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Understanding Your Service Computation Date & Hi-3 for Federal Retirement

Understanding your Service Computation date is key to setting your desired date for retirement as a federal employee. In this video, we'll delve into two crucial aspects of federal retirement: your Service Computation Date (SCD) and your High-3 (Hi-3) pay. Service Computation Date (SCD): Box 11 on your leave and earnings statement holds your SCD for leave purposes, not retirement. Adjustments may be needed for factors like non-deduction service, refunded service, or military service. High-3 (Hi-3) Pay: Box 7 reflects your total compensation, including locality pay. Your Hi-3 is based on the highest 36 consecutive months of pay. Impact of Career Changes on Hi-3: Scenario 1: Taking a pay cut before retirement. Example: Moving from $100,000 to $85,000 annually. Your Hi-3 is based on the highest earning period, mitigating the impact of the pay decrease. Scenario 2: Getting a raise before retirement. Example: Moving from $100,000 to $115,000 annually. The rolling average of Hi-3 gradually adjusts to reflect the higher salary. Understanding Hi-3 Calculation: Annuity calculations show how Hi-3 evolves over time. Incremental increases in Hi-3 lead to gradual growth in pension benefits. Considerations for Career Changes: Factors influencing Hi-3 include current wage, projected COLAs, and years of service. Career decisions should be weighed against potential impacts on retirement benefits. By understanding your SCD and Hi-3, you can make informed decisions about your federal retirement. Don't forget to consider the long-term effects of career changes on your pension. If you'd like to talk with an advisor who has helped hundreds of federal employees navigate retirement, then head to www.christycapital.com/federal and click the "Talk with an Advisor" button. We can't wait to hear from you! NOTE: RBI is now Christy Capital Management. You get the same federal expertise. Just a different name of the business. The information contained in this video should not be used in any actual transaction without the advice and guidance of a tax or financial professional who is familiar with all the relevant facts. The information contained here is general in nature and is not intended as legal, tax or investment advice. Furthermore, the information contained herein may not be applicable to or suitable for the individuals’ specific circumstances or needs and may require consideration of other matters. RBI is not a broker-dealer, investment advisory firm, insurance company, or agency and does not provide investment or insurance-related advice or recommendations. Brandon Christy, President of RBI, is also president of Christy Capital Management, Inc. (CCM), a registered investment advisor.