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Thread: ALFAMAN'S retirement story

  1. #1

    Default ALFAMAN'S retirement story

    Well looks like I’m finally going to retire 12/31/2020 at age of 63 and 10 months, so I thought I would start a thread….suggestions and comments welcomed.

    Thanks to all on this site who have helped me along the way, here is a thread I started last year:
    https://www.tsptalk.com/mb/retiremen...ng-retire.html

    I have recently downloaded and printed my entire eopf folder up until now. I will check once more and print-out anything added or updated to my folder just before I retire.

    Figuring in sick leave, I will have a total of 35 years and 10 months and 19 days….but don’t forget…those 19 days are not actual days…you must multiply any leftover days under 30 by 0.725 to get a true estimate on how many days you can “burn”, so I have corrected the calculation as follows (19 days X 0.725 = 13.775 actual days leftover)

    So…..actual time is 35 years 10 months and 13.775 days…..i have already scheduled 5 days for medical appts, therefore I have about a week SL to use if needed (but probably will not use anymore SL because I like about a week “buffer”). My supervisor is aware of my plan, she’s always been above board with me and I will be the same way with her.

    Also will have about 275 hours AL to cash in and I understand tax on that will be calculated in the 2021 tax year.

    I sent for my retirement estimate and uncovered a potential problem….Last year, I updated/changed my FEGLI to cancel “B” and keep “basic” and “part A” . HR made a mistake and cancelled “A” and kept “B” …after about 2 months of trying, I finally thought I had corrected the error, but my retirement estimate still had “B” and no “A”….I questioned this and my online WMC worker replied with this:

    “I have the information you provided, however we use your elected insurance per HR Smart to complete estimates, and it appears that your insurance in HR Smart was never updated. I would be more than happy to run another estimate for you on Monday with the proper insurance elected.”

    I did get another corrected estimate, but have no way to check if “HR Smart” has been updated correctly…please note my paycheck has been correct for several months…bottom line, there can be a disconnect between “HR smart” and payroll. I will be following up with some live HR people at my facility (if I can find them!) Another concern is I have to make sure that HR reflects that I had “A” for over 5 years, and their mistake did not mess up that calculation (as I understands it, you must have FEGLI for at least 5 years to keep it into retirement).

    Since my wife is 10 years younger than me, I plan on taking SS at 70 (so she can have my stepped up SS amt when I’m gone), and will use the 50% survivors benefit on my annuity. She does not have enough work credits on her own for SS.

    Well that’s all for now


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  3. #2

    Join Date
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    64,059

    Default Re: ALFAMAN'S retirement story

    You should really enjoy Retirement,I do!ahamock.gif
    1/13/2021
    LS CRUDE Oil
    =$52.91 a Barrel, Daily Status -$.30

  4.  
  5. Default Re: ALFAMAN'S retirement story

    Congrats ALFAMAN!! Thanks for the warning on the sick leave computations regarding the leftover (burn) days under 30. That .725 turns out also to be 5.8 hours per every 8 hours.
    Where did you download and print your entire eopf file?
    Thanks

  6.  
  7. #4

    Default Re: ALFAMAN'S retirement story

    Quote Originally Posted by buffalobull View Post
    Congrats ALFAMAN!! Thanks for the warning on the sick leave computations regarding the leftover (burn) days under 30. That .725 turns out also to be 5.8 hours per every 8 hours.
    Where did you download and print your entire eopf file?
    Thanks
    Here is the link I used for eopf file, but you may have to go thru you facility to get the appropriate link:
    Agency: https://eopf.opm.gov/va/

    Also some videos on submitting a “healthy” federal retirement package

    https://www.youtube.com/watch?v=zobxqyxwB3A

    https://www.youtube.com/watch?v=6dv-6qkKuGw

    https://www.youtube.com/watch?v=ALTPNoX683k

    https://www.youtube.com/watch?v=clihsP2UAoM

    https://www.youtube.com/watch?v=hN0ssrlq4d0&t=5018s

  8.  
  9. #5

    Join Date
    Jul 2016
    Location
    Texas
    Posts
    2,085

    Default Re: ALFAMAN'S retirement story

    Alphaman,

    I don't think you are allowed to have Option B without Option A under FEGLI. Although it is good to get everything straightened out, I don't think you need to worry about it carrying to retirement.
    You will need to decide if you want to keep FEGLI at current level or choose one of the reductions. At age 65, there is no additional cost with the 75% reduction. With the 50% reduction or keeping at current level it, cost goes up substantially https://www.opm.gov/retirement-servi...5/15-203a1.pdf

