Chat Transcript: July 16, 2020
Chat Transcript
This is a transcript of an online chat and has not been edited for spelling or grammar. If you have a question that is not answered here or need more clarification, please contact NARFE’s Federal Benefits experts at fedbenefits@narfe.org.
Question: Could you please revisit the difference between retiring on Dec 31st vs Jan 1st?
Answer: I would recommend December 31 if FERS and January 1 if CSRS to maximize your lump sum annual leave payment.
Question: If I am retiring at the end of 2023, I would need to stay on until January 13, 2024 in order to work through the entire annual leave period for 2023 to maximize my leave accrual?
Answer: The 2023 leave year ends on January 13, 2024, but I would probably retire on January 3, if CSRS and December 31, 2023 if FERS. If you only have a short federal career, then you can retire on January 13, but you would not receive a January retirement payment.
Question: How do you determine sick leave credit?
Answer: This is a little more complicated to explain. Check out this webinar on the Federal Benefits Institute: Understanding the FERS Basic Benefit (February 13, 2020)
Question: is the possible opm-gsa merger affecting opm’s ability to process retirements?
Answer: In my opinion, no, at least not yet. But I do think COVID is impacting this paper-based process. If you want to discuss further, I can be reached at jklement@narfe.org.
Question: Do you anticipate the FERS supplement will be continued? Can you outline how it is calculated?
Answer: So far… I know it has been under threat for many years dating back to the implementation of FERS… it is not a huge budget issue, so let’s hope Congress allows it to continue!
Question: so just to clarify, I am a FERS employee and if I wanted to retire at the end of this year, would it be better for my last day to be Jan 2nd 2021 because that’s the end of the pay period?
Answer: No… retire on December 31st! If you retire on January 1 or 2, you will not receive the January payment of your FERS benefit. Although you may forfeit the last leave accrual, one month of retirement is probably worth more than 8 hours of salary.
Question: where may I get leave calendars for 2021 and 2022?
Answer: https://www.opm.gov/policy-data-oversight/pay-leave/leave-administration/fact-sheets/leave-year-beginning-and-ending-dates/
Question: So, if I have sick leave accumulated, are you saying I can’t use that to add to my qualifying for retirement?
Answer: sick leave is counted towards your years of service. So, if you worked for 30 years and have about 2000 hours of sick leave, your retirement is calculated as if you worked 31 years.
Question: Do you have a projection for best dates to retire in 2022 or a place to view this for planning ahead?
Answer: NARFE typically offers this webinar yearly, so stay tuned for more info on 2021 webinars.
Question: As a FERsSemployee, does my sick leave count 100% towards my years of service?
Answer: Yes
Question: Great presentation. Thank you. 1. How does lump sum leave payment work for FERS if I am planning to defer retirement (eg. Retire in Sep 2020 and defer to July 2021 for 60th B-Day) 2. Is it beneficial to take terminal leave? Does sick leave and annual leave continue to accrue?
Answer: You will be paid for your lump sum leave payment when you separate from federal service if you decide to defer your retirement. Terminal leave is generally not approved, but for a FERS employee, it would be good to do so financially if you don’t mind forfeiting the lump sum payment. For CSRS employees it is not as good since they are exempt from SSA and don’t get matching TSP and their retirement payments are larger.
Question: does accrued credit and comp time get paid off at the same time as accured AL?
Answer: That varies, ask your leave specialist / clerk… some employees qualify to be paid for the comp time and credit hours… some do not. If you have restored annual leave, that is always paid.
Question: I am CSRS. I plan on retiring at the end of the year. Can I be on sick leave on 12/31?
Answer: Yes… you can be on sick leave on your last day… arrange with your supervisor to turn in your badge and equipment prior to leaving and to sign any final paperwork.
Question: Best date to retire for a FERS employee in 2023?
Answer: Probably December 31, 2023. The leave year ends January 13, 2024, but if you wait until then, you would not receive a January retirement payment.
Question: I might have missed it but when are TSP payments received monthly? I would like to stagger them with my SS payments. Thank you- a great session as always!
Answer: They are not paid on a specific day of the month, but generally 7 – 10 business days after the TSP receives a completed request.
Question: FERS employees want to maximize annual leave/leave lump sum. Is it better to retire on Dec 31st or Jan 1st to receive maximun benefit
Answer: December 31st!! If you retire effective on January 1st, you will forfeit a month of FERS retirement income!
