It would be a trade off for CSRS if under NSPS. Get paid for your leave or if you don't retire until 3 January, you're entitled to an NSPS payout because that is the start of the new leave year. Correct?
Re: What about NSPS
Civil Servant DOD Wed Apr 15, 2009 1:25 PM
I have been told you have to be on board the Monday (January 4th) after the effective date of the payout (Sunday January 3rd) to be eligible for the NSPS payout. I asked, because I am eligible under CSRS.
If you are CSRS or FERS it will probably affect your timing (selection of retirement date) and whether you can carry over your AL. If CSRS, you can only carry over 240 to CY 2010 if you want to be on board January 4th to receive your payout, because you are in a new "leave year."
Anyone have other information?
When is best day to retire under FERS
Mr Dale Samson DOT/FAA Tue Apr 14, 2009 9:35 AM
If you have annual leave and you max out social security. I say you should retire so that your lump sum payment for leave comes during the year that you payed your social security. If you wait and receive the lump sum payment next year, then you will have to pay social security on that money. retire October 31 or November 30, so that you get your lump sum without the social security penalty.
IDEAL RETIREMENT DATE IN 2009
Human resources assistant dept of navy Tue Apr 14, 2009 9:46 AM
I plan to retire 02 Aug 2009. Since 02 Aug is on a Sunday will I not get paid for that day.
Re: IDEAL RETIREMENT DATE IN 2009
Computer Scientist DON Tue Apr 14, 2009 11:40 AM
If I understand it correctly, if you retire on Aug 02, your annuity starts Aug 03, so you would lose two days of annuity (Aug 02 and 03). If you retire on July 31 (which I'm planning on), your annuity starts Aug 01, so you wouldn't lose any days in August. This is similar to the author's example at the end of the article.
Re: IDEAL RETIREMENT DATE IN 2009
Computer Scientist DON Tue Apr 14, 2009 5:52 PM
oops, I meant to say "you would lose two days of annuity (Aug 01 and 02)", not "you would lose two days of annuity (Aug 02 and 03)".
Additional consideration for retirement date
Social Worker VA Tue Apr 14, 2009 9:48 AM
Wouldn't you lose a day of annual leave if you do not retire on the last day of a pay period?
If so, it might be better under CSRS to retire on 1/2/10, giving up one day of annuity pay, but receiving the extra day of annual leave which would be computed at the 20010 salary increase.
Re: Additional consideration for retirement date
Computer Scientist DON Tue Apr 14, 2009 11:26 AM
According to the article on the following link, you can retire on a Friday and still accrue 8 hours annual leave: http://www.fedsmith.com/article/657/
The BEST day to retire?
Technical Training Advisor FAA Tue Apr 14, 2009 9:59 AM
There are both tangible and intagible things that enter into the calculations. While JAN 01,2010 is the most fiscally beneficial ... there is also a certain poetry to July 03, 2009. It is the end of a payperiod, the 3rd day of the month and the next day is Independence Day.
CSRS Retirement - Annual leave payouts
Program Analyst DOD Tue Apr 14, 2009 11:46 AM
If an employee is in a BRAC'd organization and they have been saving their use or lose for three years -- will the payout be based on an hour for hour or is there a limit on what can be earned and paid. So far a total of 456 hours has been saved, with the intention of saving two more years of the use or lose of 208 (416), plus the 240 reserve. This would bring the total payout to a little over 1100 hours of annual leave to be paid out.
I believe that a CSRS employee may roll-over his/her lump sum annual leave into the TSP Fund(s) during the final stages of retirement from civil service. After retiring, and if age 59 1/2, the employee can then withdrawal his/her TSP funds, and then pay the required Federal taxes.
Wages for Roth IRA?
CSRS Retired DA Tue Apr 14, 2009 1:28 PM
My best date for CSRS retirement in 2009 was Jan 2 and I also cashed in 568 hours of AL (360 + 208). Will I get a W2 or a 1099 for that income received in 2009? Are those funds considered wages and can they be used to fund a Roth IRA?
