2014 retired FED and going to retire FEDs...

[Cassie]

Congratulations Redbugdave and good luck on your beekeeping hobby, the pictures of your supplies looks like you're ready. Sorry Kaufmanrider about the $00 balance, keep us posted after you call.

[Hermit]

Quote:

Originally Posted by Redbugdave Kaufman...I don't know why they are so slow. I think I would call them and see what they say. I have had an amount posted in mine...it was that way when I first logged on. I wonder if all the non-govt people retiring from private companies go through this long drawn out interim partial pay process where they get partial pay for months on end? Or is it just Uncle Sam?

I retired from a government contractor megacorp and had my first pension check deposited the Friday I retired. That was the last day of the month. I've been getting them on that day since. I gave about 30 days notice.

[Kaufmanrider]

Quote:

Originally Posted by Redbugdave Kaufman...I don't know why they are so slow. I think I would call them and see what they say. I have had an amount posted in mine...it was that way when I first logged on.

Strange how OPM works? I posted on another Federal Forum and another Fed who retired same day I did responded and stated he received his password the day before me (Monday) and his on-line account also showed a 0 dollar interim pay. However, he said the next day, yesterday, he received a letter from OPM with his interim pay calculations and a dollar amount that will be 78% of his FERS, no Special Supplement. First payment March 1. So I am waiting for the mail.

[Redbugdave]

Hey...I got a letter in the mail yesterday, too. It showed the same amount that the on-line account says for interim pay. Maybe yours will have your amount on-line today or tomorrow. Other forum...Federal Soup?

[Kaufmanrider]

Quote:

Originally Posted by Redbugdave Hey...I got a letter in the mail yesterday, too. It showed the same amount that the on-line account says for interim pay. Maybe yours will have your amount on-line today or tomorrow. Other forum...Federal Soup?

TSPTALK.

No OPM mail today so I called the OPM number. Third try I got the automated answering system. I entered my menu number and was on hold for 20 minutes until I spoke to a real person. She was testy, I was nice. I guess all day dealing with angry retirees? Go figure.

I explained my on-line services account showed my interim payments were going to be $0.00 and I was concerned there might be an error. She told me she didn't know what I was talking about, I had been keyed in for interim payments and will receive them. I replied yes, the services on line account says I was approved interim payments on Feb 20, 2014 with a total amount of 0.00 and gross of 0.00. She couldn't explain why it said that but told me how much I will get Gross and Net. Based upon my agency pre-retirement calculations it is about 67% of what I will eventually receive.

[Hermit]

Quote:

Originally Posted by Kaufmanrider TSPTALK. No OPM mail today so I called the OPM number. Third try I got the automated answering system. I entered my menu number and was on hold for 20 minutes until I spoke to a real person. She was testy, I was nice. I guess all day dealing with angry retirees? Go figure. I explained my on-line services account showed my interim payments were going to be $0.00 and I was concerned there might be an error. She told me she didn't know what I was talking about, I had been keyed in for interim payments and will receive them. I replied yes, the services on line account says I was approved interim payments on Feb 20, 2014 with a total amount of 0.00 and gross of 0.00. She couldn't explain why it said that but told me how much I will get Gross and Net. Based upon my agency pre-retirement calculations it is about 67% of what I will eventually receive.

Wow! That's quite an ordeal. My megacorp had an on-line tool that you could put in the date you expected to retire and any pay raises you expected to get prior (%/yr) and it would tell you how much your pension would be. Everything was calculated from your start date. If you had a break in service, the start date was adjusted accordingly. When I retired, I told them the day and what medical insurance I wanted and everything else was pretty much automatic.

[Kaufmanrider]

Quote:

Originally Posted by Hermit Wow! That's quite an ordeal. My megacorp had an on-line tool that you could put in the date you expected to retire and any pay raises you expected to get prior (%/yr) and it would tell you how much your pension would be. Everything was calculated from your start date. If you had a break in service, the start date was adjusted accordingly. When I retired, I told them the day and what medical insurance I wanted and everything else was pretty much automatic.

That's the Fed's for you. Too many departments involved. My agency HR did my packet, crunched the numbers and told me what I would get based on their calculations which included health insurance, taxes, survivor benefit, etc. I am told my agency is fairly accurate but final numbers could swing as much as a couple hundred dollars in each direction. The Office of Personnel Management is the final adjudicator of our retirement numbers.

Here is how my (and other Fed's are similar) retirements processed. After I retired my agency sent my retirement packet to another agency that processes our payroll, the National Finance Center (NFC) run by the Department of Treasury. After I retired NFC added my payroll documents to my retirement packet they received from my agency and sent it all to the third and final agency, the Office of Personnel Management. Once they receive it you sit and wait. A few years ago they had a backlog and took upwards of 9 months or more to finalize retirements. It appears they have somewhat caught up and average 90-120 days. Some people are done sooner, like Cassie, others later. I hope I am like Cassie and on the sooner side. Not so much for the money as I have a cash reserve and will get made whole when it is all finalized, but more so to have it all done and behind me so I can relax and enjoy more ER.