Question: In order to earn AL and SL for a pay period, do you need to retire on a Saturday, the last official day of the pay period, even if you doesn’t work on weekends? And, if I must retire on a Saturday (or Friday) to get AL and SL credit, if the Saturday (or Friday) is the first of the month, will I end up waiting 2 months to get my first retirement check instead of 1 month?
Answer: No, you only need to complete the 80 hours of work (if you are full time). You can retire on a Friday and accomplish this if you work M-F.
Question: Is it better to retire at the end of October, so that the lump sum payout of unused leave takes place after the annual cap for tax of Soc. Sec., etc. is reached for your salary, but in a year with a higher income, OR to retire at the end of Dec. so that the lump sum payout occurs in the next tax year, when the salary is lower, but subject to the taxes for Soc. Sec. etc.
Answer: I like the end of the year because you will get to include the lump sum leave payment as earnings for the year it is received for SSA and you will earn a few more leave accruals for November/December and there are 3 holidays to help you make it to the end of the year in those two months as well.
Question: It was not mentioned, but isn’t terminal leave an alternative to a leave payout upon retirement?
Answer: Not really… federal employees are not supposed to be approved to go on terminal leave according to a comptroller’s decision dating back many years. If you can get the terminal leave approved, for some FERS employees who don’t mind forfeiting the large lump sum payment this might be financially a better option.
Question: my HR is inexperienced and remote, i’m not getting much support from them, what should I do?
Answer: You are welcome to contact NARFE’s federal benefits specialists to answer any questions and help ensure your retirement is on track. fedbenefits@narfe.org
Question: If I have to take LWOP in my last year of work, is the salary part of my years of service x hi-3 salary impacted?
Answer: Keep the LWOP under 6 months and it will count towards high-3 and service credit.
Question: Does the SS earnings limit apply to the income of a person, or to the income of a couple filing jointly?
Answer: To your earned income, not your joint income.
Question: I’m under FERS and have 35 1/2 years of federal service and was eligible to retire at 56 last year. For my purposes, I plan to use my annual leave and when it is used up, then retire. Do you see any issues with that?
Answer: You will forfeit the benefit of having a lump sum of cash paid to you after you separate. There are no retirement contributions (TSP or FERS) or insurance premiums withheld from your annual leave payout like there will be when you take it as salary payments. Federal civilian employees are not supposed to take terminal leave, but I have seen people do it.
Question: For CSRS employees retiring at the end of 2020, which date is best: Jan. 1, 2, or 3?
Answer: January 1st is a Friday and the holiday… your retirement will begin on January 2. The 2nd and 3rd are not work days for most feds, so the 1st is generally going to be your best date… exception if you need 2 more days to make a full month when your sick leave is added to your service.
Question: If I retire in July for instance, can I contribute the full TSP amount including catch-up contributions ($26,000) for that year?
Answer: Sure… just spread the contributions out over the number of pay periods that you will work before you retire. Just don’t change your mind and work longer as you will forfeit matching if you max out before the end of the year.
Question: I am CSRS-Offset and plan to retire on 1/2/21. Will I be eligible for the COLA on my AL & SL?
Answer: On your lump sum annual leave payment, the 2021 pay adjustment will be included in your payout… if there is a delay in your payroll system, it may come as a supplemental payment after the initial lump sum is paid out. Your sick leave will be credited in your length of service for retirement computation and your first COLA for CSRS retirees will be January 2022 (your December payment).
Question: I will be 62 in May 2021. My wife started collected at full retirement age. She will be 72 in 2031. I am eligible for partial doc sec under her work record?
Answer: Maybe… more info would be needed to answer better. Plesae email fedbenefits@narfe.org
Question: I need to get my military deposit paid in full letter or LESs from back in 1994-1996 . who should I contact quickly fo retiring at the EOY?
Answer: Work with your HR retirement specialist.
Question: csrs employee with 38 years; best date 1/2/21 or 1/3/21?
Answer: How about 1/1/2021? The new leave year begins on 1/3/2021… so definitely not a good date if you have more than 240 hours of annual leave on 1/2!
Question: For people who are in Trans-FERS (some years of CSRS, mostly FERS) – how does this affect the timing of the benefit?
Answer: Use the FERS rules!
Question: Thanks, Tammy! I plan to retire Dec 31, 2020. If I work 80 hours by end of the day Dec 31, using my flex schedule, I will accrue my annual and sick leave for that final PP?
Answer: Yes! Great idea!
Question: Suppose one takes TSP distributions from ages, say, 66-70 while waiting to turn 70 and claim SS and then stops TSP for a while. Would RMD still be required at 72, despite that distributions had started (but stopped) already?