Best day to retire
Postmaster United States Postal Service Tue Apr 14, 2009 3:57 PM
With a hire date of late March, I've always said the best day to retire would be April 1st, of whatever year.....
Excellent article
Inventory Specialist Dept. of Defense Wed Apr 15, 2009 10:11 AM
With so many people retiring, this type article would provide great benefit to all and would be appreciated this time of year, every year.
This article states "The balance could be more if it includes restored leave, “BRAC leave”, compensatory time or credit hours." According to our HR staff any compensatory time (regular or travel) is forfieted on retirement and you will not get paid for any on the books. I was told the only things I would be compensated for were annual leave and credit hours.
Best Day to Retire
Technical Advisor IRS Fri Apr 17, 2009 7:27 AM
I plan to retire on July 3. 2009. Is this the best day for me? I am a CSRS employee.
Re: Best Day to Retire
Fed Gov Fri Apr 17, 2009 8:58 AM
Yes - I believe that would be the best day for you because it is the third day of July 2009. I also believe the ninth day of October would be a good day. My sources also say the fifteenth day of 2013 would be a good day because the moon will be in an inverted elliptical magnetic solar phase.
Re: Best Day to Retire
Specialist Federal Agency Tue Apr 28, 2009 10:27 AM
It is for me! It's my new Independence Day!
Retiring on 1/1/2010
Team Manager IRS Fri Apr 17, 2009 8:09 AM
There seems to be some confusion as to whether or not you can retire on a holiday and get paid for that day. If a CERS employee is retiring at the end of 2009, would it be more prudent to retire on 1/2/2010 to ensure that 8 hours annual leave is credited for the last pay period and employee is paid for 1/1/2010.What do the actual time and attendance regulations state as the rule for this situation?
Income Taxes vs. ideal retirement date
ASI FAA Mon Apr 20, 2009 8:11 AM
If you receive all this money in 2009, won't your taxes be substantially higher, than if you were to retire January 31, 2010, when your lower total income would be much lower and therefore a much lower tax owed?
Has anyone calculated this "offset"?
DEDUCTION OF MED. PREMIUMS UPON RETIRE.
LOCK/ DAM OPERATOR U.S. ARMY, CORPS OF ENGRS. Fri Apr 24, 2009 5:41 PM
i am a c.s.r.s. employee. when i retire in a year or two, will my medical insurance premiums be taken out of my pension check, or will i pay that separate? will i still be in the group plan as a retiree for blue cross and blue shield?
thank you
Retirement 2011
Area Specialist Rural Development Sun Apr 26, 2009 8:14 AM
My retirement is 06/24/2011 according with my annual statement received. What is the recommendation?
In 06/24/2011 or 01/01/2012.
I am CSERS and will be both 60 years of age and have 30 years of Federal Service this coming February 2010. Which would be the earliest date I could plan on retiring with the best benefits?
What about NSPS
ANALYST DON Tue May 5, 2009 9:24 AM
From an article authored by Tammy Flanagan, senior benefits director for the National Institute of Transition Planning, Inc, "For example, an employee who retired on Jan. 2, 2010, would not be eligible for a performance payout, because the new leave year begins on Jan. 3 2010." If on the rolls 3 January (if that is the effective date of your retirement and you are CSRS), you are entitled to an NSPS payout.
COLA
Clerk-FERS U.S.P.S. Fri Jun 19, 2009 3:10 PM
On Dec.25,2009 I will turn 56 and I will have just shy 24 years. I also have bought back my military time which amounts to 3years 11 months and 26 days. My question is how do I go about calculating how bad retiring with almost 28 years and not being eligible to receive a cola for six years could possibly hurt me. I enjoy reading your column and have been for a long time.
Looking forward to retiring but don't want to be short changed or experience a decrease in my buying power.
