Retirement Eligibility – Verify that you will meet the age and service requirement (OPM) on your proposed retirement date.
Make Sure Your Records Are Complete – Take a look in your eOPF (HHS) to verify all periods of civilian and military service are documented. If service is missing, contact your Client Services Division HR Representative.
Request Retirement Estimate - Request an estimate from your Benefits Specialist for your prospective retirement dates so you can determine whether your annuity, along with any expected income from other sources, will meet your needs at the time you plan to retire. The annuity computation is different for the Civil Service Retirement System (CSRS) (OPM) and the Federal Employees Retirement System (FERS) (OPM). Under CSRS, the basic annuity of any employee may not exceed 80 percent of the employee's high-3 average pay (disregarding the amount produced by the unused sick leave credit). Normally, total service of 41 years, 11 months, (excluding unused sick leave credit) produces the maximum annuity (OPM). ). Sick leave (OPM) provides additional service credit. There is no maximum annuity under FERS.
Thrift Savings Plan (TSP) – Saving for your retirement is an important part of your retirement benefits in addition to your monthly annuity. The retirement income that you receive from your TSP account will depend on how much you (and your agency, if you are a FERS employee) have contributed to your account during your working years and the earnings on those contributions. Using your account balance and the Monthly Payments Calculator on the TSP website, estimate how many monthly payments you can receive from your account when you choose a specific dollar amount or estimate how much you can receive each month if you choose monthly payments based on life expectancy.
Deposit/Redeposit Service - If you have civilian service for which you must pay retirement contributions (deposit) or repay a refund of contributions (redeposit), your Benefits Specialist can explain the impact that payment or non-payment will have on your retirement eligibility and annuity computation. Additionally, if you have post-1956 military service for which you owe a deposit, your Benefits Specialist can explain your options.
Survivor Benefits – You may wish to provide a spouse with a survivor benefit. Answers to frequently asked questions regarding survivor benefit elections can be found on the OPM website.
Federal Employees Health Benefits (FEHB) – To be eligible to continue health coverage into retirement, you must be enrolled at the time of your retirement and have been covered under the FEHB Program for the 5 years immediately preceding retirement. If you are a military retiree (or covered family member), your CHAMPUS or TRICARE coverage counts toward the 5-year requirement.
Federal Employees Group Life Insurance (FEGLI) – To be eligible to continue life insurance coverage into retirement, you must have been enrolled in the FEGLI Program for the 5 years immediately preceding retirement. You will have the option of deciding how much coverage you want to continue into retirement.
Social Security – Find out if you are eligible for a Social Security benefit. Contact the Social Security Administration at 1-800-772-1213. For information on the Windfall Elimination Provision and the Government Pension Offset visit their website at http://www.ssa.gov.
Designation of Beneficiary – Review your Designation of Beneficiary (OPM) forms that are filed in your eOPF (HHS) to ensure they are up to date. If you have not filed designations, benefits will be paid in the normal order of precedence (spouse, children, parents, executor of estate, next of kin).
Best Date to Retire – The best dates to retire are at the end of the month, the end of a leave period, or the end of the year, but it will vary. A FERS annuity is effective the 1st day of the month so the best day to retire is the last day of the month. A CSRS annuity is effective the day after retirement if you retire the last day of the month or on the 1st, 2nd, or 3rd of the month. Consult your Benefits Specialist when choosing a good date to retire.
Source: http://hr.od.nih.gov/benefits/news/previousnews/2011/mar11.htm#retire
Christina Ricci Chyler Leigh Ciara Cindy Crawford Cindy Taylor
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