Phased Retirement

[CheapShot]

Just wondering if anyone has looked at the new phased retirement? How long does a bill like this take to go in effect? I do have a question assuming my agency were to approve the part time, on how my pay would be determined.

I am maxed out on pay and have been for three years. Because of that I lose approx. 15,000 a year in locality pay. My locality pay is based on 24.8 percent. By shifting to part time and no longer being maxed out would I then receive the full portion of my locality pay. I would think I would so my average pay per hour would increase, and I would be working less hours under a phased retirement which kind of makes it a no brainer. I would get approx. a 6 to 7 dollar increase per hour.

Of course they could still determine that I am maxed out and base my hourly wage on that. I hope not.

 

[uscfanhawaii]

Phased Retirement In, Higher Contributions Out | Fedweek

This article talks about the newly enacted law for phased federal retirement. It says that it will take about a year for OPM to write the regs for this law. That's where all the details will be. So your HRO will be able to answer your questions after the regs are out. :blink:

 

[alevin]

Under fulltime tour, I won't top out on grade til the year I get the 30 in. so for me, it wouldn't be such a good deal to ease into retirement. but there are family considerations starting to show up on the horizon that may change that perspective a little in the next year or more. right now I'm just focused on getting my agency to recognize that I bought back some temp time from many years ago. they never got that recorded at NFC, just realized a couple weeks ago. I got the OPM papers to prove the buyback was done, fortunately for me. would let me retire 5 months sooner than otherwise using normal retirement rules.

 

[PessOptimist]

Yet another good reminder of why we save all that old paperwork. And a reminder to go to wherever the electronic versions are saved (if applicable, for me it's called eOPF) and go through the tedious task of downloading and saving all those pdf files. After leaving federal employment, these files may no longer be easily available to you.

 

[uscfanhawaii]

here is a REAL GOOD article on the phased retirement from govexec.com:
Retirement Planning - July 20, 2012
Some questions are answered. One big question NOT answered is when it will be implemented.

Some points:
Probably will come out as a 50% retirement only, to start. Law actually says it can be as little as 1 day a week (20%) so maybe that will be phased in.
Must be mutual decision. (Your supervisor must agree to allow you to work part time.)
You will continue to acrue time in service.

Happy 'RETORKING'!!

 

[Warrenlm]

Let The Confusion Begin! - Retirement Planning - Pay & Benefits - GovExec.com

 

[Viva_La_Migra]

Let The Confusion Begin! - Retirement Planning - Pay & Benefits - GovExec.com

No confusion for me. I'm in law enforcement, so I'm not eligible. Simple.