Thank You again,
Noel
Retirement in 2010
Information Services Officer DHS CIS Mon Jun 22, 2009 11:40 AM
I'll be 62 in 3/10; am going to start 2010 w 240 hrs AL from 2009; want to retire in March-GOD WILLING & I can sell the house. Should I retire on 3/31? And, if I do, what taxes will be taken out, ie SS, Federal, State, TSP repayment of loan, TSP contribution, health & life & dental & vision, union dues, medicare??
3 Jan 2010 and NSPS
Human Resources Specialist Army Wed Jun 24, 2009 10:11 AM
Yes, GS CSSR folks would be better off if they retired on the 1st of Jan instead of the 3rd, unless those extra two days would earn them another months credit (1/6%) But, I've heard that NSPS employees must be on the rolls. and in a NSPS position, on the effective date of the NSPS payout inorder to receive any PfP-either base pay increase or bonus.
Thought is: If a NSPS CSSR employee retires on 3 Jan 2010, would they get any basic pay increase or bonus they would otherwise have received on the 3rd, had they not retired?
isn't this sad
it specialist usda Fri Jul 10, 2009 7:28 PM
Well, we can see the end result of the decimation of the HR staffs right here. Remember when you had someone to go to to actually answer questions for you. Kiss that time good-bye. I feel sad for the new employees - they are screwed.
retire in 2009
dietitian veterans adm medical center Wed Aug 19, 2009 6:38 AM
I work part time, 40 hrs pay period- Mon, Tues, Wed. I am under CSRS. since Jan 1 is the holiday, and my scheduled day off, Is Jan 1, 2010 still the best day for me?
RETIREMENT AS OF 21ST
exec dirfounder PEOPLES OUTREACH Fri Sep 4, 2009 9:54 AM
take it or lump it!
halleluyah!
2010 retirement dates
Greg Energy Dept Thu Sep 24, 2009 10:32 AM
I'm thinking of retiring on May 31 2010 and am a CSRS employee. My annuity would then start on June 1 for the full month. Since May 31 is a fed holiday next year, will I be paid for the holiday?
Retirement date
Revenue Agent Internal Revenue Service Wed Oct 28, 2009 5:18 PM
I am am under FERS retirement plan. I planned on retiring 12/31/2009. The president signed the defense bill which allows FERS sick leave to count toward service credit like CERS. Would it be better to wait until January 4, 2010 in order to receive 50% credit toward time in service. Also would I lose my use or lose annual leave if I waited until this date? I have accumulated around 440 hours at year end.
What about NSPS
DON
Tue Apr 14, 2009 8:44 AM
It would be a trade off for CSRS if under NSPS. Get paid for your leave or if you don't retire until 3 January, you're entitled to an NSPS payout because that is the start of the new leave year. Correct?
Re: What about NSPS
DOD
Wed Apr 15, 2009 1:25 PM
If you are CSRS or FERS it will probably affect your timing (selection of retirement date) and whether you can carry over your AL. If CSRS, you can only carry over 240 to CY 2010 if you want to be on board January 4th to receive your payout, because you are in a new "leave year."
Anyone have other information?
When is best day to retire under FERS
DOT/FAA
Tue Apr 14, 2009 9:35 AM
If you have annual leave and you max out social security. I say you should retire so that your lump sum payment for leave comes during the year that you payed your social security. If you wait and receive the lump sum payment next year, then you will have to pay social security on that money. retire October 31 or November 30, so that you get your lump sum without the social security penalty.
IDEAL RETIREMENT DATE IN 2009
dept of navy
Tue Apr 14, 2009 9:46 AM
I plan to retire 02 Aug 2009. Since 02 Aug is on a Sunday will I not get paid for that day.
Re: IDEAL RETIREMENT DATE IN 2009
DON
Tue Apr 14, 2009 11:40 AM
Re: IDEAL RETIREMENT DATE IN 2009
DON
Tue Apr 14, 2009 5:52 PM
Additional consideration for retirement date
VA
Tue Apr 14, 2009 9:48 AM
Wouldn't you lose a day of annual leave if you do not retire on the last day of a pay period?