[Redbugdave]

Hermit..And there's 2 types of retirement systems going on, too. An older one with just an annuity, and a newer one with a small annuity and 401K. The older system gets finalized sooner than the newer one it seems.

[Redbugdave]

Also...another good ongoing thread to keep up with since it concerns us...
http://www.early-retirement.org/foru...xes-70765.html

[Kaufmanrider]

Checked my OPM services online account this morning. My retirement package was assigned to a specialist for processing Feb 27, 2014.

[Cassie]

@Kaufmanrider what great news, things are moving along for you!

Like Redbugdave said, there are two types of Federal retirements and I am under the old CSRS. Also my 38 years was with the same agency and there was no separation, so it was a quite an easy process. I am so looking forward to Monday for my finalized deposit, I must say it's nice to know for budgeting purposes. On another note I mailed my TSP request Feb 19 and today the deposit was made into my checking account. I will move that to Vanguard as every penny is earmarked including holding some in case I have to pay more taxes on it next year.

Thanks for reading, Cassie

[Redbugdave]

Quote:

Originally Posted by Kaufmanrider Checked my OPM services online account this morning. My retirement package was assigned to a specialist for processing Feb 27, 2014.

I have not been assigned a specialist yet. But since Kaufman just has been assigned one, maybe in the next week I will too.

[Cassie]

Yippee, my pension deposit is in my account...it's pending....but it's there AND the amount is correct. Redbugdave and Kaumanrider...you're next!

[martyb]

tock-tock..tick-tock......I'm not far behind you folks!

[Kaufmanrider]

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Originally Posted by Cassie Yippee, my pension deposit is in my account...it's pending....but it's there AND the amount is correct. Redbugdave and Kaumanrider...you're next!

Good for you. Nothing in my account, yet. I finally received a letter from OPM confirming what I will get as interim payments. It says paid the first business day of the month so tomorrow.

On another note, the only deduction they are taking from my interim is federal income tax, no state tax in Texas. I thought the amount is extremely high (they take Married with 3). I will probably make an initial change during interim payments and another when I am finalized.

I took my Leave and Earnings Statement for what I made in 2014 before I retired, added my Lump Sum and what I would make (agency estimate) in retirement for 11 months in 2014. From this total I deducted the standard deduction ( I usually itemize) and the deduction for two dependents, wife and I, and came out with my total taxable. I took this number and looked at the 2013 IRS tax table to get the taxable amount for Married Filing Jointly.

I have already paid what I would have had to pay in 2013. 2014 might change slightly but not much.

I also have a 19 year old daughter who decided to start college in the Fall and another graduating in May, so I'll get additional write off for for dependents and as a retired LEO I can write off up to 3000 in health insurance premiums (Pension Protection Act of 2006).

I figure could not pay anymore federal tax the rest of the year and get money back.

[Kaufmanrider]

Check was deposited this morning. I went on-line on the OPM Retirement Site and saw my next payment, April 1, has the numbers posted. They corrected the Fed. Income Tax. Next payment they will take out less than a third of what they did on this first one. Someone must have keyed it incorrectly on this first interim payment.

[Cassie]

Quote:

Originally Posted by Kaufmanrider Check was deposited this morning. I went on-line on the OPM Retirement Site and saw my next payment, April 1, has the numbers posted. They corrected the Fed. Income Tax. Next payment they will take out less than a third of what they did on this first one. Someone must have keyed it incorrectly on this first interim payment.

Most excellent! It's a good feeling when the stars align and things come together! I beginning to love the 1st of the month, and I'm getting better at managing a monthly budget. This weekend I had to make do with what I had in the fridge & pantry because my grocery envelope was empty.....soup, salad & cheese toast for dinner last night.

Congratulations Kaumanrider!

[Redbugdave]

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Originally Posted by martyb tock-tock..tick-tock......I'm not far behind you folks!

Marty, Marty, Don't be tardy!
Come on in, the water's fine!
Red Rover, Red Rover, send Marty on over...

Hey, I got my first annuity deposit, and I noticed that I was assigned a specialist. It also shows April's annuity where March was.

[Cassie]

Quote:

Originally Posted by Redbugdave Marty, Marty, Don't be tardy! Come on in, the water's fine! Red Rover, Red Rover, send Marty on over... Hey, I got my first annuity deposit, and I noticed that I was assigned a specialist. It also shows April's annuity where March was.

What wonderful news, glad it's working out for you, congratulations!

[martyb]

Quote:

Originally Posted by Redbugdave Marty, Marty, Don't be tardy! Come on in, the water's fine! Red Rover, Red Rover, send Marty on over... Hey, I got my first annuity deposit, and I noticed that I was assigned a specialist. It also shows April's annuity where March was.

Haha...I'm coming, I swear! Just trying to gather up the nerve...and fatten the TSP just a little more...