Clester's retirement story

[nnuut]

Listen folks OPM is snail slow, it's been 6 months and I am still getting 80% of my annuity. I called HRO at the base and the lady there gave me a number at OPM, I called it yesterday and had to leave a MESSAGE, waiting for a call today! This is ridiculous!:nuts:

 

[XL-entLady]

Listen folks OPM is snail slow, it's been 6 months and I am still getting 80% of my annuity. I called HRO at the base and the lady there gave me a number at OPM, I called it yesterday and had to leave a MESSAGE, waiting for a call today! This is ridiculous!:nuts:

It took 10 months for me to quit getting my 80%. Then a few months later they started paying me too much. I called and sent registered letters. No fix. I just saved the extra money in a special savings account. Eleven months later they came after me.

I don't know whether the problem is that they are overwhelmed or that they are working with antiquated computer programs or what. I just know that folks better be prepared for long waits before they retire.

 

[alevin]

Lady, I heard a similar story from another recent retiree yesterday. she came back to work part-time due to health care costs and insurance increases relative to fixed annuity. they overpaid her when she came back to work, and they just issued her a gimme notice.

 

[Buster]

Well Folks..I'm officially a CIVILIAN as I write this..Lots of mixed emotions and sad farewells today...But hey..I'm young enough yet, time to start another career..At least for a another few more years..

 

[Frixxxx]

Congrats Buster!!!!!

A new life......get livin!!!!!

 

[nnuut]

A fork in the road of life, I think you took the right way.

 

[clester]

Update: I retired May 31. I got my annual leave check this pay day. 6 weeks after retirement. The last check was a partial pay period, then a pay period with no pay, and finally the lump sum. My pay was processed through D.O.I.

TSP has been very efficient. I got my first 72t amoritization method monthly payment 5 weeks after retiring. I may have been able to get it sooner. I mailed my request about June 25 and got check July 9th. No tax taken out for some reason. Should have been assessed as married with 3.

OPM. Well... another story. Still waiting. I did get a letter this week from them with a claim number which was dated June 23rd. I tried to email them and it took several weeks for a reply but they said they needed my claim number or ssn to check on it. So I replied with my ssn a couple of weeks ago and still nothing. Haven't tried to call. Probably useless. Anyway, from others experience I should get a check this week. Stay tuned...

 

[Zebra]

Clester you are killing me! Dame..............OPM sucks! I don't get it! You would think with today's technology, retirement should be instant with the push of one button on the keyboard!

Clester I do hope it works out quickly for you, as you have suffered enough!

 

[nnuut]

Still receiving 80% annuity at 6 1/2 months!! Called OPM the first of last week, the nice lady said they had finished my retirement and sent it to finance, that the check should arrive before the end of the Month and next Months payment should be 100% and complete!!! WOW 7 Months, when I see it I'll believe it.:nuts:

 

[alevin]

The peak of boomer retirements comes in about 5-6 years. Can't even imagine how long the backlog will be to process all aspects of FERS peoples' retirements (all 3 legs) at that point. Better be putting cash in the emergency kitties now for drawdown while waiting, could take over a year before see full retirement at peak boomer partytime.

 

[clester]

Received this email in response to my question about getting my annuity started from OPM..

"Our system indicates your claim, Claim No. CSA x xxxx xx, is still in
our processing section waiting its turn to be assigned for completion.
All cases are processed in the order they are received. We have
received an extraordinary high number of buyouts this past year which
has caused an unusual backlog. We thank you for your patience."

 

[Buster]

Received this email in response to my question about getting my annuity started from OPM..

"Our system indicates your claim, Claim No. CSA x xxxx xx, is still in
our processing section waiting its turn to be assigned for completion.
All cases are processed in the order they are received. We have
received an extraordinary high number of buyouts this past year which
has caused an unusual backlog. We thank you for your patience."

I heard it was the USPS that had the buyouts...Got my last Pay check yesterday..Hope they process my Annual Leave check soon..:worried:

 

[Scout333]

Received this email in response to my question about getting my annuity started from OPM..

"Our system indicates your claim, Claim No. CSA x xxxx xx, is still in
our processing section waiting its turn to be assigned for completion.
All cases are processed in the order they are received. We have
received an extraordinary high number of buyouts this past year which
has caused an unusual backlog. We thank you for your patience."

Clester, Thanks for keeping us updated on your progress! I have learned a lot from you and others on the board about preparing for retirement. A friend told me yesterday that his retirement decisions were the most complicated financial decisions he has made to date and potentially the most beneficial/costly ones to his financial well-being for the rest of his life. Lots to think about!

 

[clester]

Today makes exactly 7 weeks after retirement and still no pension check! My HRO said it may take up to 8 weeks. Guess I'll give it another week. Good thing I had a lot of leave to sell back and finally got that payout.

 

[nnuut]

Clester, I got my first check the first of the 3rd Month, 8 weeks!
YES! I finally got the check for the 20% I wasn't getting paid for from OPM!!! 7 Months is excessive I'd say, now waiting for my first full check, it will be about $700 bucks clear more a month so I'm happy! By the way they don't take out STATE TAX so be advised that it could cause you to pay a penalty in April.

 

[clester]

Clester, I got my first check the first of the 3rd Month, 8 weeks!
YES! I finally got the check for the 20% I wasn't getting paid for from OPM!!! 7 Months is excessive I'd say, now waiting for my first full check, it will be about $700 bucks clear more a month so I'm happy! By the way they don't take out STATE TAX so be advised that it could cause you to pay a penalty in April.

Thanks NNUUT,
Did you ever get the check for the first month? or will that come when they get it all figured out?

 

[nnuut]

Thanks NNUUT,
Did you ever get the check for the first month? or will that come when they get it all figured out?

Yes I believe I did, but had to use my Annual Leave money for 2 months.
I'm waiting for them to send me a PIN to access the OPM sites on-line retirement section, then I can specify how much State Taxes I want them to take out, they are taking Federal taxes out as Married with 0 dependents now, I think I'll change that too. They were not paying for my Benefeds Dental Plan during the 7 months so I had to send them a check monthly to pay for that, all of the other insurances, Life FEHB etc. was paid by them.

 

[clester]

I just got another reply from another email I sent. At least I am getting some response and within a week. It said I would get the back pay when my processing was finished and that I could check the details then. I wanted to make sure I was put into ATC retirement.

I don't have state tax here in TN . I think I am having married with 2 for fed tax. I noticed that TSP didn't withhold fed tax. Should be ok till I get regular pension. I thought I had put down married with 2 on it as well. They took out a huge chunk of tax on leave payout

Maybe I will get regular check by Jan.

 

[nnuut]

In Georgia retirees don't pay State Tax on the first $35,000 Plus $4,000 if you are 65 or over!

 

[clester]

Update: I am not happy.
Just got my first interim payment from OPM 51 days after retirement. It is about 40% of what my full annuity should be. So I called them for an explanation. Here are the answers
1. You get no supplement until they finalize your claim (about 6 mo.)
2. Your interim pay is based on regular retirement pay. I am ATC so I should be at 40% but guess for now it is 26%.

Luckily, I am getting TSP payments and got a large lump sum for leave or I would be in trouble. I will still have to draw down my savings for 6 months while OPM gets it's act together. They will give me all what's owed me in a lump sum when they get all figured out in about 6 mo. They have to assign a case worker and that is the hold up I guess.

ATC people be aware of this!!