
PHASED RETIREMENT OPTION for FULL Hartwick College Form
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People also ask
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What does phased post-retirement mean?
Phased post-retirement (as described in Article 18 of the Agreements) provides a period of re- employment after an early, normal or deferred retirement date. You can be reappointed at either 50% of full-time duties for two years, or 33 1/3% of full time duties for three years.
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What is an example of a phased retirement plan?
Phased retirement may include a pre-retirement, gradual reduction in hours (or days) of work, then post-retirement, part-time work for pensioners who wish to remain employed. Part-time, seasonal, and temporary work or job-sharing are all work arrangements that can be a form of phased retirement.
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Is phased retirement a gradual way of retiring?
What is phased federal retirement? Phased retirement allows active federal employees to "retire" from part of their job responsibilities, while continuing to execute other job functions such as mentoring and knowledge-transfer to employees moving into senior positions.
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How is phased retirement calculated?
Monthly retirement income and lump-sum cashout is calculated using the Highest Average Plan Compensation (HAPC) based on the monthly full-time equivalent compensation.
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What are the requirements for phased retirement?
Federal Employees Retirement System (FERS) employees: minimum 30 years of service and minimum retirement age (between ages 55-57, depending on birth year); or 20 years of service and age 60 or older 2. Working a full-time schedule for at least three consecutive years prior to the phased retirement.
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How does phased retirement affect Social Security?
Social Security and Unemployment Insurance benefits may be lower since these benefits are calculated based on earnings.
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Is federal phased retirement a good idea?
If you plan to retire before 65, the age at which you are eligible for Medicare, a phased retirement may allow you to continue to receive health insurance from your employee benefits to avoid a gap in coverage. It can also help you with Social Security planning.
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What are the requirements for phased retirement?
Federal Employees Retirement System (FERS) employees: minimum 30 years of service and minimum retirement age (between ages 55-57, depending on birth year); or 20 years of service and age 60 or older 2. Working a full-time schedule for at least three consecutive years prior to the phased retirement.
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