Answer: Yes… you would still be required to take RMD based on the balance in your TSP at age 72 even if you had taken earlier payments.
Question: To clarify, if you retire under FERS on December 31st, wouldn’t you lose a possible annual salary increase if one was approved?
Answer: Your high-3 is computed based on 3 years of salary from your retirement date going back 3 years…. if you work until the new pay rate takes effect, it wouldn’t change your high-3 very much unless you worked at the new rate for a period of time. The new rate will be factored into the payment of your annual leave payout, however.
Question: Does the Lump Sum AL payment count as ‘Earnings’ for SS purposes?
Answer: It counts as earnings towards computing your SSA benefit, but not as earnings for the earnings limit… it is considered a special payment. https://www.ssa.gov/pubs/EN-05-10063.pdf
Question: If elect to retire November 30th, would my lump sum for AL be received by end of 2020?
Answer: Maybe, maybe not… that depends on how quickly your payroll office processes your separation. Generally lump sum payments are made 6 – 8 weeks after separation… but I’ve seen them come sooner.
Question: I have 5 months of sick leave saved. If I retire in February, can I just keep being paid salary until July and use them up?
Answer: Only if you have a valid reason to use your sick leave.
Question: I will turn 62 on 10/18/2021 during PP21 with 25 years of service. Should I consider retiring at the end of the PP on 10/23 versus wait until 12/31/2021.
Answer: It depends on what is most important? As soon as possible… retire on 10/18/2021. Earn final leave accrual… retire on 10/23 (for both of those dates your retirement will commence on November 1 with your first payment due December 1 (for November). To accumulate more annual leave in your lump sum payout and to get it in 2021… December 31 is your date.
Question: Hello: I’m still working full time but plan to retire soon. I will be 72 in September. Will I be required to withdraw money from my TSP after my birthday in September?
Answer: No, you will not have to take RMDs until after you retire. You may continue to contribute to your TSP as long as you continue work. Your first RMD must be taken by 4/1 of the year after you turn 72 (if you turn 72 after Jan 1, 2020) or by 4/1 of the year after you retire, if later than 72. Subsequent RMDs must be taken by 12/31 of each year. If you don’t take your RMD, you’ll have to pay a penalty of 50% of the RMD amount.
Question: If I retire on 12-31-20, the annual leave lump sum is 2021 income. Will that potentially cause me to be over income for the FERS supplement. I am under age 59.
Answer: No, the lump sum annual leave payment will not count against the earnings limit for the lump sum.
Question: I am CSRS with 42 years in Will I receive any extra monies for sick leave balance
Answer: Yes… your service will be credited as 41 years and 11 months and then your sick leave is in addition… I remember an employee who retired with 64 years and 9 months of service and 2.5 years of unused sick leave credit… her retirement was computed at 85% of her high-three!
Question: Good morning and aloha Tammy; thank you for your wise information.
Question: If one is looking forward to receiving a transitional check for retiring under 62 years old…what is the threshold amount to earned income so as to NOT reduce your transitional check amount?
Answer: Aloha, Lisa! I think you are referring to the FERS Supplement? Th earnings limit for 2020 is $18,240. Here is an article I wrote on this: https://www.govexec.com/pay-benefits/2020/04/value-annuity-supplement/165040/
Question: i’m ready to retire but am moving in Sept. how much time should I plan to review and fill out forms, am looking a the Oct date you gave
Answer: It probably isn’t too early to get started… depending on the size of your agency, you may turn your application in 30 days in advance or 6 months! Smaller agencies generally don’t require as much notice to get things out on time.
Question: Is there any difference in retiring on 1/1/21 or 1/2/21 for CSRS?
Answer: Since 1/2/2021 is a Saturday, you would forfeit one day of retired pay for a day of $0 salary if you work M-F… otherwise, no difference.
Question: Regarding Social Security benefits, do I have to work until age 70 to ge the higher payment or can I retire at 68 and delay taking SS until age 70?
Answer: You can delay the payment even if you stop working earlier.
Question: I’ll be 70 in Feb. Still working aiming to retire 12/31/2021. Shoud I wait to apply for SocSec until I actually retire or apply when I’m 70?
Answer: I would probably make it effective the month of your 70th birthday (FEB 2021), you may contact SSA 3 months early to set the date so that you will get your first payment in March 2021.
Question: I believe you can start withdrawal from TSP at less than 59.5 without penalty if you meet full retirement status (age + 30 years). Can you verify?
