 78
United States
Location: Washington DC

Thanks: 1 times
Two questions(Just making examples):

1) Let us say Mike: first 15 years is full-time, then another 8 years of part-time federal employee(20 hours per week), When he turns to 50, he has 23 years of service (15 yrs of full-time & 8 yrs of part-time), and if a voluntary retirement is offered, is he qualified to apply? Since he does not have 20 full years of service, 15 + 8 * 50% = 19

2) Let us say Mike: Began the service at age 27, first 15 years is full-time, then another 15 years of part-time federal employee(20 hours per week), when he turns to 57 (it is also his MRA), he has 30 years of service (15 yrs of full-time and 15 years of part-time), is he qualified for retirement? But he does not have 30 full years of service, since 15 +15*50%=22.5

Thanks.

Edited by user Saturday, November 7, 2020 4:45:13 PM(UTC)  | Reason: Not specified

GordonG  
#2 Posted : Saturday, November 7, 2020 4:56:37 PM(UTC)
GordonG

Rank: Senior Member

Groups: Registered
Joined: 1/26/2013(UTC)
Posts: 4,262
United States
Location: Paradise

Thanks: 1012 times
Was thanked: 1358 time(s) in 899 post(s)
#Biden/Harris #Resist #Obstruct #Impeach
postalvet  
#3 Posted : Tuesday, November 10, 2020 5:46:24 PM(UTC)
postalvet

Rank: Senior Member

Groups: Registered
Joined: 9/29/2009(UTC)
Posts: 19,634
Location: southern calif

Thanks: 2269 times
Was thanked: 3076 time(s) in 2452 post(s)
Originally Posted by: GordonG Go to Quoted Post




CuckoldVet... being a kneeling cuckold for your masters of BLM is the highlight of your pathetic existence






do not listen to anyone who has this insulting comment on their signature

especially this racist
remember you read it on an open forum


Don't be ashamed to call out the insults

Just Cause has a hard on for me

trump lost


TheRealOrange  
#4 Posted : Thursday, November 12, 2020 4:57:30 AM(UTC)
TheRealOrange

Rank: Senior Member

Groups: Registered
Joined: 5/22/2011(UTC)
Posts: 876

Thanks: 1 times
Was thanked: 166 time(s) in 145 post(s)
Originally Posted by: VAer1 Go to Quoted Post
Two questions(Just making examples):

1) Let us say Mike: first 15 years is full-time, then another 8 years of part-time federal employee(20 hours per week), When he turns to 50, he has 23 years of service (15 yrs of full-time & 8 yrs of part-time), and if a voluntary retirement is offered, is he qualified to apply? Since he does not have 20 full years of service, 15 + 8 * 50% = 19

2) Let us say Mike: Began the service at age 27, first 15 years is full-time, then another 15 years of part-time federal employee(20 hours per week), when he turns to 57 (it is also his MRA), he has 30 years of service (15 yrs of full-time and 15 years of part-time), is he qualified for retirement? But he does not have 30 full years of service, since 15 +15*50%=22.5

Thanks.

Using the FERS proration method mentioned in the article GordonG posted (total actual hours worked divided by total full time hours possible), your second calculations (bolded) appear to be correct (19 years and 22.5 years of service). You would need to check with your servicing HR personnel to be sure.
ji_  
#5 Posted : Friday, November 13, 2020 1:31:12 PM(UTC)
ji_

Rank: Groupie

Groups: Registered
Joined: 5/17/2013(UTC)
Posts: 101

Was thanked: 13 time(s) in 13 post(s)
1) no answer

2) YES, he is eligible for immediate retirement. He has 30 years (15 FT + 15 PT = 30) and MRA. Key Point: Part-time employees receive full-time credit for retirement eligibility (years of service). His annuity calculation is:

Annuity = High-Three x Years-of-Service x 1% x Proration Factor

Note that this is the standard annuity formula for FERS plus the application of the proration factor.

The proration factor in this example would be 75% (15 years @ 100% + 15 years @50%).

So with a high-three of $50,000, here is what it looks like:

Annuity = $50000 x 30 x 1% x 75% = $11,250.

He should have his HR benefits office do a retirement estimate to validate all the numbers.

Rss Feed  Atom Feed
Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.


This page was generated in 0.058 seconds.