OPM’s Retirement Backlog Nearly Doubles in January
Thanks to a tremendous influx of new claims, the size of OPM’s retirement backlog nearly doubled last month.
Federal employee retirement news: news about retirement-related topics as it pertains to employees of the federal government. Topics include FERS, CSRS, the latest TSP performance, annual COLA updates, and more.
Thanks to a tremendous influx of new claims, the size of OPM’s retirement backlog nearly doubled last month.
The debt ceiling limit will again be reached on February 7th so the government will take “extraordinary measures” to fund the government. This means that retirement assets of federal employees, including the TSP G fund, will again be used to help fund government expenses.
Would you like to get a 32% higher Social Security benefit? How about being able to collect ½ of your spouse’s Social Security benefit while you are still working; with no earnings test? The author explains a technique called “restricting your benefits” that can work for many FERS or CSRS employees to boost Social Security benefits.
A new report from the Government Accountability Office warns of a wave of new retirements, saying that as much as one third of federal employees will be able to eligible to retire by September 2017. The report also notes that federal spending on total government-wide compensation has increased 10% over 8 years.
When you leave federal service and have a Thrift Savings Plan account, should you withdraw your money or leave it in the TSP? Here are several considerations before you make this decision.
This is a basic guide to help federal employees understand some of the key points of the FERS system.
One thing that is not included in the FEHB plans is long term care insurance. The author offers considerations when exploring available options for covering a long term care event/illness as well as coverage options available to you.
You finally got your wish and are being offered a financial incentive to retire early! Before you take it and run, you should logically think it through to determine if it makes sense looking at the Big Picture.
The Office of Personnel Management ended 2013 with an outstanding backlog of 12,637 retirement applications. Although this figure is high, it is 52% lower than last December, but the agency is predicting a sharp increase in the number of new applications in January.
The concept of a “best” day to retire is more often than not related to financial considerations, specifically maximizing your lump-sum annual leave payment. The author offers some details on how to best make this decision.