Ask The Experts: Retirement

By Reg Jones

Law enforcement retirement

Bookmark and Share

Q. I am a federal employee with law enforcement status. My mandatory retirement date is calculated as the end of the month in which I turn 57 years of age (March 31, 2014). However, I have determined that retiring at the end of the 2013 leave year, which is Jan. 11, 2014, is the best date for me to retire so that I may: 1) take advantage of the 100 percent sick leave credit now available to FERS employees, and 2) permit the maximum annual leave lump-sum payment available to me at that time. I can’t see any benefit to waiting until my maximum mandatory other than a few dollars in monthly annuity for service time between Jan 11 and March 31, 2014, as I would lose the extra annual leave accrual available to me if I retire Jan. 11. Do you see any errors in my analysis that would stick out as far as waiting to retire at my maximum mandatory date? Are there any other factors that I am not seeing?

A. Your analysis appears to make sense. To increase your confidence, you might want to have a financial analyst run the numbers to see which date makes the best sense.

Tags: , , , ,

Mandatory last day

Bookmark and Share

Q. I am in an 1811 law enforcement position and turn 57 in April 2012. What is the mandatory last day I am permitted to work?

A. Assuming that you will have 20 years of covered service, you will be separated on the last day of the month in which you turn 57.

Tags: ,

Transferring to a non-LEO position

Bookmark and Share

Q: I am a federal law enforcement employee with 20 years covered by the Federal Employees Retirement System FERS plus five years worth of military buyback time. I have six more years before I will face mandatory retirement at my 57th birthday. I want to transfer to a non-LEO position with another federal agency so I can keep working. Please confirm that if I do transfer to a non-LEO position with another federal agency that I can keep working past 57 and not face mandatory retirement, and that my 20 years of FERS LEO service will transfer over at the 1.7 percent per year retirement rate as a part of my overall pension. Neither the Office of Personnel Management nor my human resources office have confirmed this for me.

A: If you transfer to a noncovered position, you can continue working as long as you want. When you retire, your 20 years of covered service will be computed using the special, enhanced formula. The rest of your service will be calculated using the standard multiplier of 0.01 percent, unless you retire at age 62 or later. In that case, those years would be multiplied by 0.011 percent.

Tags: , , , , , , ,