House Approves Phased Retirement Bill

April 19, 2012 ( - A House committee approved a bill that would allow federal employees to phase into retirement by working part-time and collecting a partial annuity. 
Under the current law, the salaries of federal retirees who return to work for the government are reduced by the amount of their annuities, with some exceptions allowing for full payment of both, The Washington Post reports.

The phased retirement plan would allow retirees to work one to four days a week, drawing a proportionate salary and a proportionate annuity.

The plan expects that phased retirees would spend a fifth of their time mentoring younger employees, and that savings of more than $460 million over 10 years would be achieved by not hiring full-time replacements and by paying only partial annuities, reports The Washington Post