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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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milu99  
#1 Posted : Saturday, November 20, 2021 9:33:22 AM(UTC)
milu99

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Hi everyone,
I'm currently a term employee with 1.5 years of service. I just want to verify that, if I leave the federal government in the next year or so, would this time count towards my five years' minimum service for FERS annuity? I assume it does and the only way it wouldn't would be if I requested a refund immediately (otherwise, I assume I can leave my payments toward the annuity and not have to do anything with it). Knowing this may impact my decision-making about leaving or staying employed. All the literature says employees can come in and out and have it count, but I want to triple check before I make any decisions.
P.S. Curious if the .5 years counts - as in, I would only need 3.5 more years?
P.P.S. I don't think the term employment matters, but I put that in just in case someone knows something I don't.
someoldguy  
#2 Posted : Saturday, November 20, 2021 11:57:00 AM(UTC)
someoldguy

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Yes, your "term" employment should count if you separate from federal service and come back. And even if you request a refund, you can buy that time back later but it could be pricey.

The only think I don't know is how you would document your term service... must be something on the SF-50 but I don't know what to look for. Hopefully someone else will chime in.
DISCLAIMER: You read it on an open internet forum :)
GWPDA  
#3 Posted : Sunday, November 21, 2021 6:46:04 AM(UTC)
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On your SF50 look for Block 24:
Tenure- This block indicates the tenure of your position. Codes are defined as follows:
A "1" (Competitive Service) Indicates you are a career employee. You have completed three years of qualifying service and have completed your initial appointment probation. (Excepted Service) indicates you are on a permanent appointment.

A "2" Indicates you are serving in a permanent position with less than three years of qualifying service and may also be serving an initial appointment probation.

A "3" Indicates you are on a temporary, term, or time-limited appointment.

https://www.commerce.gov...rstanding-form-sf-50.pdf

roger.d  
#4 Posted : Sunday, November 21, 2021 8:20:36 AM(UTC)
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Keep copies of everything you can. Specifically the SF50's. You may need them to prove your time with the government later.
Socialist governments traditionally do make a financial mess. They always run out of other people’s money. --Margaret Thatcher
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