Search:

Custom Search

Readers' Comments

Total Comments: 26
Page 2 of 2

« Previous | Next »

Sick Leave, FERS, and Delaying Retirement

Fers & NAFI retirement

Engineering Draftsman
DoD
Tue Oct 13, 2009 8:53 AM

Post Reply

I worked my first 14 years under NAFI and was converted in 1995 to Fers with hundreds of other employees. The HR Office forgot to notify us to elect by 10 August 1997 to transfer our retirement contribution to Fers or to stay with NAFI. I encourage everyone who is in that position to read Benefit Admin. Letter 96-108. When I went to my first Retirement Seminar in 2005 I found out about it. The HR Office’s mistake will cost me between #365.00 to $400.00 per month in annuity, depending when I will be able to retire. If I would have been notified in a timely manner to combine my retirement contribution the reduction would have been less. The gap in time, 10 years later, would cost me the greater reduction in annuity if I had selected Fers and transfer my NAFI retirement funds over to Fers in 2005. Luckily, I will have 20 years Fers when I reach 62. My 14 years NAFI are only worth $218.00 per month. EBIS numbers to not reflect the truth about my retirement. But it is better to find out before I retire and have to end up at Walmart as a greeter.

Retiring

Analyst
USDA
Tue Oct 13, 2009 11:46 AM

Post Reply

I am retiring as soon as I can go without a reduction in my annunity. I don't care, I am tired and ready to go.
I have over 20 years of service (FERS) and will be 60 years of age soon. I'm gone - I need the rest. I worked other places (city government and private industry) so my total amount of time in the workforce is almost 37 years - time to retire and enjoy!

Don't stay 4 more years to wait for sick leave

Del Brett
usps EARLY OUT
Tue Oct 13, 2009 8:15 PM

Post Reply

Yes I got out early from the post office even though I am not old enough to retire. I had a senior mail processor job with weekends off and it appeared to be secure. Its been 3 years now and my dps machine job has been gone about 2 years to a larger office and I never expected that to happen. I never liked the night hours and they never replaced workers that left and kept putting more and more work on people and we had managers that were not real fair. I never once thought I should of stayed and can't believe the post office has failed as much as it has in 3 years. Am proud that I haven't had to work and have not sold any investments and have made it work with stock dividends and interest and got to enjoy life more and alot sooner than people who stay 30 or more years. Its different if you have a job you like and hours you like. I say don't wait for the sick leave benefits in 4 years unless you really need the 20 or 30 dollars a month even though I had over 2100 hours saved.

Thanks for the perspective

Engineer
DoD
Fri Oct 16, 2009 10:17 AM

Post Reply

Thanks to all for putting in your comments. It helps me to keep retirement in the back of my head. I get to retire when the kids get out of college, and, coincidentally, I will be 67 and 1/2 and have 20 years in the gov't! I have never figured out the whole 20 years retirement thingie. I am in FERS. Doesn't that mean that once you are vested, you can retire and get all the money I put into it plus all the gov't contributions?

Re: Thanks for the perspective

Analyst
USDA
Mon Nov 2, 2009 11:53 AM
Under FERS, you can retire on full annuity with 20 years of service provided you are at least 60 years old. You don't have to wait for 30 years of service. Also under FERS, you should retire at the end of the month. So if you want to retire in January, choose January 31 as your retirement date. When you choose January 31, your annuity starts on February 1. If you choose January 1, 2, 3 or some other date, your annunity does not start until March 1.

Re: Thanks for the perspective

Analyst
USDA
Mon Nov 2, 2009 12:11 PM
Life is too short. Something to think about: ever look at the obituary page? A lot of people leave this world before 67 1/2 - you might want to re-think that. No one promised you that you would be around. You got a written guarantee that no one else knows about? I say retire at the earliest opportunity and enjoy! Plus if you are putting those children through college, get them to pay something back! Who says they can't give Mom or Dad a few bucks here and there if they can afford it?

FERS sick leave and FMLA

Retired
VA
Tue Oct 20, 2009 11:59 AM

Post Reply

The Head Custodian at USPS who said "How about just getting FMLA the last year or two before retirement and burning it up and getting full dollar value before you retire? Now thats an idea...duh! You can stay home for 6 months getting full pay and using up your sick leave and get a feel of what retirement is like before your actually retired." should read the FMLA requirements. This would be a flagrant misuse of a valuable benefit.

Re: FERS sick leave and FMLA

Analyst
USDA
Mon Nov 2, 2009 12:01 PM
Head Custodian's thinking appears not to be logical to say the least. While I do agree that all of these comments about "staying or not staying" is a little on the "duh" side, using sick leave just to see how retirement would be is a little "out there."
Total Comments: 26
Page 2 of 2

« Previous | Next »

Add a Comment about this Article

** All fields are required.
Note: Your comments will not show up right away. FedSmith.com selects the most insightful comments from our readers for posting. If selected, your comments will show up in the comments section after they have been reviewed and approved. See our terms of use for more information.