As of August, the Office of Personnel Management (OPM) reported the average processing time for new retirement claims was 64 days. Processing backlogs can delay when you begin receiving your full pension (annuity) check.
Surprisingly, the main cause of these processing delays is FERS participants failing to submit a complete and accurate application or waiting until the last minute to submit it to their agency. To streamline the process, here are a few tips.
Verify The Accuracy Of Your OPF (eOPF)
With most agencies having switched to the electronic Official Personnel Folder (eOPF), you can now easily download and save your entire personnel file. To access your eOPF, reach out to your HR office or your federal agency’s personnel department for guidance. Your eOPF contains documents that detail your employment history, including your grades, pay, and participation in FEHB and FEGLI.
Be sure to review your SF-50 forms for accuracy well before your retirement date to allow enough time for any corrections. Common issues such as missing signatures and misspelled names often cause processing delays. If you spot any errors, inform your agency’s personnel office immediately.
Reference The OPM Retirement Quick Guide For Voluntary Retirement
To understand the steps involved in the retirement process and get answers to the most frequently asked questions, visit the 3-page Quick Guide. Entering your date of separation into the “Tracking Your Retirement” Worksheet enables you to get the latest timeline estimate. The timeline estimate countdown tracks:
- Agency & Payroll Processing (approximately 30 to 45 days)
- OPM Application Intake (approximately 10 to 15 days)
- OPM Application Processing (approximately 50 to 90 days)
The OPM recommends you start planning for your federal retirement years in advance, so even if your retirement isn’t imminent, the OPM Quick Guide can help prepare. Keep in mind that during the application processing stage, the OPM will calculate your interim annuity payment which is approximately 60% to 80% of your finalized net payment for most people. To check the status of your interim annuity you can go to OPM Retirement Services Online, log into your account, then click Interim Pay Case Status.
Submit Your FERS Retirement Application Early
Filing your FERS retirement application early can help expedite the process. Also, it’s important to give your agency at least 60 days of notice before the actual date you intend to retire. When you take proactive steps to expedite the processing of your FERS retirement application, you help make the transition as smooth as possible.
For more information on planning for a successful federal retirement, reach out to an FRC® trained advisor.
