When will I receive my annual leave lump-sum payment and if retiring at the end of the year my dual rate adjustment?
You may be due a lump-sum payment for annual leave. You should receive this payment about 6 to 8 weeks after your retirement date. In calculating a lump-sum payment, an agency projects forward an employee’s annual leave for all the workdays the employee would have worked if he or she had remained in Federal service. If any of those work days are after the effective date of the January pay adjustment; your annual leave balance will be paid at the new pay rate, this is known as a dual rate adjustment. However, initially the lump sum payment is based on your hourly rate at retirement. The dual rate adjustment is typically calculated in late spring by NFC and automatically deposited into the bank account you had while employed with NOAA. Please do not close this account until you have received your dual rate adjustment. We do not know the exact date this adjustment will be made but if you do not receive it by June 30th, please contact your servicing Human Resources Assistant..
Related Questions
- Is an employee required to pay back a lump-sum payment for annual leave when he or she is reemployed in the Federal Government?
- When will I receive my annual leave lump-sum payment and if retiring at the end of the year my dual rate adjustment?
- Can an agency waive a refund of a lump-sum payment for annual leave?