If so, it might be better under CSRS to retire on 1/2/10, giving up one day of annuity pay, but receiving the extra day of annual leave which would be computed at the 20010 salary increase.
Re: Additional consideration for retirement date
DON
Tue Apr 14, 2009 11:26 AM
http://www.fedsmith.com/article/657/
The BEST day to retire?
FAA
Tue Apr 14, 2009 9:59 AM
There are both tangible and intagible things that enter into the calculations. While JAN 01,2010 is the most fiscally beneficial ... there is also a certain poetry to July 03, 2009. It is the end of a payperiod, the 3rd day of the month and the next day is Independence Day.
CSRS Retirement - Annual leave payouts
DOD
Tue Apr 14, 2009 11:46 AM
If an employee is in a BRAC'd organization and they have been saving their use or lose for three years -- will the payout be based on an hour for hour or is there a limit on what can be earned and paid. So far a total of 456 hours has been saved, with the intention of saving two more years of the use or lose of 208 (416), plus the 240 reserve. This would bring the total payout to a little over 1100 hours of annual leave to be paid out.
TSP payments cannot, by law, be taken out of lump
USMEPCOM
Tue Apr 14, 2009 12:22 PM
I believe that a CSRS employee may roll-over his/her lump sum annual leave into the TSP Fund(s) during the final stages of retirement from civil service. After retiring, and if age 59 1/2, the employee can then withdrawal his/her TSP funds, and then pay the required Federal taxes.
Wages for Roth IRA?
DA
Tue Apr 14, 2009 1:28 PM
My best date for CSRS retirement in 2009 was Jan 2 and I also cashed in 568 hours of AL (360 + 208). Will I get a W2 or a 1099 for that income received in 2009? Are those funds considered wages and can they be used to fund a Roth IRA?
Best day to retire
United States Postal Service
Tue Apr 14, 2009 3:57 PM
With a hire date of late March, I've always said the best day to retire would be April 1st, of whatever year.....
Excellent article
Dept. of Defense
Wed Apr 15, 2009 10:11 AM
With so many people retiring, this type article would provide great benefit to all and would be appreciated this time of year, every year.
GETTING PAID FOR COMP TIME ON RETIREMENT
Nuclear Regulatory Commission
Thu Apr 16, 2009 10:50 AM
This article states "The balance could be more if it includes restored leave, “BRAC leave”, compensatory time or credit hours." According to our HR staff any compensatory time (regular or travel) is forfieted on retirement and you will not get paid for any on the books. I was told the only things I would be compensated for were annual leave and credit hours.
Best Day to Retire
IRS
Fri Apr 17, 2009 7:27 AM
I plan to retire on July 3. 2009. Is this the best day for me? I am a CSRS employee.
Re: Best Day to Retire
Gov
Fri Apr 17, 2009 8:58 AM
Re: Best Day to Retire
Federal Agency
Tue Apr 28, 2009 10:27 AM
Retiring on 1/1/2010
IRS
Fri Apr 17, 2009 8:09 AM
There seems to be some confusion as to whether or not you can retire on a holiday and get paid for that day. If a CERS employee is retiring at the end of 2009, would it be more prudent to retire on 1/2/2010 to ensure that 8 hours annual leave is credited for the last pay period and employee is paid for 1/1/2010.What do the actual time and attendance regulations state as the rule for this situation?
Income Taxes vs. ideal retirement date
FAA
Mon Apr 20, 2009 8:11 AM
If you receive all this money in 2009, won't your taxes be substantially higher, than if you were to retire January 31, 2010, when your lower total income would be much lower and therefore a much lower tax owed?
Has anyone calculated this "offset"?
DEDUCTION OF MED. PREMIUMS UPON RETIRE.
U.S. ARMY, CORPS OF ENGRS.