Answer: Yes… you must be age 55 or older in the year you separate from federal service and take payments directly from the TSP (in other words, don’t transfer the money to an IRA first).
Question: You mentioned that OPM should be able to process most retirement applications within 60 days but what about delays within your own agency to process – how can we avoid that?
Answer: The best advice we can give you is to make sure your retirement paperwork is in order. Review it
before your agency sends it to OPM. Make sure you account for any prior federal or military service, break in service, deposits/redeposits, etc… Our federal benefits specialists can provide you more information – fedbenefits@narfe.org
Question: Tammy isn’t there some sort of formula to know how much sick leave to use before retiring to ensure you don’t lose any monetary value?
Answer: Yes… check out Understanding the FERS Basic Benefit (February 13, 2020) webinar where I talk about the computation of your retirement and the leftover sick leave (NARFE Federal Benefits Institute)
Question: Thank you. Is there a TSP webnair that discusses rollovers to Roth IRA’s
Answer: Take a look at this one. You must be logged in to access it. Smart TSP Strategies to Build a Strong Financial Future (February 27, 2020)
Question: Under FERS. can I have the last pay and accrued leave paychecks be separate checks? Can I roll the leave paycheck into an IRA? Thank you.
Answer: You generally can’t control how payroll pays out the last paycheck and unused annual leave payment… sometimes one payment and sometimes two. You cannot request that your leave payment be directly transferred to an IRA.
Question: Where can I get a calendar of the 2021 pay periods?
Answer: Try this site – https://www.nfc.usda.gov/Publications/Forms/1217n_21.pdf
Question: Hey, Tammy! Excellent presentation as always! I am CSRS (37 years). One of your slides showed December 3, 2021 as the best day at the end of 2021 to retire. Does that mean that I can’t retire on January 1, 2022 (end of PP26) as the magic date for then? I was thinking that I could retire then and still get a retirement check for January as well as get paid my lump sum Annual Leave check at 2022 pay scale. It sounds like it needs to be December 3, 2021, correct?
Answer: Sunday, January 2, 2022 is the beginning of the 2022 leave year. You need to retire before that date to be paid for use or lose annual leave. January 1 or December 31 are better dates. I listed December 31st on that slide as a good date for both CSRS and FERS. January 1st is not a great date since it is a Saturday and you wouldn’t be paid for that date.
Question: can I wait to withdraw my TSP until I turn 72
Answer: Yes, provided you had not yet turned 70 1/2 before the end of last year. The age for required minimum distributions was changed with the SECURE Act
Question: If you work Mon-Fri, for retirement purposes, is the pay for the partial pay period you work calculated and divided by 14 days of work, or 10 days. If 14 days, it seems that you should pick the Sunday after the pay period as a date to retire.
Answer: ? Not sure what you mean… if you work Mon – Wed and retire COB on Wednesday, you will be paid for 24 hours of work rather than 80. You won’t accrue annual/sick leave and your insurance premiums may be prorated.
Question: Why did you list Tuesday, November 30, 2021 as a good day to retire? Wouldn’t Saturday, November 27, 2021 be just as good?
Answer: Tuesday would give you salary payment for 16 more hours… either way your retirement will commence on December 1 with first payment due January 1
Question: Regarding the required min distribution, what is the minimum dollar amount or % that has to periodically withdrawn?? Thanks!!
Answer: https://www.tsp.gov/publications/tsp-775.pdf This publication will be updated before the end of 2020.
Question: There cant be very many CSRS eligible employees around. Is there any estimate at the number remaining?
Answer: It’s around 60,000
Question: I have restored annual leave and travel comp leave. Are those paid out or do I need to use this leave prior to retirement?
Answer: Travel comp – NO Restored A/L – YES
Question: I am CSRS retired, and will soon be 68 years old. I have both a TSP account balance I haven’t yet touched, as well as Traditional IRA accounts. Am I able to consolidate those accounts, i.e. roll over my IRA accounts into my TSP?.
Answer: If it is an IRA that has never been taxed (deductible) then it can be rolled over… check this out with TSP publication at tsp.gov or call ThriftLine for assistance.
Question: If I am understanding correctly I can retire sometime before the end of a payperiod and as long as I have 80 hours in for that payperiod i will get credit for the leave earned for that payperiod.
Answer: Yes… even though the pay periods generally end on Saturday… most employees finish their 80 hours on Friday.
