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Thread: PessOptimist's Retirement Story

  1. #61

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    Default Re: PessOptimist's Retirement Story

    For retirement purposes your sick leave is counted at 6 hours vs. 8 hours. Make sure you do the calculations correctly or you can get screwed. If you are off by one hour you lose the whole month of sick leave. I left 3 days of sick leave on the books just to play it safe. Also depending if you are FERS or CSRS will depend where in the month you want to retire because it affects your first pay check.
    May the force be with us.

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  3. #62

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    Default Re: PessOptimist's Retirement Story

    Thanks for the replies.
    Quote Originally Posted by evilanne View Post
    I thought it was better to retire last day of month, why not June 30th? I believe if you retire in middle of pay period, you don't get any leave for that pay period. Suggest you request an updated retirement estimate based on the new date(s). The way they calculate your time is informative. Sick leave credit only counts in monthly increments so you want to use up any extra
    June 23rd is the end of a pay period. I just picked it because of that. Got to request the retirement estimate for the new date.
    Quote Originally Posted by nasa1974 View Post
    For retirement purposes your sick leave is counted at 6 hours vs. 8 hours. Make sure you do the calculations correctly or you can get screwed. If you are off by one hour you lose the whole month of sick leave. I left 3 days of sick leave on the books just to play it safe. Also depending if you are FERS or CSRS will depend where in the month you want to retire because it affects your first pay check.
    Nasa, I am not understanding the 6v8 hour thing. To complicate it further my normal AWS is 4x10. So since I get 4 hours sick leave per pay period or about 8 hours per month you are saying it increases my credited fed time by 6 hours per month?. After 20 years with this agency I am used to getting screwed administratively. Usually from bad or no information from HR about things and me not checking it out for myself. I am FERS and do understand that my first interim amount retirement check will come the first of August if I retire on June 23rd.
    Again, thanks for the inputs. Perhaps I am not thinking correctly but one month’s sick leave credit for me would be about .3% of my high 3?
    PO

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  5. #63

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    Default Re: PessOptimist's Retirement Story

    PO,

    I would think the calculations for sick time should be the same since I retired. I will try to find my notes and give you some exact numbers. It may take a few days.
    May the force be with us.


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  7. #64

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    Default Re: PessOptimist's Retirement Story

    The Best [Not FERS] day for me was Jan 1st!
    And Yes I had to notify my Supervisor, lots of stuff to do before I left.



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  9. #65

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    Default Re: PessOptimist's Retirement Story

    Nasa, don’t bother as I think I have it figured out. The actual calculation is not easy to find on the OPM site and what is there is for CSRS. So, I contacted my HR retirement person at the mother of the mother agency and she is usually pretty good at finding answers. She told me once my questions made her better at her job. Imagine, a .fed wanting to be knowledgeable about the job.

    Since I will retire at a maximum of around 200 hours of sick leave, I think this is not worth worrying about too much. Yes, an additional month of credit toward the calculation will amount to additional money, perhaps an order of chicken tenders per month or a stingy tip for a restaurant meal 3 times a year. Yes, I will hate letting a day of sick leave go away when I could be “sick” but there are a lot of other things to consider about this.

    PO

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  11. #66

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    Default Re: PessOptimist's Retirement Story

    Quote Originally Posted by nnuut View Post
    The Best [Not FERS] day for me was Jan 1st!
    And Yes I had to notify my Supervisor, lots of stuff to do before I left.
    Nnuut, there is no best day for me from what I read since I am retiring in the middle of the year.


    Personally, it WILL be the best day of my life.


    You are absolutely correct that if you have any responsibilities at all you need to take care of them before you leave. Some to protect yourself about property and some to state that you will no longer be available as POC on ongoing projects.

    If you have a job with no responsibilities other than doing your bureaucratic function or just don’t care, see ya.

    If I have learned one thing in the past year it is that responsibilities for projects that belonged to persons in your chain of command may be given to you and were not a concern to the person departing. You find out when a deadline is passed without action. In the past year I have had three WB bosses depart and three GS13/14 depart and leave their responsibilities with me, a WB. The GS-12s acting for the missing 14 have never been hesitant to pass the responsibility on to a WB person and no info at all on what has happened or where the project is because they do not know. Not in my PD which is to supervise a team of craftspersons but I try.

    To anyone worried about my complaints, about a year ago management announced they were formulating a business plan to correct problems with the management culture here. No news since and the person who stated that has moved on to a higher GS position. I am sure it will be “fixed” soon.

    Sorry for the whining. Thanks for the retirement info.

    PO

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  13. #67

    Default Re: PessOptimist's Retirement Story

    Sorry for the whining. Thanks for the retirement info.


