FERS and Accumulated Sick Leave
The 2013 leave year doesnâ€™t end until Jan. 11, 2014, so if you are planning a retirement date and have accumulated annual leave and sick leave, you need to factor how you can make the most of your benefits. If you retire before Jan. 1, 2014, youâ€™ll only get half credit for your unused sick leave in the computation of your annuity.Â After Jan. 1, 2014, unused sick leaveÂ is credited at 100 percent to the employee at retirement. However,Â it has no cash value. Instead those hours are added to any actual service...
Federal Pay Frozen in 2012
After receiving a 3.5% pay increase in 2008, a 3.9% raise in 2009 and a 2% increase in 2010, federal employees have seen their pay frozen for two years. Federal employees can still receive bonuses and get a pay increase if they earn a promotion. The House has recently voted to continue the pay freeze through 2013, saying it would save taxpayers $26 billion.Â The proposed budget put forth by President Obama last week calls for a 0.5% pay increase and 1.2% increase in retirement contributions.