Calculating "high 3"

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Latest post 07-14-2011 9:40 AM by RSSMDFEDINIT. 6 replies.
  • 04-16-2011 6:22 PM

    Question [=?] Calculating "high 3"

    Hi! I'm a newbie and beginning to explore my option of appyling for FERS Disability Retirment.  I have worked 18 years under FERS - 9 years full time followed by 9 years part-time.  Do I calculate my "high 3" using the full time income amount or my most recent high 3 as a part-time employee?

  • 04-16-2011 7:25 PM In reply to

    Re: Calculating "high 3"

    It should be figured by your highest 78 Weeks of consecutive service during the last 18 years!

  • 04-16-2011 8:36 PM In reply to

    Feedback [*=*] Re: Calculating "high 3"

    In general, the high-3 is NOT based on the high 78 WEEK; but, based on the high 78 PAY PERIODS.

    Being part-time different rules MAY apply; therefore, you may want to check with your agency's HR Office to see how the high-3 is computed in your situation. It could be based on the high 156 Pay Periods (that being if your regular tour of duty is exactly part-time (20 hours per week/40 hours per pay period).

  • 04-16-2011 9:34 PM In reply to

    Re: Calculating "high 3"

    RSSMDFEDINIT:

    In general, the high-3 is NOT based on the high 78 WEEK; but, based on the high 78 PAY PERIODS.

     

    Thank you for correcting me again, as my mind is going it seems? I knew it was periods.

  • 07-14-2011 12:25 AM In reply to

    Re: Calculating "high 3"

    Hi everyone, quick question on how the cola is added on to calculate your retirement under FERS ar full retirement age...I have read every post and not seen this addressed, other than to say COlas are "applied" or added in... so for a quick example, the formula is your high 3, lets say 80k x 1.1 x years or service. if you are on disability for 10 years  before you reach regular retirement, and colas are, say, 2% a year fo rten years, does your high three then become 90K for purposes of the calculation?

  • 07-14-2011 1:19 AM In reply to

    Re: Calculating "high 3"

    With Federal Employee pay frozen, and COLA's for Social Security and OPM Retirement on hold for an indefinite period of time, it is quite possible we will never see another COLA in our lifetime.  In fact there is talk to end FERS pensions for new Government Employees starting in 2013. Also the President's fiscal commission is working on eliminating COLA's. As of now COLA's are/were issued yearly tied to the CPI.

     

    "The fiscal commission also suggested deferring Cost of Living Adjustments (COLA) for retirees in the current system until age 62. This would also apply to civilian and military retirees who retire at an earlier age. In place of COLA, the system would provide a one-time catch-up adjustment at age 62 to bring benefits on par with the amount that would have been paid if full COLAs had been in effect. Taxpayers would save $5 billion in 2015 and $17 billion through 2020."

    "Sens. Tom Coburn, R-Okla., and Richard Burr, R-N.C., last week introduced a bill that would end the Federal Employees Retirement System's defined benefit pension for new employees beginning in 2013."

  • 07-14-2011 9:40 AM In reply to

    Feedback [*=*] Re: Calculating "high 3"

    Additional information about COLAS:

    http://www.myfederalretirement.com/public/356.cfm

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