Unused Sick Leave
Credit for Unused Sick Leave For CSRS Retirees
• Unused sick leave
is not included for determining eligibility.
• Unused sick leave
is added to length of service in computing the annuity benefit.
• Unused sick leave
is credited only in immediate retirements.
• Unused sick leave
is computed on the basis of a 2080 hour work year for Postal Service
employees.
Example:
Service : 30 years - 4 months - 15 days
USL 624 hrs. 3 months - 18 days
(**see chart below for better understanding of how it works)
Total: 30 years - 7 months - 33 days
30 years - 8 months - 3 days
30 years - 8 months
Table of Converting Unused Sick Leave
Into Additional Service |
The chart below is from a USPS Retirement seminar.
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Annuity Computations
The amount of the annuity benefit is based upon:
• High 3-years
average salary, and
• Length of
creditable service
** Leave Without Pay (LWOP) is
fully creditable for retirement purposes for up to six months
per calendar
year.
CSRS General Formula (Basic Annual Benefit):
1.50% X "High-3" X 5 years +
1.75% X "High-3" X 5 years +
2.00% X "High-3" X # of years and months of service
over 10
= Basic
Annuity
Shortcut Formula:
(Years of
service - 2) X 2 = Basic Annuity
expressed as
% of High-3
Example: 28 years of service: (28 - 2) X 2 = 52%
of High-3
Law Enforcement/Firefighter Calculation
LE/FF Formula (Basic Annual Benefit):
2.50% X "High-3" X 20 years +
2.00% X "High-3" X # of years and months of service
over 20
= Basic
Annuity
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Annuity Commencing Dates
CSRS Annuity Commencing Date - Voluntary Retirements
Optional (Voluntary) retirements commence on the first of the month
following the month of
separation or on the day following the last day of pay if you retire
on the 1st, 2nd or 3rd day of
the month. This means that the annuity commences on the 1st, 2nd,
3rd or 4th day of the
month. Thus, you should plan your retirement for the last day of the
month (or near the last day)
or for the 1st, 2nd or 3rd of a month to avoid a gap in pay.
(Voluntary Retirements)
Retire |
Annuity Commences |
The Check Date |
May 31 |
June 1 |
July 1 |
June 1 |
June 2 |
July 1 |
June 2 |
June 3 |
July 1 |
June 3 |
June 4 |
July 1 |
June 4 |
July 1 |
August 1 |
Disability and Discontinued Service Retirements
Disability retirements and Discontinued Service
(Involuntary) retirements commence the earlier of the day after
separation or the day after last day of pay, and all eligibility
requirements have been met.
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