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H.R. 5573, To amend title 5, United States Code, to provide for a lump-sum payment for certain Federal employees who retire with a substantial amount of unused sick leave for which they would not otherwise receive any compensation or benefit, and for other purposes (3 comments ↓ | 3 wiki edits)
H.R. 5573 would amend title 5, United States Code, to provide for a lump-sum payment for certain Federal employees who retire with a substantial amount of unused sick leave for which they would not otherwise receive any compensation or benefit.
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Lyle Watson
I am support this bill with one exception. Civil Service employees should be compensated as well. As a Civil Service employee I know unused sicl leave is rolled into my retirement. However, what is not considered is that if I have a year of accumulated sick leave(I am close), I still cannot retire any earlier, and the money is not paid in a lump sum, but spread out to the extent that I would have to live to almost 116 years of age to receive the full compensation for a year. In other words, I have no more incentive to save my sick leave than a FERS employee. Used to be, Postal employees got a $25000 lump sum upon retirement. Now, an employee receives nothing monetarily. If the Postal Service really wants ALL employees to bank sick leave, it would push for this for ALL employees, not just FERS.
Pot Luck
This would benefit both the FERS employee and the employer. Just wish it would NOT be taxed. Just wish the cashing out of the annual leave would NOT be taxed.
Fargo
Lyle- since the proposed payout is only 15%, your incentive to save sick leave balances with the proposed incentive for a FERS employee after only about 10 years, assuming your about 50 and your math is right. That means if you retired at 56, you would come out far ahead of a FERS employee under the new proposal assuming normal life expectancy.