Census.gov



Phased Retirement FastFactsWhat is Phased Retirement?Phased retirement allows certain employees who already meet specific age and service requirements to elect to transition into retirement by continuing to work on a part-time basis (40 hours in a pay period) while also receiving a portion of their annuity for the time they are not working. Phased retirement is voluntary and requires the consent of the employee and the approval of the agency.The purpose of phased retirement is to foster the mentoring and training of the employees who will be filling the positions or taking on the duties of these retiring employees.You may only participate in phased retirement once.Who is eligible to participate in Phased Retirement?Employees must be employed on a full-time basis for no less than a 3-year period preceding the effective date of the entry into phased retirement.CSRS employees: at least 55 years of age with 30 or more years of service at least 60 years of age with 20 or more years of serviceFERS employees:at least the Minimum Retirement Age (MRA) with 30 or more years of serviceat least 60 years of age with 20 or more years of serviceHow long may I participate in Phased Retirement?The maximum time period that an employee may be in phased retirement is 2 years.If your approved time period is less than 2 years, you may request for an extension prior to the expiration. This will also need to be approved by the agency.How much time will I be required to mentor or train?You will be required to spend a minimum of 20% of your time at work mentoring or training another staff member(s) as designated in your approved phased retirement application. How are my benefits affected?An employee participating in phased retirement is considered to be working full-time and therefore, there is no change in your benefits such as, health, life and the Thrift Savings Plan. These will continue to be deducted from your salary as an employee.How is my leave accrual affected?An employee in phased retirement maintains their accrued leave balance and will accrue annual and sick leave in the same manner as other part-time employees. All phased retirement employees will have at least 20 years of service and will be in the 8-hour category for annual leave; therefore, they will accrue 1 hour of annual leave for every 10 hours in a pay status. They will also accrue 1 hour of sick leave for every 20 hours in a pay status. An employee working 40 hours in a pay period will accrue 4 hours of annual leave and 2 hours of sick leave.What are my options to end Phased Retirement?At the end of your approved phased retirement period, transition into full retirement.If your approved phased retirement is less than 2 years, you may apply to have the time period extended (up to the 2 year maximum). This will have to be approved by the agency.You may end your participation in phased retirement prior to the agreed upon end date and either:Transition into full retirement;With agency approval, return to a full employee status. (Please note: you may not re-enter in phased retirement again). ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download