I recall reading in another thread here that high 3 includes your time at a facility even if you do not complete training there (Example: Training at a level 11 for a year but then NESTing out, the base pay you had during that time, assuming your salary never reached a high at that point again during the rest of your career, is counted as 1 of hour high 3). Is that true/is there any documentation on that?
I've either been overlooking or understanding it wrong....I never realized the years being consecutive was a requirement.average of 3 consecutive years of salary
I've either been overlooking or understanding it wrong....I never realized the years being consecutive was a requirement.
Did you also reach your MRA?Under FERS system, does trading in unused sick leave for additional creditable service months/years count as "good time"? For instance. If you have 29 years as CPC and turn in 1 year of sick leave upon retiring do you get the 1.7x for 30 years benefit of your high 3 years? Or only the 1.7x20years +1% each additional year of high 3? According to OPM guidance it says it is creditable service, but not whether it is "good time"
For this example let's assume I did not. It was at age 56Did you also reach your MRA?
You cannot sell back a year of sick time to get MRA+30Under FERS system, does trading in unused sick leave for additional creditable service months/years count as "good time"? For instance. If you have 29 years as CPC and turn in 1 year of sick leave upon retiring do you get the 1.7x for 30 years benefit of your high 3 years? Or only the 1.7x20years +1% each additional year of high 3? According to OPM guidance it says it is creditable service, but not whether it is "good time"
Then, your options are:For this example let's assume I did not. It was at age 56
You do not have to pay SSN and Medicare tax on that, you only pay that on true wages while actively working or rarely on some capital gains. You could win the lottery and that would also not be SSN taxed.When you start to receive your pension, do you pay social security/medicare taxes on pension income? I know you obviously pay federal income tax, and state depends where you live. Same with the SS supplement, do you only pay federal income tax on that?
ATC serviceDoes the 1.7% calculate on "years of ATC service" or "years of ATC CPC service"?
For example: One retires with exactly 20 years of total ATC service but it took 1.5 years to reach CPC.
Which one is it?
1.7% x 20
1.7% x 18.5 + 1.0% x 1.5
It's 1.7% x 20 it's all years of atc good time (training is good time), staff time would be at 1.0%Does the 1.7% calculate on "years of ATC service" or "years of ATC CPC service"?
For example: One retires with exactly 20 years of total ATC service but it took 1.5 years to reach CPC.
Which one is it?
1.7% x 20
1.7% x 18.5 + 1.0% x 1.5
Then, your options are:
- Sell back sick leave at 40%. (Example: 2080 hours of sick leave at $60 a hour is $124,800. Then, take 40% of that to get a payout of $49,920.)
- Add it towards your retirement to get an extra 1%.
29 years of service:
1.7% x 20= 34%
1% x 9= 9%
Total= 43% ($53,664) plus one time cash out of $49,920.
30 years of service:
1.7% x 20= 34%
1% x 10 = 10%
Total= 44% ($54,912)