As you approach retirement, your mind may be full of questions. The federal retirement process is complex, so having those questions is natural. Every day we assist federal employees and have found that there are some common questions. Those are questions we answer every day.
Where do I submit my retirement package?
The original package should be submitted to payroll. They will reconcile your Individual Retirement Record (IRR) and then send it with your retirement application to OPM. We recommend that you retain a copy of this paperwork for your records. This process usually takes 30 days from the date of your retirement.
When will I receive my final Paycheck Statement?
Your last payment will be delivered via direct deposit within 30-45 days.
How long will it take to get my annual leave payment?
Your lump sum of unused annual leave will be sent to you after you receive your last paycheck. The amount should be deposited in about 30-45 days.
What is an NFC Notification of Separation?
A letter notifying you of your Separation from Federal Service will be sent to you within 45 days of your retirement. This letter acts as a tracking number for your retirement that was submitted to OPM. You should plan on keeping this notification letter. Upon receipt of this letter, you can then contact TSP for withdrawal options which can be made 30 days after your retirement date.
What is Interim Annuity?
After OPM receives your Individual Retirement Record and application, you are placed on Interim pay status. Interim payment equals approximately 60-80% of your full annuity and does not include the FERS Supplement. Receiving your first interim payment may take 60 days or longer after the effective date of your retirement.
What happens with FEHB?
Your FEHB will be transferred to OPM after retirement. During the interim pay period, no deductions will be taken for health insurance. Life Insurance can also be elected to transfer to OPM, and premiums will retroactively be deducted once your retirement is finalized.
When will I get my final annuity payment?
Once OPM has verified all records and service, you will receive a full annuity payment and retroactive annuity amounts that were not paid during the interim pay cycle, minus FEHB, FEGLI, and other appropriate deductions.
Have questions that aren’t on this list? Contact us!
Talking to a financial professional to navigate the retirement process is crucial. If you have any questions regarding how to get started with retirement, Benchmark Financial Group is here to help. We will take a closer look at your financial situation because retirement may be closer than you think! 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.
