February 7, 2012 at 4:28 pm #152278
If you’re within 5 years of retirement eligibility, you better start talking right now to OPM, even if you think you’ll be sticking around for a while thereafter. Why?
There are dozens of questions you’ll want them to answer before you choose that all important retirement date … and for many of us, making that decision means we want to have our answers long before we choose that date. Some of us actually needthose answers before we can start our mental preparation!
- Do you have prior military service that may entitle you to make a Military Service Credit Deposit?
- Do you want an estimate of your potential annuity for planning purposes?
- Are you trying to figure out just how much money to funnel ahead of time into the TSP?
- How much will be taken out of your annuity if you want to continue FEHB coverage?
I absolutely love this article, The Trouble with OPM, because it lays out what to expect right now and (word to the wise), it isn’t so great!
While OPM concedes that the annuity estimates provided by HR offices are reasonable, if not perfectly accurate, OPM’s interim payments are approximations and bear little resemblence to their HR counterparts, even though a high degree of accuracy is not demanded at this point.
A great deal of suffering and complaints simply could be eliminated if OPM paid a higher proportion of the agency’s estimate. But OPM chooses not to do this. Why? Because OPM wants to be ultra-careful NOT to pay the retiree too much! But, isn’t it just as heinous to underpay a retiree for months on end? (and right now that could span 6 months to a year following retirement!)
So start talking to OPM now … don’t pass go, and don’t collect $200 (because you’ll have to wait to get it anyway)!
February 8, 2012 at 2:04 pm #152282
Have an axe in the fire…
OPM is making significant progress! The “chukle” of this whole mess is until congress quits changing the rules and expecting us(Federal employees) to do more with less the tunnel is going to keep getting longer…
Link toFederal Times Story
I know that for the past two months the retirement branch has had MANDORTY overtime… Have heard that the only leave allowed last Dec. was that leave that would impact the employee’s use or lose time..
Congress mandated the percentage of retirement pay that could be provided until all the computer processing was completed…
I (although I am probably a bad example) and several other people I have talked to were able to speed up the process slighlty by requesting a estimate of your retirement pay, where your HR folks do a significant amount of the preliminary work in determining what your retirement pay will be.
Have attached the report that Directory Berry provided congress
February 14, 2012 at 3:38 pm #152280
Mandatory overtime? Does that mean people are working to get the issues resolved? Or because they are there longer and present in the office are the results assumed? Would be interesting to see if a backlog exists and how many claims were processed as a result of the overtime. Go for results.
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