Retirement information is available to you on demand. Find information about the Federal retirement programs, make changes to the withholdings from your monthly annuity payment, calculate special options, or request specialized services.
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Here are answers to frequently asked questions about planning for retirement in two months.
When should I
choose my exact retirement date?
If you have not already done so, you should choose your exact
retirement date. Afterwards, your benefit can be estimated based on the
exact date.
The best place to obtain assistance is your agency's local personnel
service center. They can provide personalized assistance and they have
your employment records. They will provide you with information on when
your benefit payments can begin based on your proposed retirement date.
You will also find out how this date affects factors used to determine
the amount of your retirement benefit, such as your length of service,
high-3 average salary, and
the proration of cost-of-living adjustments.
When should I complete my
application?
You should carefully read the information that is part of your
retirement application, and complete and submit the forms. You do not
need to submit a separate letter of resignation. A completed and signed
retirement application is equivalent to a letter of resignation.
If you are eligible
for a retirement benefit, you should not resign, intending to submit a
retirement application later. This is because if you die after
separating but before filing the application no life insurance, no
survivor benefit, and no survivor health insurance coverage would be
available to your survivor(s). You should, however, complete all the
other required "exit procedures."
Read more about applying for
retirement.
Should I check on my military
service deposit?
Your personnel office will verify with your payroll office that the
deposit to give you credit in your annuity for military service you
performed after 1956 has been paid, or that arrangements have been made
for complete payment before you leave the agency's
rolls.
Should I sign up
now to receive my retirement payments by direct
deposit?
If your employer
sends us your retirement records by magnetic tape, your account
information for direct deposit will be sent to us automatically. In this
case you would not need to do anything. Otherwise, you should include
your request to receive your payments by direct deposit with your
retirement package. You can do this by submitting a letter or a Standard
Form (SF) 1199A with your application. You must get the SF 1199A, Direct
Deposit Sign-Up Form, from your financial institution.
Direct deposit is
available to retirees residing in Canada but, generally, it is not
available to those whose permanent address for receiving payments is
outside the United States. However, retirees living outside the U.S. can
arrange to have their payments electronically deposited in a U.S.
bank.
How long does it take to
withdraw money from the Thrift Savings Plan
(TSP)?
It may take up to eight weeks to process a withdrawal after all
properly completed withdrawal forms and separation data have been
received by the TSP Service Office. Further, the TSP Service Office
cannot process a withdrawal election until they receive an Employee Data
Record from your payroll office indicating that you have separated.
An unpaid TSP loan may delay disbursement of the TSP account
balance.
Your employer will provide you with information about your withdrawal
options and the option to keep your money in the TSP. If you choose not
to withdraw your funds, in the event of your death the TSP Service
Office would pay the funds based on your written designation form on
file. If you have not completed a designation form, payment would be
made to your survivors as follows:
- Widow or widower.
- If none of the above, child or children and descendants of
deceased children by representation.
- If none of the above, retiree's parents or to the surviving
parent.
- If none of the above, the executor or administrator of the
retiree's estate.
- If none of the above, to any other of the retiree's next of kin
who is entitled under the laws of the state in which the retiree
resided at death.
Read more about the Thrift Savings
Program.
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