This video is a comprehensive exploration of various types of creditable service crucial for understanding retirement benefits. The discussion commences with an in-depth look at creditable civilian service, encompassing factors like the time between appointments or separations, deductions made into the retirement system, and leave without pay considerations. The video then delves into FS part-time service, elucidating a five-step computation method. It further covers FS credit for civilian service, explaining the proration factor calculation and unreduced basic annuity determination. The complexities of deposits for non-deduction service and the implications of refunded service on eligibility and annuity computation are also addressed. Military service credits and deposit details are examined, providing a thorough understanding of the various components involved in retirement planning.
The voiceover begins by introducing the topic of creditable service and details the elements falling under creditable civilian service, elucidating nuances such as breaks in service, leave without pay, and intermittent work days. Following this, the video transitions to FS part-time service, guiding viewers through a meticulous five-step process, emphasizing the computation of length of service, proration factor, high three average pay, and unreduced basic annuity.
The discussion then progresses to FS credit for civilian service, categorizing it into two types based on the deduction status before January 1, 1989. Notably, the impact of deposits on creditable service is highlighted. The voiceover moves on to FS leave service and return, differentiating between contributions that are refunded and those that are not, outlining their respective effects on eligibility and annuity calculation.
The video concludes with a detailed exploration of FS employees separating from service on or after October 28, 2009, explaining the significance of redeposits for eligibility and annuity computation. The intricacies of FS military service credit are also covered, detailing the conditions for receiving credit for eligibility and annuity computation.
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