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FERS Sick Leave Credit: How Much Will You Get?
October 29, 2009
With the president's sign-off of the 2010 Defense Authorization Bill, 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.
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