I heard they have hired more personnel. But how long to get up to speed is the question. Sorry to hear it is taking so long. How close to your full retirement package are you getting?
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Zebra's Story
- Thread starter Zebra
- Start date
I heard they have hired more personnel. But how long to get up to speed is the question. Sorry to hear it is taking so long. How close to your full retirement package are you getting?
Zebra
Member
nasa1974, it looks like it is about 70% of what NSSC (NASA) said I should get, but then I don't know about taxes, insurance, etc.! I guess I will have to continue and play the waiting game and cross my finger OPM has not screwed up. They were late getting my pay started so I expect they will be late getting my pay finalized!
Thanks Zebra. Just trying to get a handle on what I need to look at as far as monthly bills and what has to be stored up.
If my AL money shows up in about 30 days that will help.
Elgallo
Member
They suggest you submit your package as early as possible if you are retireing at the end of the year (Dec 31) like I am.
If you are retiring earlier in the year they suggest 120 days prior. If you read the guidance provided it sounds as if, and maybe I'm reading it incorrectly, they don't even begin to work on your package until after your retirement date.
Quotes:
"""Separation Action Processed - Your Retirement Specialist will process your Retirement personnel action on or after the effective date. Your retirement becomes effective as of close of business on the date you chose to retire. A copy of your Retirement SF-50, Notification of Personnel Action will be mailed to you at your home address to retain for your records."""
"""Retirement Package Forwarded to OPM - Within 30 days of retirement date, your retirement package is forwarded to the Office of Personnel Management (OPM) for processing. DFAS Payroll will close out your payroll/retirement record once your last paycheck has been processed."""
More info:
http://www.public.navy.mil/donhr/Benefits/retirement/fers/Pages/VoluntaryRetirement.aspx.
My package just went in and I have been contacted by somone in Portsmouth VA (Im DON), and like the rest of you am very concerned about the UNNECESSARY delay in recieving what we are owed.
Did you know that if you want to begin drawing funds from you TSP commenstrate with the date of you retirement is impossible as I see it to do. I find out, and again maybe I read it wrong, that you cannot even submit the form to the TSP until a minimum of 30 days after your retirement date. Then how long is it going to take them to get there fn chit together! I think we all know the answer to that question.
Also if you want to transfer your TSP balance to a sheltered IRA at say Fidelity that will take 20 days, and get this, THEY MAIL A FN CHECK to Fidelity! You can see what we are having to deal with here, all of which is unnecessary considering outside of govt. this is not the case because of electronic funds transfers.
All of this crap gives this ol dog the impression that they REALLY RESENT having to give us our money!
Elgallo
Member
That would be easy to do in real time however the govt. lacks the proper skill sets and technology. First they will have to ween themselves from the abacuss before that will happen!
So it appears to me that my papers will set idle for SIX FRIGGN MONTHS before they work on it! WTFO!
nnuut
Moderator | TSP Legend
Mine took 7 Months!
brooksmd
Member
The person who handled my retirement told me the package would not be sent to OPM until after my retirement date in case I had a change of heart. I assured her there would be no change of heart on my part, however that's the policy.
Although I didn't touch TSP, I think Z said he submitted his request but they would not act on it until after they got notification of his retirement. Once they did they processed very quickly.
As many have said and it can't be preached enough. Try to have as little debt as possible; set aside funds now to help get through the OPM delay; and personally I think you are far better off selling back as much annual as possible, again to help until OPM gets your annuity straight. You will get about 70%-80% of you estimated annuity and if you keep your health plan they will deduct that from the partial annuity. Retiring Dec 31 you should get your first partial payment by the end of Feb.
Also, if you're FERS, I think you can apply 90 days before your birthday for Social Security. SS came through like they said they would when I applied. In fact they told me I would get my check on the third Thursday of the month, but I actually get it on the third Wednesday.
Good luck on your retirement and I hope the remaining 6 months go as fast for you as they did for me.
Although I didn't touch TSP, I think Z said he submitted his request but they would not act on it until after they got notification of his retirement. Once they did they processed very quickly.
As many have said and it can't be preached enough. Try to have as little debt as possible; set aside funds now to help get through the OPM delay; and personally I think you are far better off selling back as much annual as possible, again to help until OPM gets your annuity straight. You will get about 70%-80% of you estimated annuity and if you keep your health plan they will deduct that from the partial annuity. Retiring Dec 31 you should get your first partial payment by the end of Feb.
Also, if you're FERS, I think you can apply 90 days before your birthday for Social Security. SS came through like they said they would when I applied. In fact they told me I would get my check on the third Thursday of the month, but I actually get it on the third Wednesday.
Good luck on your retirement and I hope the remaining 6 months go as fast for you as they did for me.
Elgallo
Member
I beleive you ment Dec 31, 2010 not 11. So you have be on a reduced annunity for 7 months. That sucks!
If you are a FERS person have you been able to contact the TSP board? I understand one cannot do that for 30 days subsequent to retirement. If you have not heard from OPM I assume you have not been provided your CSR# and temp password which allows one to login and amoung other things, establish State Tax witholding if you live in a state with State Taxes.
Great system we got going here eh!
If you are a FERS person have you been able to contact the TSP board? I understand one cannot do that for 30 days subsequent to retirement. If you have not heard from OPM I assume you have not been provided your CSR# and temp password which allows one to login and amoung other things, establish State Tax witholding if you live in a state with State Taxes.
Great system we got going here eh!
Zebra
Member
You know jimijr, I have been trying to figure out what they owe me, but I am unable as I can't figure out the Health Insurance and taxes. I wish OPM had their act together!!!!!! For anyone planning on retirement in the near future.........you should be extremely prepared and have patience; as OPM sucks canal water. Thank God for this Forum, I was ready and had some other incomes (military retirement and social security), if not I would be hurting, which I am not! I too sold back 448 hours of AL and it helped big time. But now almost eight months since retirement, you would figure opm COULD MANAGE to work out my account. Dame.............they suck big time!
Zebra
Member
yes, thanks, I did retire in December 2010. I immediately received the famous case #, but not temp password. I am still receiving partial payments. Like brookmd stated above, we will see what happens on 8/1! yes I am FERS! All I am trying to do is to alert others who are nearing their retirement and warm them to be prepared. If not there could be major hardships due to the frigging system and OPM.
