FERs Retirees, anyone?

[Scout333]

I called OPM again and was on hold for 53 minutes, I was given my CSA#, but I was told I can't log on yet because I have to wait for the password.
However, she was kind enough to let me know that OPM had authorized an interim check as of 6/2/2016. So I should see a direct deposit around the 5th or the 6th of June.

Were you able to get your survivor annuity question answered? Seems that I remember there is a time period to revoke that election?

 

[PessOptimist]

Oh...(insert expletive choice) not saying it is a good or bad idea. Just saying Mari got spouse to sign off on no SBP for Maricar19's retirement. Now Mari is having second thoughts. No mention of spouses retirement choices since spouse is apparently not retired from Federal service yet. Not yet retired spouse has that decision to make upon retirement.

My point is you misread what is going on in this situation and though you are usually spot on in this instance I feel you are wrong. No counselling needed for Maricar19 and spouse.

SBP is definitely a hot button issue in many families. If you don't do it you are an uncaring bastard. If you do do it your retirement annuity is not enough. If your spouse dies before you do it ls money wasted. If you die first the money is not enough. You won't care, you will be dead

Maricar19 and spouse seem to be talking about this. No marriage counselling needed about this issue.

PO

 

[Maricar19]

Were you able to get your survivor annuity question answered? Seems that I remember there is a time period to revoke that election?

Yes Scout- I have 30 days before final adjudication to revoke my husband's waiver. And they said final adjudication means after I am already receiving the regular monthly pension/annuity.
Spoke to hubby again and explained that if I die, he will not receive half of my annuity. He still thinks the waiver is the way to go.
He believes the survivor annuity is geared for spouses who will not receive any form of pension or annuity at all.
And if I die within 5 years, he will be happy to get my TSP and life insurance (LOL).

Below is Section 52A4.1-1 Changes of Election Before Final Adjudication
A. Rule An employee may revoke or change a survivor election if, not later than 30days after the date of the first regular monthly payment, he or she files a new written election with OPM. After the 30-day period following the date of the retiree's first regular monthly payment has passed, the retiree cannot change his or her survivor election except as discussed in section 52A4.1-2 below.
NOTE 1: The retiree's first regular monthly payment is the first annuity check payable on a recurring basis (other than interim payments or a retroactive adjustment check) after OPM has initially adjudicated his or her regular annuity rate and has paid the annuity accrued since the time of retirement.

 

[Maricar19]

Maricar19 and spouse seem to be talking about this. No marriage counselling needed about this issue.

PO

Thanks PO.

 

[burrocrat]

Oh...(insert expletive choice) not saying it is a good or bad idea. Just saying Mari got spouse to sign off on no SBP for Maricar19's retirement. Now Mari is having second thoughts. No mention of spouses retirement choices since spouse is apparently not retired from Federal service yet. Not yet retired spouse has that decision to make upon retirement.

My point is you misread what is going on in this situation and though you are usually spot on in this instance I feel you are wrong. No counselling needed for Maricar19 and spouse.

SBP is definitely a hot button issue in many families. If you don't do it you are an uncaring bastard. If you do do it your retirement annuity is not enough. If your spouse dies before you do it ls money wasted. If you die first the money is not enough. You won't care, you will be dead

Maricar19 and spouse seem to be talking about this. No marriage counselling needed about this issue.

PO

well i might not understand this retirement life annuity thingy, but i think it is pretty to clear to me now why i am not married.

 

[Maricar19]

Ironically, I received a bill for health insurance from our accounting department and yet no sight of my terminal leave.
I called our accounting department and was told that I have to pay the bill first before they release the terminal leave check.
I thought they will deduct everything needed to be deducted from the terminal leave.

 

[Scout333]

Ironically, I received a bill for health insurance from our accounting department and yet no sight of my terminal leave.
I called our accounting department and was told that I have to pay the bill first before they release the terminal leave check.
I thought they will deduct everything needed to be deducted from the terminal leave.

