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How are annuity benefits calculated in phased retirement?

Phased retirees receive half of the annuity they accumulated up to the point of phased retirement (and half of the salary of the position, without offset). The computation of a phased annuity does not include credit for unused sick leave; the value of that leave will be taken into account at full retirement, on the same basis as for an individual retiring from a full-time position.

Any deposit to capture military service credit or any redeposit to recapture civilian service after taking a refund of retirement contributions on a prior separation from federal service generally must be made before the phased retirement begins.

The annuity portion is increased by any applicable cost-of-living adjustments according to the policies of the person’s retirement system (the salary portion is increased by relevant pay raises).



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