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Search Tags: Retirement
Lester Austin, public affairs specialist for the Social Security Administration, answers your Social Security questions.
August 19, 2013
The Office of Personnel Management now estimates it will not be able to clear a longstanding backlog of retirement claims until next summer. OPM Associate Director for Retirement Services Ken Zawodny told Federal News Radio the suspension of overtime in late April has left the agency essentially treading water when it comes to processing retirement applications.
Several hundred thousand federal workers, from Defense to the IRS and OPM are still wearing golden handcuffs, which many are trying to shed. They include some of Uncle Sam's best, brightest and most experienced people, says Senior Correspondent Mike Causey.
Planning to retire someday? Before you sail off into the golden years, here are some tips from recently retired feds: Don't do it! Check out Senior Correspondent Mike Causey's Federal Report for more.
For the third month in a row, the Office of Personnel Management failed to meet its monthly goal for processing retirement claims. OPM's backlog now sits at 25,601 claims, up slightly from June. OPM blames its reduced processing power on the automatic, across-the-board budget cuts known as sequestration. To comply with the budget shortfalls, OPM was forced to suspend overtime for its employees in its Retirement Services division starting April 28.
How can you tell the difference between a current government worker and a retired civil servant? One of them is smiling, Senior Correspondent Mike Causey says. Think about it, prices have gone up, taxes have gone up, health premiums have gone up -- but feds at the Pentagon, HUD, Interior and other agencies haven't had a raise in three years.
The National Treasury Employees Union supports the general idea of phased retirement but has taken issue with some of the specifics set out by the Office of Personnel Management in its draft regulations. NTEU President Colleen Kelley says the rules, in their current form, require would-be phased retirees to have 20 years of experience, which could limit the number of employee eligible for the program. NTEU is also concerned about the lack of an appeals process for feds deemed ineligible for the option.
The Senate postal reform bill calls on the Office of Personnel Management to change the way it calculates how much the U.S. Postal Service must pay into the Federal Employees Retirement System and the Civil Service Retirement System. The change could result in a $6 billion surplus for the debt-burdened USPS.
Certifed financial planner Joe Sullender answers questions and emails about how to create a financial plan for your family.
July 29, 2013.
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Bob Braunstein, a federal benefits specialist, explores the special retirement provisions for LEOs, FF, ATC and foreign assignments.