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2012 COLA Update
Federal retirees in the CSRS retirement system will receive a COLA increase
of 3.6 percent in their annuities in 2012, while FERS retirees
will receive a 2.6 percent increase. Complete COLA
information is available on this site.
Retiree JOB Opportunities
Many job opportunities are available for federal retirees − and those planning to
retire soon − to earn additional income in retirement. Our
Jobs Board has updated listings targeted
to federal retirees. Many companies seek out retired federal employees due
to their government experience and contacts. You can also explore high
paying
opportunities for those that hold current Security Clearances.
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There are two primary types of federal retirement, the
Civil Service Retirement System
(CSRS) and the Federal Employees
Retirement System (FERS). We discuss both options and show you how
to determine your eligibility date. You may or may not be
financially,
emotionally,
or physically
prepared to retire on your eligibility date. Each person must evaluate
their own unique personal situation before making this critical
decision.
This section will help you determine when you are eligible and then
visit the annuity page to determine what your
monthly annuity payment will be when you leave. We also offer a
retirement cost analysis spreadsheet that
you can complete to determine exactly what you will have to live on in
retirement and
left over after paying your monthly bills.
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Is it YOUR Time to Leave!
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This section will help you determine when you first become eligible for either
CSRS or FERS retirement. There is much more to consider with this life altering
decision and we offer many planning tools on this site to help you decide if the
time is right for you to leave. The sooner you start planning the better off you
will be when you actually leave. If you have questions about
unique eligibility issues not fully covered here visit our
"Ask the Expert" section to talk with our
benefits and finance experts. Linda Duncan, our Benefits and HR forum host, has
16 years experience in human resources and benefits and she also has an
extensive finance background.
Eligibility Menu
Each year someone asks what the best retirement date is for the upcoming
year. There isn’t one stock answer to this because of so many mitigating
personal and regulatory factors and the significant differences between CSRS
and FERS laws.
For the most part, voluntary CSRS retirements are best the first three
days of the month and your annuity will start on the next day. If you retire
on the 3rd of the month you will get paid through the 3rd and your annuity
will start on the following day. Your first annuity check will be for a
partial month, less the three days you worked. However, if you choose to
leave on the 4th or later your annuity won't start until the first of the
following month. The end of the month works best for FERS employees in many cases. Under
the FERS system your retirement begins on the first day of the following
month. This is also allowed for non-voluntary CSRS retirements.
You also need to consider your annual leave accrual and when your 80 hour
work week ends. This way you might end up with additional annual leave to be
paid out shortly after you leave. Then mix in your sick leave to
determine how many months of additional time will count towards your total
annuity calculation. I turned in 2090 hours, a few hours over a full year,
that added a year to my annuity calculation. FERS employees will only
receive a 50% credit if they retire before January 1, 2014 and the full
conversion rate after that date.
If you intend to leave at the end of 2011, December 31 is a good date to
consider for your retirement application's "Date of Final
Separation." This is the end of the current
leave year. If you retire by this date, you can receive full payment for
accumulated annual leave over 240 hours up to the maximum allowable. The Date of Final Separation is your last day of work with the agency,
retirement is effective at the close of business (COB) that same day. If you
want to leave after December 31 this year, and have over 240 hours of annual leave
on the books, schedule and use your excess annual leave before you retire.
Review OPM's
Use or
Lose Annual Leave Scheduling Date Chart to determine when you must
schedule your excess leave.
Don’t confuse your “Annuity Start Date” with your “Date of Final
Separation” that you list in block 2, Section B of either the SF-2801
CSRS Retirement Application or SF- 3107 FERS Retirement Application
forms. Your retirement annuity starts the day
after you separate even though your retirement commences at the close of
Business on the "Date of Final Separation." I listed
12/31/2004 as my "Date of Final Separation" when I retired and it did
slightly impact my COLA for
the following year.
Additional Resources to help you select the best retirement date:
The beginning and ending dates of leave years 2011 through 2020 shown
below apply to most employees. However, some agency payroll
systems use a different pay period schedule. Employees should contact their
agencies to verify the beginning and ending dates of a particular leave
year.
| 2011 |
January 02, 2011
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December 31, 2011
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November 19, 2011
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| 2012 |
January 01, 2012
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January 12, 2013
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December 01, 2012
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| 2013 |
January 13, 2013
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January 11, 2014
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November 30, 2013
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| 2014 |
January 12, 2014
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January 10, 2015
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November 29, 2014
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| 2015 |
January 11, 2015
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January 09, 2016
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November 28, 2015
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| 2016 |
January 10, 2016
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January 07, 2017
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November 26, 2016
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| 2017 |
January 08, 2017
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January 06, 2018
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November 25, 2017
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| 2018 |
January 07, 2018
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January 05, 2019
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November 24, 2018
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| 2019 |
January 06, 2019
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January 04, 2020
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November 23, 2019
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| 2020 |
January 05, 2020
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January 02, 2021
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November 21, 2020
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Return to Top of Page
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