December 18, 2009It's hard to believe we're at the end of the first decade of the 21st century -- and the end of my fourth year writing this column. As I've done before, I'd like to end the year with a quiz. This year, I'm focusing mostly on key changes that took place during 2009. Let's see how well you do.
a. Get a full cost-of-living adjustment on your retirement benefit.
b. Have a full year of your final salary included in your high-three average salary.
c. Save last year's accumulation of annual leave to be included with your lump-sum payment of accumulated and accrued annual leave.
d. Avoid coming to work when it snows.
e. Avoid paying taxes in the first year of retirement.
a. They can credit their entire balance of unused sick leave toward their basic retirement benefit.
b. They will be paid for their unused balance of sick leave when they retire from federal service.
c. They will receive credit for 50 percent of their unused balance of sick leave toward their basic retirement benefit computation for retirements that occur between Oct. 28, 2009, and Dec. 31, 2013. After 2013, the entire sick leave balance can be used to increase the FERS basic benefit.
d. Congress is still debating whether to give FERS employees credit for their unused sick leave.
a. 1 percent times high-three average salary
b. 1/12 of 1 percent times high-three average salary
c. 1/12 of 2 percent times high-three average salary
d. 1/12 of 1 percent times final pay rate
a. Using their actual part-time pay rates
b. Using the full-time equivalent of their salary rate
c. Using their salary rates prior to 4/7/86
d. Using their salary rates in effect prior to switching to a part-time appointment
a. Include the refunded service in their length of service for retirement eligibility and computation of their basic retirement benefit.
b. Pay the refunded contributions back to the retirement fund with interest to allow full credit for the period of service covered by the refund.
c. Whistle Dixie.
d. Take a slight reduction in their retirement benefit because of the refunded service.
a. 5.8 percent
b. 2.0 percent
c. 0 percent
d. 12 percent
a. The same
b. Lower because of deflation
a. 10 percent
b. 5 percent
c. 3 percent
d. Nothing. It's up to the employee to choose to participate.
a. Become taxable immediately.
b. Be able to remain in the TSP and be renamed in the surviving spouse's name.
c. Be donated to charity.
d. Be passed on to the dependent children and bypass the spouse.
Ready for the answers? Click here to find out how well you did.
Tammy Flanagan is the senior benefits director for the National Institute of Transition Planning Inc., which conducts federal retirement planning workshops and seminars. She has spent 25 years helping federal employees take charge of their retirement by understanding their benefits.
For more retirement planning help, tune in to "For Your Benefit," presented by the National Institute of Transition Planning Inc. live on Monday mornings at 10 a.m. ET on federalnewsradio.com or on WFED AM 1500 in the Washington metro area.
December 18, 2009