Oh well reminds us why we retired!

 

[Maricar19]

Ironically, I received a bill for health insurance from our accounting department and yet no sight of my terminal leave.
I called our accounting department and was told that I have to pay the bill first before they release the terminal leave check.
I thought they will deduct everything needed to be deducted from the terminal leave.

Sent the payment for the health insurance by EFT. Hopefully, I will get my terminal leave check sometime this week.
BTW, I received from OPM the password for my CS #. According to the status of my case, OPM received notification of my retirement on 6/2/2016 and they authorized interim payment ending 7/1/2016.
Does it mean I won't receive the interim payment until 7/1/2016.
Even retirement is too confusing.

 

[burrocrat]

when did you retire, what was your last day? when did you notify hr you were retiring so they could work up your package? i am trying to figure out for when it is my turn. i am going to a retirement two day conference next week and these are good things to know.

 

[Maricar19]

when did you retire, what was your last day? when did you notify hr you were retiring so they could work up your package? i am trying to figure out for when it is my turn. i am going to a retirement two day conference next week and these are good things to know.

Burro, I Submitted my paperwork 4/25 with effective date of 4/30 retirement.Had my retirement counselling sometime in April.

 

[burrocrat]

Burro, I Submitted my paperwork 4/25 with effective date of 4/30 retirement.Had my retirement counselling sometime in April.

i am supposed to print my fed benefit statement, and tsp, and social security. and also private life/long term care insurance. and all my outside accounts. then there is a private appointment after day one of the conference to go over my package. i am glad that there is a fegli open season this fall when i can go from 1x to 5x my salary for fegli. i was too poor to think about 5x at that time of hire and there was no guidance, did not have anything to lose, and still don't want to go thru life event or intrusive physical to up it outside of open season. don't ask i won't tell anyways.

so when the day comes i should get about 1.1% of high 3 salary per year of service in about 15 years at social security minimum retirement age, 57 is way to early for me. actually i think i am better off staying to age 65. it gets even better at 67 but then i would have like maybe 6 months to enjoy the rest of my life. so there is a point of diminishing returns somewhere along that line.

so maybe i get 1/3 of salary from fers, and 1/5 of salary from ssi, and whatever i can pull from tsp how i want. this is good actually. i can replace a good portion of my takehome now with free money later. and i still have 15 years to hit the lotto and win me a rock star party bus and enough spare change to hire a driver in the meantime. so i am lookin good i figure, odds still in my favor at this point. no alpo for me, yet. probably not steaks every night either, but definitely can afford hamburger.

 

[PessOptimist]

Ironically, I received a bill for health insurance from our accounting department and yet no sight of my terminal leave.
I called our accounting department and was told that I have to pay the bill first before they release the terminal leave check.
I thought they will deduct everything needed to be deducted from the terminal leave.

Sent the payment for the health insurance by EFT. Hopefully, I will get my terminal leave check sometime this week.
BTW, I received from OPM the password for my CS #. According to the status of my case, OPM received notification of my retirement on 6/2/2016 and they authorized interim payment ending 7/1/2016.
Does it mean I won't receive the interim payment until 7/1/2016.
Even retirement is too confusing.

I thought the FEHB premium would be deducted from the first annuity check. Since you have been retired for over a month and haven’t gotten an interim payment yet I suppose the health insurance company wants their money but I also thought that was handled by OPM and your agency handled the leave payment. Goes to show what I know.

This retirement thing is not as easy as it should be. I am a year or so out but trying to be prepared.

Please keep us posted on progress (or lack of) and consider opening a “mircar19’s retirement thread" to keep it separate from the general FERS questions. I am sure an admin would move all posts if you want.

Thank you for sharing.

PO

 

[Maricar19]

so maybe i get 1/3 of salary from fers, and 1/5 of salary from ssi, and whatever i can pull from tsp how i want. this is good actually. i can replace a good portion of my takehome now with free money later. and i still have 15 years to hit the lotto and win me a rock star party bus and enough spare change to hire a driver in the meantime. so i am lookin good i figure, odds still in my favor at this point. no alpo for me, yet. probably not steaks every night either, but definitely can afford hamburger.

