The question: As a CSRS – Offset am I better off using my accrued unused annual leave or take the cash at or after retirement?
If I opt for the cash at retirement EXACTLY how is it calculated? (I have been told that this year the best date to retire for CSRS is December 31, 2004.) Unused annual leave would be paid as though you were taking the leave, therefore, you receive the hourly rate through the end of the leave year (sometime in January 2005) and then the NEW hourly rate in effect after the raise for the year is in effect. For example: if salary is equal to $50,000 this year, $23.95 per hour, and January 2005 a 3% increase goes into effect, the annual salary becomes $51,500 or $24.67 per hour.
