resource - A F S A N E W S The FS Pension System and Sick...

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T he 2010 National Defense Author- ization Act made significant changes in the rules for employees in the new retirement system, the For- eign Service Pension System. As of Oct. 28, 2009, employees in this system will receive credit for unused sick leave and can reinstate refunded FSPS service credit if they redeposit refunded retire- ment contributions with interest. According to the 2010 NDAA, un- used sick leave will be counted as serv- ice credit in the computation of retire- ment benefits under FSPS, but not for establishing eligibility for an annuity or in computing the high-three average salary. As a result, sick leave will be used in the computations in the same man- ner it is used in the old retirement sys- tem, the Foreign Service Retirement and Disability System. Employees who leave the Foreign Service, retire with a right to an imme- diate annuity, or die leaving a survivor eligible for a survivor annuity on or after Oct. 28, 2009, will receive credit for 50 percent of their unused sick leave. Those who leave the Foreign Service, re- tire or die with a survivor annuity on or after Jan. 1, 2014, will receive service credit for 100 percent of their unused sick leave. Those whose annuities have both FSRDS and FSPS components will receive service credit only for sick leave
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This note was uploaded on 01/16/2011 for the course POLS 1101 taught by Professor Cann during the Fall '08 term at University of Georgia Athens.

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resource - A F S A N E W S The FS Pension System and Sick...

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