There are two things you should never forget before retiring from your federal job – to leave that beloved stapler behind and make sure all your Standard Form 50, or SF-50, paperwork is in order. Federal Educators shares what you need to know about this vital form and how it dictates the way your retirement benefits are decided.
The SF-50 is a critical part of retirement planning for all federal government employees. It is the only official document that is used by the federal government to determine retirement eligibility and pension calculations. Because it is the sole legal document that proves a federal employee’s work timeframes, it is critical to understand and fully review for accuracy before your planned retirement departure. At every increase in level, grade or pay, a new SF-50 was issued so depending on tenure, there may be a lot to sort through.
In addition to any pay and position changes, the SF-50 also gives details on your chosen federal government retirement plan, life insurance coverage and additional information on any appointments, separations, placement and return to duty pay status and conversions from temporary to permanent appointments. All SF-50s will list your service computation date, designated federal retirement system and amounts that will be used to calculate the high-3 salary, which is a three-part formula based on an employee’s length of creditable service.
Let’s dive into some of the areas that you should take special note of when reviewing your SF-50 forms. Boxes 9 and 17 are for any Special Provision codes. It is imperative that these are correct since any mistakes could delay retirement. Boxes 12c and 20c are numbers that will be used to calculate your high-3 salary. Box 30 confirms which federal retirement system you’ve chosen. Finally, Box 31 is your Service Computation Date (SCD) that is defined as service creditable for leave accrual purposes. Note that this is not your SCD Retirement date that is used to calculate pension; that does not appear on the SF-50.
Feeling overwhelmed? Our dedicated team at Federal Educators is here to help you wade through the jargon so you can reap your hard-earned benefits. Schedule your complimentary virtual meeting here or give our Palm Harbor office a call at (813-437-3537) to get started today.