Fri Apr 24, 2009 5:41 PM
i am a c.s.r.s. employee. when i retire in a year or two, will my medical insurance premiums be taken out of my pension check, or will i pay that separate? will i still be in the group plan as a retiree for blue cross and blue shield?
thank you
Retirement 2011
Rural Development
Sun Apr 26, 2009 8:14 AM
My retirement is 06/24/2011 according with my annual statement received. What is the recommendation?
In 06/24/2011 or 01/01/2012.
Aida
riveraaidaluz@gmail.com
RETIREMENT
Treasury
Sun May 3, 2009 9:02 AM
I am CSERS and will be both 60 years of age and have 30 years of Federal Service this coming February 2010. Which would be the earliest date I could plan on retiring with the best benefits?
What about NSPS
DON
Tue May 5, 2009 9:24 AM
From an article authored by Tammy Flanagan, senior benefits director for the National Institute of Transition Planning, Inc, "For example, an employee who retired on Jan. 2, 2010, would not be eligible for a performance payout, because the new leave year begins on Jan. 3 2010." If on the rolls 3 January (if that is the effective date of your retirement and you are CSRS), you are entitled to an NSPS payout.
COLA
U.S.P.S.
Fri Jun 19, 2009 3:10 PM
On Dec.25,2009 I will turn 56 and I will have just shy 24 years. I also have bought back my military time which amounts to 3years 11 months and 26 days. My question is how do I go about calculating how bad retiring with almost 28 years and not being eligible to receive a cola for six years could possibly hurt me. I enjoy reading your column and have been for a long time.
Looking forward to retiring but don't want to be short changed or experience a decrease in my buying power.
Thank You again,
Noel
Retirement in 2010
DHS CIS
Mon Jun 22, 2009 11:40 AM
I'll be 62 in 3/10; am going to start 2010 w 240 hrs AL from 2009; want to retire in March-GOD WILLING & I can sell the house. Should I retire on 3/31? And, if I do, what taxes will be taken out, ie SS, Federal, State, TSP repayment of loan, TSP contribution, health & life & dental & vision, union dues, medicare??
3 Jan 2010 and NSPS
Army
Wed Jun 24, 2009 10:11 AM
Yes, GS CSSR folks would be better off if they retired on the 1st of Jan instead of the 3rd, unless those extra two days would earn them another months credit (1/6%) But, I've heard that NSPS employees must be on the rolls. and in a NSPS position, on the effective date of the NSPS payout inorder to receive any PfP-either base pay increase or bonus.
Thought is: If a NSPS CSSR employee retires on 3 Jan 2010, would they get any basic pay increase or bonus they would otherwise have received on the 3rd, had they not retired?
isn't this sad
usda
Fri Jul 10, 2009 7:28 PM
Well, we can see the end result of the decimation of the HR staffs right here. Remember when you had someone to go to to actually answer questions for you. Kiss that time good-bye. I feel sad for the new employees - they are screwed.
retire in 2009
veterans adm medical center
Wed Aug 19, 2009 6:38 AM
I work part time, 40 hrs pay period- Mon, Tues, Wed. I am under CSRS. since Jan 1 is the holiday, and my scheduled day off, Is Jan 1, 2010 still the best day for me?
RETIREMENT AS OF 21ST
PEOPLES OUTREACH
Fri Sep 4, 2009 9:54 AM
take it or lump it!
halleluyah!
2010 retirement dates
Energy Dept
Thu Sep 24, 2009 10:32 AM
I'm thinking of retiring on May 31 2010 and am a CSRS employee. My annuity would then start on June 1 for the full month. Since May 31 is a fed holiday next year, will I be paid for the holiday?
Retirement date
Internal Revenue Service
Wed Oct 28, 2009 5:18 PM
I am am under FERS retirement plan. I planned on retiring 12/31/2009. The president signed the defense bill which allows FERS sick leave to count toward service credit like CERS. Would it be better to wait until January 4, 2010 in order to receive 50% credit toward time in service. Also would I lose my use or lose annual leave if I waited until this date? I have accumulated around 440 hours at year end.