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).