FERS Sick Leave Credit
Federal workers under the Federal Employees Retirement System (FERS) will now be able to count their unused sick leave as creditable service in calculating their retirement annuity.
But what does that mean in real numbers to FERS employees soon to retire?
Firstly, this new benefit for FERS employees is a phase-in starting in 2010.
FERS employees retiring before December 31, 2013 would receive a 50 percent credit for unused sick leave; after January 1, 2014 they will receive full credit for their unused sick leave.
How much will this provision increase a FERS annuity?
For a FERS employee -- after 2014 -- the Congressional Budget Office
estimates that about three months would be added to an average FERS employee's
length of creditable service, which would result in boosting the average
retirement payment for FERS retirees under this provision by about $150 per year.
|Related Articles & Resources|
· Guide to FERS Sick Leave Credit:
Understanding How Unused Sick Leave Is Used In the Calculation of a FERS Annuity