WORKFORCE
FROM WORK TO LEISURE
Spending time with family and friends, engaging in hobbies and maintaining a healthy lifestyle are just a few support mechanisms that can help avoid anxiety, depression or social isolation after retirement. (Photo by Alessandro Biascioli, Shutterstock)
similar to those offered by the private sector. Employees may opt to contribute up to the maximum pretax amount allowed by the Internal Revenue Service (IRS) each year, and those age 50 and older may also make catch-up contributions. Agencies automatically contribute 1% of an employee’s salary to their TSP, whether or not the employee opts to contribute. Agencies also match up to 5% of an employee’s contribution.
Tere are also different types of retirement other than voluntary, which is the most common. Some employees may be eligible for early retirement, disability, deferred retirement or a phased retirement.
ALWAYS AN EXCEPTION TO THE RULE Tere are circumstances where annuities for certain federal employees will be calculated differently. Law enforcement offi- cers and firefighters have a higher contribution rate into FERS, so their basic annuities are calculated at a higher rate. Law enforce- ment officers and firefighters that have 20 years of service will receive 1.7% of their average high-3 salary for each of those 20
years, plus an additional 1% of their average high-3 salary for each year served over 20 years. Employees hired prior to 2013 contribute 1.3% of their salary, employees hired in 2013 contrib- ute 3.6% and those who were hired in 2014 or later contribute 4.9%. Tose covered under CSRS will receive 50% of their aver- age high-3 salary plus an additional 2% of their average high-3 for every year over 20 years.
Law enforcement officers and firefighters have earlier MRAs along with mandatory retirement ages, as do air traffic control- lers. Whether covered under CSRS or FERS, law enforcement officers and firefighters have an MRA of 50 and a mandatory retirement age of 57, or as soon as 20 years of service has been completed after the age of 57. Tose covered by FERS have the option to retire at any age if they have 25 years of service. Air traffic controllers are required to retire by the age of 56.
All employees who retire under CSRS or FERS will have their unused sick leave converted into creditable service. Unused sick leave is converted into additional months of service, which is then
https://asc.ar my.mil 85
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100
