Phased Retirement: When, where and is it for you?

Sometime later this year, half a dozen agencies are likely to roll out their version of the government’s first-ever phased retirement program. Call it PR for short.

Although PR has been in the works for a couple of years, nobody is sure what it will look like, how it will work and how it may vary from agency-to-agency. There are a few basics:

• Agencies can permit select employees to work 20 hours per week (for an indefinite period).
• People on PR will be paid half their salary with the rest of their income (the other 20 hours) from their annuity.
• Workers in the program will continue to accrue (at a lower rate) service credit time. They can also participate in the TSP and, if under the FERS program, be eligible for the 5 percent government match on their reduced federal salary amount.
• Employees taking PR must spend at least 20 percent of their time mentoring other workers, including, presumably the person or persons who will replace them.

All of the above is fine. But many agencies are still wrestling with time limits for PR. Should there be one or should the program be open-ended. Will the PR program (if any) be departmentwide, or will they be tailored different agencies?

Benefits expert Tammy Flanagan is an expert on the pending PR program. In fact, she’s doing it herself moving from full time to part time. Flanagan works with the National Instate of Transition Planning and writes a very popular column for Government Executive.

Today at 10 a.m. on FederalNewsRadio.com we’ll have a one-hour, one-on- one talk with Tammy about the PR program. She’ll also explain how it is working for her, and how it might work for you She’s also got some surprises about the best-dates-to-retire, and the benefits of retiring sooner rather hanging around another few years. Also some tips for highly-skilled types at the CIA, Homeland Security, Secret Service, DIA and NSA about making a mid- career job change.

Listen if you can. Or catch it later (all our Your Turn shows are archived). And tell a friend. There is something in this for just about everybody whether you are months or years from retirement.

NEARLY USELESS FACTOID

By Michael O’Connell

Actor Lon Chaney Jr. is the only person to play all of the classic Hollywood movie monsters — the Wolf Man (“The Wolf Man”), Frankenstein’s monster (“The Ghost of Frankenstein”), Kharis, The Mummy (“The Mummy’s Tomb”) and Count Anthony Alucard, Dracula’s son (“Son of Dracula”).

Source: IMDB

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