Burro, don't forget that retirement is two half times (?). The 1st half is amassing wealth;the second half is making that wealth last your lifetime in a most tax efficient way...

 

[Valkyrie]

when did you retire, what was your last day? when did you notify hr you were retiring so they could work up your package? i am trying to figure out for when it is my turn. i am going to a retirement two day conference next week and these are good things to know.

HR has nothing to do with your retirement. Your retirement is strictly btwn u and OPM. U don't even have to tell HR or your supervisor, there are many who don't. They just don't show up one day and they start wondering what happen to u.
u call the benefits line and a retirement specialist will contact u. always put your papers in at least 4 months before your final date.

 

[FogSailing]

One of my good friends at DOE retired in January. Didn't get his first check until mid-May. Something's wrong over at OPM. It's been my experience that the agencies servicing HR departments do a good job at getting all the paperwork to OPM, so unless there is a problem with you HR department, it's OPM.

FS

 

[Maricar19]

I mailed my paperwork on the 25th with an effective retirement date of 4/30 .
On 4/29, I received mail from my HR letting me know that all my files have been sent to OPM and I also received copies of the files that were transferred to OPM.

So I am not sure why according to OPM's online service that they received notification only on 6/2.
Anyway, today, 6/7/2016, I was checking my bank account- lo and behold there was a pending deposit from OPM as of 6/6.
I wish they'll email me the breakdown of this interim check.

 

[Lakebound]

I was given, and followed the advice of allowing for 3-6 months notice of my intent to retire. The advice seemed to be at this point, very good. As of this date after retiring on 4/30/16, I have received my first interim retirement deposit and my case has been assigned a case specialist. I have also been advised what my deposit on July 1st will be. The last step is case finalization for me.

Best of luck to Maricar19.

Frank

 

[Maricar19]

I was given, and followed the advice of allowing for 3-6 months notice of my intent to retire. The advice seemed to be at this point, very good. As of this date after retiring on 4/30/16, I have received my first interim retirement deposit and my case has been assigned a case specialist. I have also been advised what my deposit on July 1st will be. The last step is case finalization for me.

Best of luck to Maricar19.

Frank

I also received my first interim check (6/2)- the one that showed up without warning in my bank account today 6/7. The opm online services also showed a check authorized for July1. Although I still have no case specialist assigned to me.
I guess when my package was mailed on 4/29 to OPM, it just sat there or the mail is really slow.

I think even if you submitted your retirement package 2-4 months ahead, your respective HR will not send it to OPM yet until the day of your effective retirement. Remember, one can always change his/her mind about retiring unitl COB of effective date.

 

[Scout333]

I mailed my paperwork on the 25th with an effective retirement date of 4/30 .
On 4/29, I received mail from my HR letting me know that all my files have been sent to OPM and I also received copies of the files that were transferred to OPM.

So I am not sure why according to OPM's online service that they received notification only on 6/2.
Anyway, today, 6/7/2016, I was checking my bank account- lo and behold there was a pending deposit from OPM as of 6/6.
I wish they'll email me the breakdown of this interim check.

Mari if you have your CS number you can open an OPM online account which has quite a bit of information that will allow you to track the final adjudication (sp?) of your retirement. It has a breakdown of your interim checks, etc. I recommend it!

 

[Maricar19]

Mari if you have your CS number you can open an OPM online account which has quite a bit of information that will allow you to track the final adjudication (sp?) of your retirement. It has a breakdown of your interim checks, etc. I recommend it!

Thanks Scout. I just received my pw yesterday. The first interim check that I received in my bank account was not showing, but the next interim check for July is listed and only shows federal taxes as my deduction. I guess there will be alot of deductions for the adjudicated check:2-3 months of medical insurance, dental and vision insurance, life insurance and of course witholding taxes.