FERS retirement at 62?

[WorkFE]

and I believe only full weeks of SL are used, any days left over get tossed.

I believe it's months. I need to read up on it.

 

[nasa1974]

I believe it's months. I need to read up on it.

Not sure how FERS looks at SL but when I retired CSRS in 2012 SL was calculated by months (8 hours = 6 hours for the calculations). Any days left were use or loose. I really did my homework on the SL part so I didn't take a big hit. I gave back 3 days of SL as a buffer so I wouldn't loose a month of credit. My SL did count towards my total service time.

 

[alevin]

Not sure how FERS looks at SL but when I retired CSRS in 2012 SL was calculated by months (8 hours = 6 hours for the calculations). Any days left were use or loose. I really did my homework on the SL part so I didn't take a big hit. I gave back 3 days of SL as a buffer so I wouldn't loose a month of credit. My SL did count towards my total service time.

Yep, as of a year ago, FERS people now get the same deal. Finally. I've run the math, and know how many months additional annuity value I'd have, depending on the date I set for retirement. Anywhere between 9-11 months. Almost an additional year. And leave little if any days/money on the table. How many hours of SL I could burn between now and X date, and end up with even number of months with little left over in days. still need some available to use, for the possible real needs between now and then, so now I'm keeping track of that a lot closer too.

 

[Cactus]

Not sure how FERS looks at SL but when I retired CSRS in 2012 SL was calculated by months (8 hours = 6 hours for the calculations). Any days left were use or loose. I really did my homework on the SL part so I didn't take a big hit. I gave back 3 days of SL as a buffer so I wouldn't loose a month of credit. My SL did count towards my total service time.

The calculations use 174 hours per month. Anything less you lose. I think that's the same as CSRS.

 

[bmcar]

The calculations use 174 hours per month. Anything less you lose. I think that's the same as CSRS.

See attached Sick Leave Conversion Chart.

 

[weatherweenie]

Yep, as of a year ago, FERS people now get the same deal. Finally. I've run the math, and know how many months additional annuity value I'd have, depending on the date I set for retirement. Anywhere between 9-11 months. Almost an additional year. And leave little if any days/money on the table. How many hours of SL I could burn between now and X date, and end up with even number of months with little left over in days. still need some available to use, for the possible real needs between now and then, so now I'm keeping track of that a lot closer too.

Even if a FERS employee adds a year to their annuity, via SL, the cost benefit is minimal. Granted, it's better than getting no credit, but it isn't that great. Personally, I would use as much SL as possible before retiring.

 

[weatherweenie]

Even if a FERS employee adds a year to their annuity, via SL, the cost benefit is minimal. Granted, it's better than getting no credit, but it isn't that great. Personally, I would use as much SL as possible before retiring.

For round numbers, say you retire with 30 years of service, and your average high three is 100,000. Assuming 1% per year served, your annuity would be $30,000/year. If you had enough SL to add a year to the annuity calculation, your annuity would be increased to 31%, or $31,000/year.

If you are earning $100,000/year, and have a years worth of sick leave, you obviously have $100,000 worth of sick leave.

With that sick leave only adding $1,000 to your annuity, you would have to draw on the annuity 100 years to break even. Right?

 

[Skorcher]

The calculations use 174 hours per month. Anything less you lose. I think that's the same as CSRS.

For FERS or CSRS you add the Sick Leave hrs/days/months to your time in service hrs/days/months to compute your time in service for retirement annuity purpose. So do not focus on whole months for S/L only.

 

[Cactus]

For FERS or CSRS you add the Sick Leave hrs/days/months to your time in service hrs/days/months to compute your time in service for retirement annuity purpose. So do not focus on whole months for S/L only.

Actually, it's added in increments of months and years as outlined in charts like these:

http://www.usgs.gov/humancapital/pb/documents/SICKLEAVECONVERSIONCHART.pdf

Sick Leave Conversion Chart for CSRS & FERS Annuities

 

[Maricar19]

For round numbers, say you retire with 30 years of service, and your average high three is 100,000. Assuming 1% per year served, your annuity would be $30,000/year. If you had enough SL to add a year to the annuity calculation, your annuity would be increased to 31%, or $31,000/year.

If you are earning $100,000/year, and have a years worth of sick leave, you obviously have $100,000 worth of sick leave.

With that sick leave only adding $1,000 to your annuity, you would have to draw on the annuity 100 years to break even. Right?

The only problem is finding a doctor who will sign your fmla for 1 year..

 

[weatherweenie]

The only problem is finding a doctor who will sign your fmla for 1 year..

Or, start planning ahead and use your SL in the years leading up to retirement.

 

[DreamboatAnnie]

Although I am under FERS, I've always been conservative in taking sick leave because I like it as a buffer, just in case I become very ill--- just never know.

 

[nnuut]

When I retired my AL check was a little over $18K, THAT is much better than one or two stupid months of longevity!

 

[Lindoug]

Although I am under FERS, I've always been conservative in taking sick leave because I like it as a buffer, just in case I become very ill--- just never know.

If only I could have done that myself! Between having children requiring extended time off, dealing with sick children while DH deployed, suffering from a chronic illness that takes me out of commission for some time roughly every 5 years or so ... Sick Leave Accrual has been very difficult. I continue to strive to hold onto my sick leave, now I have to start holding Annual Leave also, so I can get that big check. Just have to build to that 440 Hours and retire on the RIGHT day.

 

[weatherweenie]

I'm not sure, but I believe air traffic controllers have the option of cashing in their sick leave, like AL. Yet another perk they get.

 

[BamaAF]

Following this thread w/interest.

My current plan is to retire this year, end of December - have some SL to consider

 

[weatherweenie]

When I retired my AL check was a little over $18K, THAT is much better than one or two stupid months of longevity!

Dayem! How many hours did you cash in?!

 

[tom1tom1]

I retired with 760hrs and received check for $21,000.00 Used up a lot of sick leave towards end of my career cuz figured it was worth a heck of a lot more then the small difference it would make in my annuity.

 

[nnuut]

I retired with 760hrs and received check for $21,000.00 Used up a lot of sick leave towards end of my career cuz figured it was worth a heck of a lot more then the small difference it would make in my annuity.

Likewise!

 

[nnuut]

Dayem! How many hours did you cash in?!

That was in 2010 and I don't remember but it was around 500 hours.