how the hours are converted to service credit?
A
You are correct. Unused sick leave hours are credited in the computation of your Civil Service Retirement System (CSRS) or Federal Employees Retirement System (FERS) retirement; however, the credit for sick leave cannot be used to determine when you are eligible to retire. You have to be old enough and have enough creditable service to meet the minimum age and service requirements under both CSRS and FERS, but sick leave credit can be used to increase the dollar value of your retirement benefit. Using the 2,087-hour sick leave conversion chart, you can find your hours of sick leave credit and see which column of months and row of days it is equal to. If your number of hours falls between two of the numbers on the chart, round up to the higher number. If you have more than 2,087 hours of sick leave, then subtract 2,087 from your balance since you have more than one year of sick leave credit. The credit for sick leave is added to your total length of service. The chart used to convert hours of sick leave to months and days of credit can be found here: www. opm.gov/retirement-services/ publications-forms/pamphlets/ ri83-8.pdf. Your retirement is computed based on whole years and months, which means that any leftover days fewer than 30 are not used in the computation. Once you determine your date of retirement and project the balance of potential hours of sick leave, you can find out if you have any leftover days. Those days can be converted back to hours of “use or lose” sick leave credit using the chart and finding the hours next to
the column labeled “days.” Most federal agencies have retirement benefits specialists who can help you determine an estimate of your total creditable service along with sick leave credit. Remember, however, that the Office of Personnel Management (OPM) is the final authority on the computation of your CSRS or FERS retirement benefit.
RETIREMENT RETIREMENT ELIGIBILITY
Q
I worked for a federal agency for more than five years and had deductions for retirement benefits before I left. Am I eligible for any benefit?
A
Yes, you would be eligible for a deferred retirement as long as you were covered by a retirement system (CSRS, CSRS Offset or FERS) for at least five years while working as a civilian and left your contributions in the
retirement fund. To apply, submit the appropriate application approximately 60 days prior to your 62nd birthday. You can submit them if you have already turned 62. • CSRS and CSRS Offset: OPM Form 1496A - “Application for Deferred Retirement”: www.opm.gov/forms/ pdf_fill/opm1496a.pdf and CSRS pamphlet: www.opm. gov/retirement-services/ publications-forms/ pamphlets/ri83-13.pdf. CSRS Offset pamphlet: www.opm.gov/retirementservices/publications-forms/ pamphlets/ri83-19.pdf. • FERS: RI 92-19 - “Application for Deferred or Postponed Retirement” http://www.opm. gov/forms/pdf_fill/ri92-19. pdf and FERS pamphlet: www.opm.gov/retirementservices/publications-forms/ pamphlets/ri92-19a.pdf. Note the need to submit additional documentation as indicated on the forms. NARFE’s
COUNTDOWN TO COLA The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPIW) increased 1.21 percent in May 2022. To calculate the 2023 cost-of-living adjustment (COLA), the 2022 thirdMonthly % % Change MONTH CPI-W Change from 253.412 quarter indices will OCTOBER 2021 271.552 0.92 1.17 be averaged and compared with the NOVEMBER 273.042 0.55 1.72 2021 third-quarter DECEMBER 273.925 0.32 2.05 average of 268.421. JANUARY 2022 276.296 0.87 2.93 The percentage FEBRUARY 278.943 0.96 3.92 increase determines MARCH 283.176 1.52 5.50 the COLA. May’s index, 288.022, is up 7.30 APRIL 284.575 0.49 6.02 percent from the base. MAY 288.022 1.21 7.30 The CPI represents purchases of food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services.
JUNE JULY AUGUST SEPTEMBER
For FECA COLA updates, visit narfe.org and search for FECA.
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