As federal employees approach the end of their careers, understanding the retirement process becomes crucial. It involves several important forms that need to be filled out correctly to ensure a smooth transition into retirement. In this blog post, we will discuss some of the key forms required for federal employees to retire, along with a brief description of each form and the timeline for the federal retirement process.
FEDERAL RETIREMENT FORMS
SF3107 Application for Immediate Retirement: The SF3107 form is used by federal employees to apply for immediate retirement benefits. It includes personal information, such as the employee’s name, social security number, date of birth, and service history. It also requires the employee to choose retirement options, such as the type of annuity, survivor benefits, and any other applicable deductions.
SF2818 Continuation of Life Insurance: The SF2818 form allows federal employees to continue their life insurance coverage into retirement. It provides options for continuing coverage, reducing coverage, or canceling coverage altogether. It also requires the employee to designate beneficiaries for the life insurance benefits.
W4P (IRS) and W4P (MO): These forms are used to determine the amount of federal income tax to be withheld from retirement payments. W4P (IRS) is used to specify federal income tax withholding, while W4P (MO) is used for Missouri state income tax withholding. Employees need to carefully fill out these forms to ensure the correct amount of taxes are withheld from their retirement payments.
BENEFICIARY FORMS
SF1152 Unpaid Compensation of Deceased Employee: This form is used to claim unpaid compensation of a deceased federal employee. It requires information about the deceased employee, including their name, social security number, and date of death. It also requires information about the claimant, who is usually the surviving spouse or next of kin.
SF2823 Federal Employees’ Group Life Insurance: The SF2823 form is used to designate beneficiaries for the Federal Employees’ Group Life Insurance (FEGLI) program. It allows employees to specify the percentage of insurance proceeds to be paid to each beneficiary in the event of their death.
SF2808 CSRS Retirement System Contributions and SF3102 FERS Retirement System Contributions: These forms are used by federal employees covered under the Civil Service Retirement System (CSRS) or the Federal Employees Retirement System (FERS) to designate their retirement system contributions. They require employees to provide information about their service history, salary, and contribution elections.
TSP 3 TSP Designation of Beneficiary: The TSP 3 form is used to designate beneficiaries for the Thrift Savings Plan (TSP), which is a retirement savings plan for federal employees. It allows employees to specify the percentage of their TSP account to be paid to each beneficiary in the event of their death.
Timeline for the Federal Retirement Process: The federal retirement process can take several months to complete. Here is a general timeline of the steps involved:
- Employee submits SF3107 Application for Immediate Retirement to their agency’s human resources (HR) office at least 60 days before their desired retirement date.
- HR office reviews the application for completeness and accuracy and sends it to the Office of Personnel Management (OPM) for processing.
- OPM reviews the application and calculates the retirement benefits based on the information provided.
- OPM sends a retirement package to the employee, which includes information about their annuity, survivor benefits, and other retirement options.
- Employee reviews the retirement package and completes and submits any additional forms, such as SF2818, W4P (IRS/MO), SF1152, SF2823, SF2808, and TSP 3, as needed.
- OPM processes the additional forms and finalizes the retirement benefits.
Are you ready for the paperwork challenge? We can help!
If you are looking for a guide through the retirement process and to put together a financial plan, Benchmark Financial Group can help. It all starts with gathering your information, discussing your goals, and preparing a plan so that we can help you maximize your income in retirement. With the right strategy, you can get your income equal to or exceed your pre-retirement net income. To get started, schedule an appointment today with Benchmark Financial Group by filling out the form online or calling David Raetz at 913-534-8256 to discuss your financial needs. Benchmark Financial Group is happy to help you navigate your options and determine the best path to move toward your financial goals.
*Securities and Advisory Services Offered Through CreativeOne Securities, LLC Member FINRA/SIPC and an Investment Advisor. Benchmark Financial Group, LLC and CreativeOne Securities, LLC are not affiliated.
9300 W. 110th Street, Ste 160
Overland Park, KS 66210