    PO, it is amazing how things you have put up with for half your career become unbearable when you get within six months of retirement! Ha!

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  15. #68

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    Default Re: PessOptimist's Retirement Story

    A month = 174 hours, so you can take your current sick leave & divide by 174 to see approximately how many days/months/years you have. Actually it will calculate months & days, but you will continue to accrue hours each pay period until you retire. The monthly calculation it at top level that is calculated in months/days from the day you started until you last day. Once calculated they will round off in months--this is why it is important to get retirement estimate, which will make the calculations clearer. See https://www.opm.gov/retirement-services/publications-forms/csrsfers-handbook/c050.pdf and https://www2.usgs.gov/humancapital/p...RSIONCHART.pdf or https://www.opm.gov/retirement-services/publications-forms/csrsfers-handbook/c050.pdf

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  17. #69

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    Default Re: PessOptimist's Retirement Story

    Cashing in the MAX AL at retirement was a Great thing to do!!!! $$$$$$$$$



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  19. #70

    Default Re: PessOptimist's Retirement Story

    remember high three is calculated from your last day back. they got me on that with a buy out at the end of Sept '16. so all of a sudden monthly retirement check is less than what I had counted on. it would have been better for me not to take the buyout and just stayed until end of Dec.

    Quote Originally Posted by PessOptimist View Post
    Nnuut, there is no best day for me from what I read since I am retiring in the middle of the year.


    Personally, it WILL be the best day of my life.


    You are absolutely correct that if you have any responsibilities at all you need to take care of them before you leave. Some to protect yourself about property and some to state that you will no longer be available as POC on ongoing projects.

    If you have a job with no responsibilities other than doing your bureaucratic function or just don’t care, see ya.

    If I have learned one thing in the past year it is that responsibilities for projects that belonged to persons in your chain of command may be given to you and were not a concern to the person departing. You find out when a deadline is passed without action. In the past year I have had three WB bosses depart and three GS13/14 depart and leave their responsibilities with me, a WB. The GS-12s acting for the missing 14 have never been hesitant to pass the responsibility on to a WB person and no info at all on what has happened or where the project is because they do not know. Not in my PD which is to supervise a team of craftspersons but I try.

    To anyone worried about my complaints, about a year ago management announced they were formulating a business plan to correct problems with the management culture here. No news since and the person who stated that has moved on to a higher GS position. I am sure it will be “fixed” soon.

    Sorry for the whining. Thanks for the retirement info.

    PO
    "Our Constitution was made only for a Moral and Religious people. It is wholly inadequate to the goverment of any other." John Adams 10/11/1798

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  21. #71

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    Default Re: PessOptimist's Retirement Story

    Quote Originally Posted by Valkyrie View Post
    remember high three is calculated from your last day back. they got me on that with a buy out at the end of Sept '16. so all of a sudden monthly retirement check is less than what I had counted on. it would have been better for me not to take the buyout and just stayed until end of Dec.
    Thanks Valkyrie, shouldn’t be a factor as my last pay raise was 1 Oct and I damn sure am not sticking around until 1 Oct 18.

    Thanks everyone for all the inputs. I have been looking at all the info and based on past retirement estimates the estimated sick leave credit actually appears to be computed using 2087 hours per year which is 173.91666... hours per month which is 5.797222... hours per day.

    This explains why projected sick leave balance of 298 hours calculates to 1 month 22 days instead of 1 month 21.67 days using factors 174 and 6. I suspect that just like your SS computation they are using fractions in this case 12ths and 30ths.

    More importantly I noticed reviewing past estimates that I always used the end of a month which always left me with 23 days “Total Title Credit” since my start date was the 8th of the month. My latest estimate request is for the end of a pay period which is the 23rd so I think my credit will be 21 years 0 months and 16 days still leaving some on the table.

    Maybe a better retirement commencement date would be the 7th or 8th in the long run. Of course that may change my first interim payment to a month later. But it would mean one more working payday coming in. So many things to think about.

    PO

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  23. #72

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    Default Re: PessOptimist's Retirement Story

    Thinking about things pertaining to my retirement, what to do about the catch up contribution to TSP?

    The TSP and IRS language is “you must elect to contribute the maximum amount before you are eligible to make catch-up contributions”. The 2018 max is $18,500 which is $712 per pay period. If I also continue to contribute $231 per pay period for catch up and then retire mid-year, have I fulfilled the requirement of contributing the maximum? Will the IRS come after me like I was Al Capone? Will they demand I put an additional $7820 in to TSP? Will they demand I pay taxes on the $3465 catch up contributions?

    Being able to contribute the max and catchup amounts per year has been a good but not easy place to be. The question was brought up by a wannabe retirement advisor. Not sure if I am serious about even bringing it up here.

    PO


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