By Reg Jones
July 3rd, 2012 | Uncategorized
Q. I have 44 years of civilian service under CSRS and 2,400 hours of unused sick leave. Will the year of sick leave be added to my years of service and give me 82 percent annuity or just 80 percent annuity?
A. Sick leave isn’t subject to the 80 percent annuity limit, which applies to any retiree who has reached 41 years and 11 months of service. Your unused sick leave will be added to your actual service and used to increase the amount of your annuity. Therefore, your 2,400 hours would add one year and one month to your earned annuity and increase it by 2 and 1/6 percent. Note: Because you have actual service beyond 41 years and 11 months, you’ll be given the option of receiving a refund of your excess contributions, plus interest, or purchasing additional annuity which, like unused sick leave, isn’t subject to the 80 percent limit.
July 5th, 2012 at 7:50 am
36 more hours of sick leave and you will have 1 year and 2 months added. Or an additional 2.33%. If you don’t add another 36 hours to your balance, you will lose all unused sick leave above 2262 hours. Check with your local retirement specialist.