Question: I want to retire Jan 2, 2021….is that a problem….CSRS
Answer: It’s a Saturday… you won’t receive any more salary than if you retire on January 1 unless you typically come to work on Saturdays.
Question: I have a Social Security question – My husband is 69 and still works and collects SS benefits. I will be 66 in February. Can I collect 1/2 of my husbands SS benefits now, and then when I turn 70 collect my own benefits?
Answer: Not any more… this used to be an option, but was taken away a few years ago: https://www.ssa.gov/benefits/retirement/planner/claiming.html#:~:text=Deemed%20filing%20means%20that%20when,full%20retirement%20age%20and%20beyond.
Question: Do you think the maximum number of hours of annual leave that can be carried forward in any given year may ne extended beyond 240 due to COCID-19?
Answer: It hasn’t gotten any serious discussion in Congress. I wouldn’t count on it, at least not at this point. I do think it’s a possibility though.
Question: Are there any published tables where you can figure out your sick leave creditable service, without making a formal request to your HR office?
Answer: It isn’t too hard to compute if you know how to subtract and add dates: https://www.opm.gov/retirement-services/publications-forms/pamphlets/ri83-8.pdf This computation works the same for CSRS and FERS.
Question: And with a CSRS offset, I can use the 1, 2, 3 of each month?
Answer: Yes!
Question: Speaking of ‘best day to retire’, what do you mean by ‘end of leave period’? As I understand it, so long as you retire at the end of any pay period you will earn annual leave for that pay period (8 hours for myself with 28 years of service so far).
Answer: A leave year begins on the first day of the first full biweekly pay period in a calendar year. A leave year ends on the day immediately before the first day of the first full biweekly pay period in the following calendar year.
Employees may carry over to the next leave year a maximum amount of accrued annual leave (240 hours for most employees). Use or lose annual leave is the amount of accrued annual leave that is in excess of the employee’s maximum annual leave limitation for carry over into the next leave year. Employees must use their excess annual leave by the end of a leave year or they will lose (forfeit) it. An agency may consider restoring annual leave that was forfeited due to an exigency of the public business or sickness of the employee only if the annual leave was scheduled in writing before the start of the third biweekly pay period prior to the end of the leave year.
Question: Do I have to actually work on Dec 31 if that is my chosen retirement date? if Fri Jan 1 i a holiday and Friday happens to be my regualr day off, then Thursday become my holiday.
Answer: If December 31 is your holiday, you can make your retirement effect COB December 31st, but you won’t have to come to work (or work from home!)
Question: If you have the minumum retirement age and 30 years, should you take advantage of the supplemental annuity and retire before age 62 or should you wait until age 62?
Answer: I would never retire early just to receive the supplement! Age 62 offers a more generous computation, longer to earn and add to TSP, COLA for FERS starts at 62, SSA is available at 62 which is larger than Supplement and also gets a COLA. FERS employees who can retire earlier than age 62 generally saved a lot in their TSP accounts (and not all invested in G Fund) and they sometimes plan to work after they retire… do your financial planning before deciding to pull the plug!
Question: Great presentation per usual from Ms. Flanagan! For CSRS, is it more beneficial to ensure that our separation date is at the end of a pay period? For example, Jan. 3, 2022 is my target but may be shy of the pay period. Thank you!
Answer: Thank you! The leave year starts on January 2, 2022… so if you are cashing in more than 240 hours of leave, don’t retire past January 1st!! That year, December 31, 2021 is probably your best date.
Question: Hi, The earliest I want to retire is fall of 2021. I get a salary increase in April 2021. Will that factor into my high 3 salary or do I need to wait a full year?
Answer: Your high-3 will include your new salary for as many days as it is in effect prior to your retirement… it is a daily average of your basic pay over 3 years.
Question: Are there tax reasons to retire Dec 31 vs Nov 30? I will be cashing in max AL.
Answer: If you retire on November 30, it is possible to receive your lump sum in the same year… but not guaranteed.
Question: Is there anything magic about waiting until I have 30 years in? I’m thinking to retire on Dec 31, 23
Answer: Depends on your age.
Question: What IS the FERS supplement? Is that the lump sum?
Answer: The FERS annuity supplement is a bridge payment you receive from the time you retire until you are eligible for SS at age 62. It is not the lump sum payment.
Question: Does it affect SSN payment if I have a few years of CSRS and the remaining year of service is under FERS
Answer: The CSRS years won’t count as earnings towards your SSA earnings history.
