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Since you have settled on the decision to retire, what comes next? Your retirement application. It is crucial to remember that it might bring attention to the subsequent procedure and be challenging to comprehend. Be patient and follow the steps below for a stress-free retirement application.
When your personnel office receives your retirement application, it will undertake a series of checks to establish whether or not you are qualified to retire on the day that you have selected and whether or not you will be able to continue receiving your Federal Employees Health Benefits (FEHB) and Federal Employees’ Group Life Insurance (FEGLI) coverage after you leave the workforce. These checks will decide whether or not you are qualified to retire on the date you have chosen. In addition, these checks will indicate whether or not you will be able.
Your personnel office will, presuming that there aren’t any issues, prepare a Certified Summary of Federal Service for you. This document will list your federal civilian and military service, assuming you have any of either. When they send you a copy of the record, you should examine it to ensure that it is accurate and make any necessary adjustments.
Therefore, as the time gets closer to the date you’ve chosen to retire, the personnel office at your company will do the following:
• Transmit your enrollment in the Federal Employees Health Benefits Program (FEHB) to OPM if you are qualified to continue;
• Transmit any active beneficiary designations that are currently stored in your OPF;
• Have a Notification of Personnel Action form, known as an SF 50, processed to terminate your service;
• Finish and receive approval for the component of your retirement application that deals with the personnel office; and
Then your retirement application and all supporting documents are delivered to your agency’s payroll office.
The payroll office will approve the last payment of your salary after you have retired and separated from the company.
In addition, it will provide you with the authority to receive any lump-sum compensation due to you for unused annual leave. If you have been given the option of a “buyout,” it will also authorize the price for that option; However, you ensure that;
•Your Individual Retirement Record (IRR), the official record of your current service, pay rates, unused sick leave credit for retirement purposes, etc., are certified and closed off.
The IRR contains a list of your retirement deductions for your final term of employment. It is impossible to close it out until you have received your last salary check;
• Attest to your basic yearly wage for life insurance if you are planning on maintaining any coverage into retirement; and
• Send your retirement package to the Office of Personnel Management.
After your agency’s payroll file has been sent to OPM, as a general rule, the payroll office at your agency will notify you of this fact. This notification will include the following information:
If you need to check on the progress of your case after it has been submitted to OPM, then you will find that the information above is vital. You will be required to follow up with them if it does not.
The amount of time required to complete this procedure is contingent upon various factors, including the amount of work done in your organization’s payroll and personnel departments. The process can take far longer if they have insufficient personnel or are buried beneath a mountain of retirement applications.
The processing done by OPM is also depending on the amount of work being done. It can be overloaded during peak seasons, such as the end of the year and the beginning of the new year. To your good fortune, they will make an effort to pay you back a percentage of your annuity whenever it is feasible to do so.
This payment will be considered temporary until they have finished processing your application. After that, you will start receiving your correct monthly annuity payment and any catch-up monies that were not provided to you while receiving interim pay.
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected]