Thread: Stoplight's Retirement Story (FERS, Gap in Service, Military Buy-Back)

Originally Posted by Stoplight

Progress !

Although Nasa (CSRS) beat me (FERS) to the "final number finish line", I CAN report some progress...I now have a specialist assigned !

The Status Viewer page displays where your case is in the retirement process.


Current Status: Your retirement application has been assigned to an OPM retirement specialist for calculation of your annuity benefit.

	Notification of Retirement Received OPM has been notified of your retirement. Once we receive your retirement application, your retirement case can be processed.	5/9/2012
	Retirement Application Received OPM has received your retirement application package from your agency.	5/23/2012
	Interim Pay Issued OPM authorized your retirement to be placed into interim pay. You will continue to receive interim pay until your retirement case is processed.	5/9/2012
	Assigned to Specialist Your retirement application has been assigned to an OPM retirement specialist for calculation of your annuity benefit.	9/13/2012
	Case Finalized

If you have any questions, you can either call 1-888-767-6738 or email retire@opm.gov.


Hope my calcs go as quickly as Nasa's did


Stoplight...

It won't be long now, Congratualations! ahamock.gif

EXCELLENT!! Now sit back and relax. Don't check the OPM website a couple times a day or your financial institution. Just let it happen and show up as a surprise.

Originally Posted by nasa1974

EXCELLENT!! Now sit back and relax. Don't check the OPM website a couple times a day...

What ??? Have you been looking over my shoulder ???

Thanks to all you Folks for your posts...I must admit, I was getting a little concerned, waiting to see SOME movement, so this development makes me feel much better. We'll see how long it takes for the specialist to grind through my OPF and figure it all out...

I've been sinking deeper into the red for my income vs expenses for the YTD, but hopefully I'll be "made well" when things are settled up. Otherwise, it'll be :

"You want fries with that ?"


Stoplight...

Originally Posted by Stoplight

..."You want fries with that ?"


Stoplight...

No- "Welcome to Walmart. Would you like a cart?"

J/K, hoping it doesn't come to that!

Originally Posted by Frixxxx

No- "Welcome to Walmart. Would you like a cart?"

J/K, hoping it doesn't come to that!

Hmmmm...probably a better option for me...I've never been a "morning person", so I don't think I want to go in at 4 AM and make biscuits


Stoplight...

Originally Posted by Stoplight

What ??? Have you been looking over my shoulder ???

Thanks to all you Folks for your posts...I must admit, I was getting a little concerned, waiting to see SOME movement, so this development makes me feel much better. We'll see how long it takes for the specialist to grind through my OPF and figure it all out...

I've been sinking deeper into the red for my income vs expenses for the YTD, but hopefully I'll be "made well" when things are settled up. Otherwise, it'll be :

"You want fries with that ?"


Stoplight...

Once your case is finalized they do send you a lump sum for the difference from your interim pay and what your full retirement pay will be.
For me they calculated it from the date my retirement started, 5/4/12 to 8/31/12 (Gross Benifits) and deducted, Health Insurance Premiums, Gross Interim Pay, Federal Income Tax and Basic Life Insurance. The net adjustment is your lump sum.
Example:
Gross Benifits $21,100.00
Health Ins. -$ 1,600.00
Gross Interim -$15,800.00
Federal Tax -$ 1,000.00
Basic Life Ins. -$ 120.00

Net Adustment $2,580.00

Originally Posted by nasa1974

Once your case is finalized they do send you a lump sum for the difference from your interim pay and what your full retirement pay will be.
For me they calculated it from the date my retirement started, 5/4/12 to 8/31/12 (Gross Benifits) and deducted, Health Insurance Premiums, Gross Interim Pay, Federal Income Tax and Basic Life Insurance. The net adjustment is your lump sum.
Example:
Gross Benifits $21,100.00
Health Ins. -$ 1,600.00
Gross Interim -$15,800.00
Federal Tax -$ 1,000.00
Basic Life Ins. -$ 120.00

Net Adustment $2,580.00

Thanks, Nasa...but didn't they use your net interim pay, or did you not have any Fed taxes withheld ? They took a deduction (~3%) out of my interim paycheck, too, for Fed taxes. I want to make sure I get credit for those few bucks !


Stoplight...

Originally Posted by Stoplight

Thanks, Nasa...but didn't they use your net interim pay, or did you not have any Fed taxes withheld ? They took a deduction (~3%) out of my interim paycheck, too, for Fed taxes. I want to make sure I get credit for those few bucks !


Stoplight...

Stoplight, They did take out Federal Tax at "single, 0 deductions". I like money back at tax time. I might go back and do the math to figure it all out. Those numbers I gave you I just threw out there as an example. They are not my numbers from OPM.

Marty

Originally Posted by nasa1974

Stoplight, They did take out Federal Tax at "single, 0 deductions". I like money back at tax time. I might go back and do the math to figure it all out. Those numbers I gave you I just threw out there as an example. They are not my numbers from OPM.

Marty

Understood, Nasa ! Sorry...guess my "Engineer Gene" is kicking in here In the "Big Scheme of Things", this really doesn't matter !

Just an aside : Before we were married, my Wife never balanced her checkbook...when her numbers got too far apart from the Bank's, she'd close her account, assume the Bank's numbers were right, and open a new one I, on the other hand, have always insisted on balancing to the penny...Go figure !


Stoplight...

Posted this in Nasa's thread, but thought I'd re-post here, too, in order to get all y'all's input :


"Here's another question for you, and the rest of the Board, following our threads !

What part of your pension is NOT taxable by the Feds ? I found a calculator the other day on the OPM web site, but it asked how much you'd put into the pot...not sure I can come up with that number, unless the final paperwork gives it to me !!! Also not sure how this compares between my situation (FERS), vs yours, as CSRS... Perhaps the year-end pension tax statement gives you that number ???"


So, for you FERS retirees...how do you determine what amount of your pension is not taxable ??? Is it listed on your 1099 each year ?


Stoplight...

First Steps With My TSP

Well, since I have a "specialist assigned", I'm assuming that it won't be too much longer before my pension numbers are finalized (knock on wood !). That reminded me that I also need to decide what to do with my TSP balance.

I've decided to roll approximately 88% of my TSP balance (currently all in "G") into my self-directed IRA with USAA. The remaining amount, I'll take as a dollar-specified monthly withdrawal. This "Plan" allows me to tap my TSP funds in the annual amount I figure we need BEFORE I turn 59 1/2 (and can tap the IRA without penalty). This also means I don't have to touch the Wife's IRA balance, which was something I thought we'd have to do for the first few years ! If my TSP annual amount isn't enough, we can always go back and tap the Wife's IRA, since she doesn't get slapped with the penalty.

Mindful of the experiences of transferring out of the TSP reported by Elgallo and others, I'll post updates on MY experiences.

Yesterday, I sent an email to USAA, asking for guidance on how to get the information needed on the TSP Partial Withdrawal Form (TSP-77, Block IX) from them...got a nice response from them today, with directions on how to send them the paperwork, etc. Two observations : a real person responded, not just a robo-email ; he congratulated me on my retirement ! Those 2 points are very small, but the USAA customer service impressed me again, nonetheless !

I've scanned and emailed the appropriate sections back to USAA for their input, so I'll start the clock ticking on MY transfer experience !


Stoplight...