What To Do Before Applying for Federal Retirement
4 Things to Do Before Applying for Federal Retirement
Before Angela from Accounting starts planning your retirement party, make sure you have completed all the to-dos necessary to apply for federal retirement. Not sure what those items are? Federal Educators can help. Read on to learn more about the four things you must do before applying for federal retirement (and no, it’s not to tell Angela what your favorite cake flavor is.)
- Inspect Standard Form 50 for Accuracy
The Standard Form 50 (SF-50) is a critical part of federal retirement planning. It is the only official document used by the federal government to determine retirement eligibility and pension calculations. With every increase in level, grade, or pay, a new SF-50 is issued, so it’s critical to review all the information. It also details your chosen federal government retirement plan, life insurance coverage, and any additional information on appointments, separations, placement and return to duty pay status, and conversions from temporary to permanent appointments.
- Decide on Federal Employees’ Group Life Insurance (FEGLI)
If you were enrolled in the FEGLI program for 5 consecutive years before retirement, you might qualify for additional coverage under the FEGLI program.
- Review Thrift Savings Plan (TSP) Contributions
As employees near retirement, most are already contributing the largest amount to their TSP. This may include regular contributions as well as any “catch-up” amounts for those 50 years or older. Unless you are planning to immediately withdraw from the TSP account after retirement, consider what the best option for long-term growth is. Most choose to invest in the three TSP stock funds – C, S, or I.
- Gather your Official Personnel Folder (OPF) Documents
In order to apply for retirement approval, all of these documents and information must be in order. If any are missing, speak with your personnel officer.
- Beginning and end dates for each employment period (used for benefit computation)
- Effective dates for any promotions or within-grade increases (used to compute your high-3 average salary)
- Dates of any pay changes or earnings along with pay rate
- Tour of duty during any part-time employment
- Employed service or a record of time actually worked
- Military service dates
Feeling overwhelmed? Our dedicated team at Federal Educators is here to help you wade through the jargon so you can reap your hard-earned benefits. Schedule your complimentary virtual meeting here or call our office at 813-755-7037 to get started today.