HR - DESIGNATION AS A PARTICIPANT IN THE CIA RETIREMENT AND DISABILITY SYSTEM - HERLIHY, JOHN F.

• Document Type: FOIA
• Collection: FOIA Collection
• Document Number (FOIA) /ESDN (CREST): 0005556030
• Release Decision: RIPPUB
• Original Classification: U
• Document Page Count: 3
• Document Creation Date: June 24, 2015
• Document Release Date: September 8, 2011
• Case Number: F-2010-00553
• Publication Date: November 15, 1976

MEMORANDUM FOR: John F. Herlihy
.FROM F. W. M. Janney
Director of Personnel
APPROVED FOR RELEASE
DATE: 15-Jul-2011
VIA Head of Career Service
.SUBJECT Designation as a Participant in the CIA
Retirement and Disability System
1. Based on a review of your record and `the recommen-
dations of the Head of your Career Service and the CIA
Retirement Board, I have determined that you meet the
criteria specified in HR 20-50, CIA Retirement and Disability
System, for designation as a participant in the System.
2. HR 20-50 provides, in part, that:
"Any participant who has completed 15 years of
service with the Agency and whose career at that time
is adjudged by the Director of Personnel to be quali-
fying for the System may elect to remain a participant
in the System for the duration of his employment by
the Agency, and such election shall not be subject to
review or approval by the Director."
-Since you have already completed 15 years of service with
'the Agency, your right to this election vests upon your
designation as a participant and must be exercised immedi-
ately.
3. If you do not wish to remain a participant in the
System you will be continued under the Civil Service Retire-
ment System; you will not subsequently be permitted to
convert to CIARDS. If you elect to remain in the System
as a participant, you do not have the privilege of changing
it at some later date.
4. For your assistance in making your decision, some
of the major differences between CIARDS and CSRS are as
follows:
^^ CLASSIFY AS APPROPRIATE
28G~^, 1978) USE PREVIOUS EDITIONS
 a. A.qualified participant in CIARDS may, on
his own application and with the consent of the
Director, retire with an immediate annuity after he
becomes 50 years of age and completes 20 years of
Government service. The CSRS permits retirement
after a participant in that system becomes 55 years
of age and completes 30 years of Government service;
b. A participant in either retirement system
may be involuntarily retired with an immediate annuity
after completing 25 years of Government service or
after becoming 50 years of age and completing 20 years
of service; however, the annuity received by a CSRS
participant is reduced by 1/6th of one percent for
each full month (or two percent per full year) that
the employee is under 55 years of age. The annuity
of a CIARDS participant is not similarly reduced;
c. Under CIARDS, GS-17's and below must retire
at age 60; GS-18's and above must retire at age 65.
Under CSRS, an employee must retire at age 65 regard-
less of grade;
d. Another difference is that under CIARDS the
maximum annuity payable (not including sick leave)
is 70 percent of the average "high three" salary
while the CSRS will not increase beyond 70 percent
unless and until an employee has more than 36 years
and 10 months' service;
e. The formula for computing an annuity is more
generous under CIARDS than under CSRS. Under the
former, the amount of an annuity is two percent for
each year of service credit multiplied by the average
high three years of salary. Thus, in the case of an
employee retiring at age 55 with 30 years of service
and a "high three" of $22,000, the annuity will be
60 percent of $22,000, or $13,200. The CSRS formula
differs in that instead of two percent for each year
of service, there is allowed only 1 1/2 percent for
each of the first five years, 1 3/4 percent for each
of the second five years, and two percent for the
remaining years of service credit. Thus, for the
age, years of service and "high three" salary used
above, the CSRS annuity will be 56 1/4 percent or
$12,375;
 f. New law could, of course, change the benefits
and requirements of either or bath systems.
5. It is requested that you indicate your wish by
.checking the appropriate box, signing below and returning
the original of this memorandum to the Executive Secretary,
'CIA Retirement Board, Room 0 Ames Building, not later
than fourteen calendar days from the date of this memorandum.
6. If you have any questions you wish to ask before
completing this form, please call the Executive Secretary,
CIA Retirement Board, on extension 0 for an appointment.
I received this memorandum on or about~~~`,'~~"~ ~`~ ~'~
and have read and understand its contents., part larly the
fact that this election by me is a one-time, irrevocable
election:
I elect to remain a participant in the CIA
Retirement and Disability System for the
duration of my employment by the Agency and
understand that this election is irrevocable
and may not be changed at a later date.
I elect NOT to remain a participant in the CIA
Retirement and Disability System for the
duration of my employment by the Agency and
understand that this election i irrevocable
and may not be changed at a later date.
Date