The following is a question submitted by a reader to Federal Times columnist Reg Jones, a charter member of the senior executive service and the resident expert on federal employee retirement issues.

A Fed Times reader asks:

“In August of 2023 IHS Pharmacists received a roughly 21% increase in their pay. I am retiring at the end of 2024.

How does this increase impact my high three calculation (last 3 years for me)?

For 2023, does it use what my new base pay was after the increase or 17/26 x the ‘old’ base pay + 9/26 x ‘new’ base pay?”

Reg’s response:

When you retire, the high-3 that’s used in your annuity computation will be the average of your highest three consecutive years (78 bi-weekly pay periods) of basic pay.

Got a question for the Federal Times expert? Send inquiries to:

Reg Jones, a charter member of the senior executive service, is our resident expert on retirement and the federal government. From 1979 to '95, he served as an assistant director of the Office of Personnel Management handling recruiting and examining, white and blue collar pay, retirement, insurance and other issues. Opinions expressed are his own.

In Other News
Load More