Does part-time work count towards federal retirement?

Although part-time service can count as FERS service for retirement, it is not credited the same way full-time employment is. Employees who have worked FERS part-time service at any point in their careers will have their federal annuity prorated to reflect this fact.

How does part time work affect retirement?

Part-time work can temporarily reduce Social Security payments. If you take Social Security before full retirement age (between 65 and 67 years of age depending on the year you were born), there is a limit to how much income you can earn and still receive full benefits.

Do you get annual leave if you work part time?

You don’t have to work a full year before you are entitled to annual leave. Annual leave is accrued on a pro-rata basis. This means that if you work half a year, you will be entitled to half your annual leave. Some awards, enterprise agreements or contracts of employment provide for more than four weeks annual leave.

Can a retired federal employee work part time?

Retired federal employees can return to federal employment part-time for a limited period without losing any of their annuity. The restrictions on part-time work are: An agency cannot allow more than 3.5% of their positions to be filled by part-time workers who are re-employed annuitants. An individual cannot work more than: 1040 hours per year;

How does part time work affect your retirement?

Federal retirement expert, Chris Kowalik, breaks down how part-time service may affect a federal employee’s eligibility to retire and the calculation of their pension. How the part-time service you had in your career — even perhaps many years ago — can affect the retirement that you are expecting

Are there health benefits for part time federal employees?

Part-time employees who participate in the Federal Employees Health Benefits Program receive the same coverage as full-time employees but pay a greater percentage of the premium because the Government’s share is prorated based on the number of hours the employee is scheduled to work each week.

Can a phased retirement be considered part time?

Yes, if the employing agency agrees to the change. The Phased Retirement annuity will then terminate. Upon retirement, the individual’s retirement will be calculated under the laws then in effect, with the period of Phased Retirement treated as part-time service.

When did phased retirement start for federal employees?

The Office of Personnel Management (OPM) issued final regulations through the Federal Register on 8/8/2014 which permits agencies to implement phased retirement, a new human resources tool that allows full-time employees to work a part-time schedule while beginning to draw retirement benefits.