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Retirement and You

Retirement and You. Retirement and You What You Need To Know! Meyer J. Persow, US Office of Personnel Management. 55 years old with 30 years of service 60 years old with 20 years of service 62 years old with 5 years of service Also known as immediate or optional retirement. “Early Out”

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Retirement and You

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  1. Retirement and You Retirement and You What You Need To Know! Meyer J. Persow, US Office of Personnel Management

  2. 55 years old with 30 years of service 60 years old with 20 years of service 62 years old with 5 years of service Also known as immediate or optional retirement “Early Out” 50 years old with 20 years of service Any age with 25 years of service Other types include disability, discontinued service, and deferred Eligibility for Federal Retirement Benefits - CSRS

  3. If you were born Before 1948 In 1948 In 1949 In 1950 In 1951 In 1952 In 1953 through 1964 In 1965 In 1966 In 1967 In 1968 In 1969 In 1970 and after Your MRA is 55 55 and 2 months 55 and 4 months 55 and 6 months 55 and 8 months 55 and 10 months 56 56 and 2 months 56 and 4 months 56 and 6 months 56 and 8 months 56 and 10 months 57 Eligibility for Federal Retirement Benefits – FERSMinimum Retirement Age

  4. Five Years before Retirement • Important because you must have health benefits and life insurance coverage for 5 years immediately before retirement in order to keep it after retiring. • You may also need some preliminary information to make decisions about when you can afford to retire and make any necessary payments to get credit for military or FICA service or repay any retirement contribution refunds. • In order to keep health benefits after retiring you must: • be covered when you retire • have been continuously covered by FEHB, TRICARE or CHAMPUS for 5 years immediately prior to retirement or during all of your Federal employment since your first opportunity to enroll • OPM can waive the five-year requirement under certain circumstances

  5. Five Years before Retirement • In order to keep life insurance coverage after retiring you must: • be covered when you retire • have not converted your coverage to an individual policy • your annuity must begin within 30 days, or if you are retiring under the MRA+10 provision of FERS, your coverage is suspended until your annuity begins • you were insured for life insurance for the five years immediately preceding retirement or the full periods of service when coverage was available • You can keep your optional life insurance in retirement if all of the following conditions are met: • you were eligible to continue your basic coverage; and • you were covered by the optional life insurance for the five years immediately preceding retirement

  6. Five Years before Retirement Other Important Things to Do • Review you OPF to make sure that all of your service has been verified • Make any deposits for military service performed after 1956 • Make any deposits for any Federal service in which retirement contributions were not withheld from your salary • Make any redeposit of any funds that were refunded to you if you had a break in service And most important

  7. One Year Before Retirement • Confirm when you will be eligible to get a retirement benefit • Decide when you want to retire • Get information on other benefits you may be eligible for (TSP, SSA, IRA, pensions from private industry • Tell your supervisor about your plans • Attend a pre-retirement counseling seminar • Review your OPF • Contact OPM’s Retirement Operations Center in Boyers, PA to ensure that all of your Individual Retirement Records (SF 2806) are on file. NOTE: The ROC will only have an IRR if you changed agencies during your career or your payroll is being cross serviced by a different agency such as GSA or NFC

  8. Six Months Before Retirement • Resolve any financial indebtedness to your agency. Examples of causes for indebtedness include: outstanding travel advances, overpayments of salary, advanced leave. • If you are receiving military retired pay, decide on whether you want to waive it in order to receive credit for your military service in your annuity. • Start looking for that warm, sunny place to call home.

  9. Two Months Before Retirement • If you haven’t already done so, choose your exact retirement date. Your benefit can be estimated based on the exact date. • Complete an application for retirement (SF-2801) which is available for the OPM website or your HR office. • If you made a deposit for military service, check with your payroll office to ensure that they forwarded the correct information to OPM. • Make sure someone is planning a huge retirement party for you!

  10. Important Contacts • US Office of Personnel Management, Retirement Operations Center, Boyers PA 16017 or via email at retire@opm.gov • www.opm.gov/retire • DFAS, Cleveland Center, Retired Pay Operations, P.O. Box 99191, Cleveland OH 44199-1126 • Local Social Security Office (to check on Medicare eligibility)

  11. Happy Retirement

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