Question: how long it is taking to typically get your 1st retirement check
Answer: The average is a little over 60 days
Question: I am retiring at 62 in CSRS/Offset. Shouldn’t i claim SS at 62 since they will begin taking offset.
Answer: That depends… how much is the offset? Do you need the money? How much do you have in your TSP? Are you planning to work after you retire? Just because you will be impacted by the offset, is not an automatic reason to apply for SSA. Delaying your benefit will increase the lifetime payments.
Question: I am planning on retiring at the end of the year. I work 4 10 hour days Mon-Thurs. With the holiday being on a Friday, my holiday would be on Thursday 12/31/20 so I would plan on retiring on Thursday 12/31/20 to maximize my A/L payout, is that correct?
Answer: Yes!
Question: Some of those best retirement dates seemed to be prior to the end of the pay period or accumulation of 80 hours. If so then you are forfeiting the leave and sick leave hours, for that pay period, correct?
Answer: Yes… the end of the month trumps the end of the pay period!
Question: Does lump sum leave payment apply if I am planning to defer retirement (annuity) until age 60?
Answer: Yes… you will be paid for your balance of A/L within 6 – 8 (typically) weeks of your separation
Question: If my husband is younger than me and will collect on my social security, do I have to wait until full retirement to collect or is it just the spouse?
Answer: You are both eligible to receive SSA at age 62, but this is a reduced amount… this is actually a fairly complicated question… refer to the other SSA webinars that I mentioned for more information.
Question: If I am working as an independent contractor after retirement from the federal government and my new employer is paying my corporation for services provided, is the earning limit still applicable if I don’t take money as payroll beyond 18,000 and left any additional money in the corporation?
Answer: That’s a better question for a CPA or Financial advisor… The earning limit applies to earned income from wages, earnings, self employment.
Question: Is there a TSP webnair that discusses rollovers to Roth IRA’s
Answer: Take a look at – Smart TSP Strategies to Build a Strong Financial Future (February 27, 2020). You must logged in to access it
Question: Generally speaking, what is the estimated percentage of the OPM interim payment relative to your full expected full payment?
Answer: I believe it’s around 60%. I’ve seen it as high as 90%.
Question: Will all of my accrued sick leave count towards my retirement service?
Answer: It will count towards your years of service when your retirement is calculated
Question: If I work past my 72nd birthday, will I be required to withdraw money from TSP?
Answer: No. Not until you retire
Question: What percent of federal retirees leave their TSP savings in the TSP after retirement?
Answer: Over half, but that should increase with the new withdrawal options. If you want to leave the TSP, it’s advisable to leave at least $200 in the account to keep it active. Once you leave it altogether, you can’t go back.
Question: Do you think there will be an unusually large number of people retiring at the end of this year that will cause delays?
Answer: It’s hard to tell, but the retirement wave we’ve been talking about for years has yet to crash.
Question: Kenneth: How long does OPM typically take to compute the correct amount? How long can I expect interim checks?
Answer: They are averaging just over 60 days
Question: Do bonuses count toward salary in the calculation of the Hi-3?
Answer: No
Question: My agency hasn’t decided on the rules for who can get annual leave reinstated due to COVID-19, and being unable to use leave – any chance that OPM will be providing more guidance as a whole?
Answer: Not that I’m aware of, although many have asked, so I’m guessing OPM will have to address it soon.
Question: Will my accrued sick leave count towards my high three?
Answer: No, just years of service
Question: I plan on retiring this year, I will be 65 soon, can I defer withdraws from TSP until I turn 72
Answer: Yes
Question: Will there be a seminar on submitting retirement paperwork? Thanks for a great presentation.
Answer: Take a look at this webinar – Set Your Retirement Goals and Plan the Process (March 12, 2020). You must be logged in to access.
Question: There was talk about letting employees with past work history (after 1989) pay into retirement. This would be term or 180 day appointments which don’t pay into retirement. Any updates?
Answer: Still pending in committee. I don’t expect it to see congressional action.
Question: Does sick leave time add into the high three calculation?
Answer: No. it is added to years of service
Question: Do you think there will be an unusually large number of applications to retire at the end of this year that will cause extra delays?
Answer: There’s nothing at this point indicating that will be the case.
Question: Is there a lump sum payout for accrued sick leave?
Answer: No. It is added to your years of service
Question: Do you have a webinar that focuses on divorced/remarried feds and the special circumstances they face, or can I contact fedbenefits@narfe.org for that?
Answer: We do! It’s a little old at this point, but the information is still accurate. Divorce, Remarriage and Federal Benefits (April 11, 2019)