By Reg Jones
November 14th, 2012 | Uncategorized
Q. I am a FERS employee with 20 years’ service as of July 20. I plan to retire in 2013; however, I am not sure when I should go out. I will be 62 on June 20 and will reach my 21-year anniversary with the service July 20.
I plan to use all of my annual leave and go out on what is considered terminal leave, so depending on my retirement date, I could stop work in May and be on annual leave until my official retirement date.
Will it really make that much of a difference in retirement pay if I go out at the end of June or the end of July? I do plan on jumping on the Social Security bandwagon at 62.
I have 21 years of active-duty military service and have been collecting retirement from that since May 1992. I do not plan to have this put in the equation, as I do not want to give that up at all.
A. Nothing in federal civilian law or regulations permits an employee to take terminal leave. Therefore, your question about which approach makes better financial sense is moot.