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  11. #6

    Join Date
    Oct 2008
    Location
    Stinking desert valley of bad air quality, AZ
    Posts
    2,886

    Default Re: ALFAMAN'S retirement story

    Congrats Alfaman. Good to get started on this early. I also saved all my eopf stuff over time and also emailed it home so I have it. Mainly did it that way as my agency didn’t allow use of personal thumb drives and frowned on plugging work ones in at home. It was a tedious process.

    On that subject, for buffalobull, your agency should be able to give you the link to your eopf. Downloading it was tedious. There was a folder to put files in to but when I saved that it was a large pdf file with all docs. So I saved them one by one. I also renamed them with a date at the beginning so I could find them easier. For example something like “2016-5-15 pay adjustment”. Then if made folders for each year. It has helped find stuff. Just a suggestion. It may be easier 1.5 years later. The main thing to remember is that once you are retired you no longer have access to your eopf. My HR person said they were out in the national archives and might be available eventually. OPM claims not to have them.

    Alfaman, one of the things I found that is often misunderstood is that once OPM accepts your retirement package your local HR has no more to do with your retirement. OPM will send you a “claim” number eventually. I would suggest you make sure you have the email address of the HR person handling your retirement package and a local HR person. (if you can find them, love it as we had one for over 500 employees) That way you can email them from home with any problems or just to say thanks if everything works out well. One thing I should have done is try to send my work outlook contacts home.

    PO

  12.  
  13. Default Re: ALFAMAN'S retirement story

    thanks PessOptimist for the suggestion!

  14.  
  15. #8

    Default Re: ALFAMAN'S retirement story

    am only going to keep basic and option A...option B too expensive and i cancelled it....only a couple years to 65 so i will keep the insurance until it becomes free
    Quote Originally Posted by evilanne View Post
    Alphaman,

    I don't think you are allowed to have Option B without Option A under FEGLI. Although it is good to get everything straightened out, I don't think you need to worry about it carrying to retirement.
    You will need to decide if you want to keep FEGLI at current level or choose one of the reductions. At age 65, there is no additional cost with the 75% reduction. With the 50% reduction or keeping at current level it, cost goes up substantially https://www.opm.gov/retirement-servi...5/15-203a1.pdf

  16.  
  17. #9

    Default Re: ALFAMAN'S retirement story

    I just talked to the head of HR at my facility and she stated everything...and she stressed everything is handled now online...and this has nothing to do with the virus according to her...we will see..i told her i intended to contact her anyway when i get my package together..i have already taken much of your suggestions of emails/contacts etc, thanks for the suggestions

    Quote Originally Posted by PessOptimist View Post
    Congrats Alfaman. Good to get started on this early. I also saved all my eopf stuff over time and also emailed it home so I have it. Mainly did it that way as my agency didn’t allow use of personal thumb drives and frowned on plugging work ones in at home. It was a tedious process.

    On that subject, for buffalobull, your agency should be able to give you the link to your eopf. Downloading it was tedious. There was a folder to put files in to but when I saved that it was a large pdf file with all docs. So I saved them one by one. I also renamed them with a date at the beginning so I could find them easier. For example something like “2016-5-15 pay adjustment”. Then if made folders for each year. It has helped find stuff. Just a suggestion. It may be easier 1.5 years later. The main thing to remember is that once you are retired you no longer have access to your eopf. My HR person said they were out in the national archives and might be available eventually. OPM claims not to have them.

    Alfaman, one of the things I found that is often misunderstood is that once OPM accepts your retirement package your local HR has no more to do with your retirement. OPM will send you a “claim” number eventually. I would suggest you make sure you have the email address of the HR person handling your retirement package and a local HR person. (if you can find them, love it as we had one for over 500 employees) That way you can email them from home with any problems or just to say thanks if everything works out well. One thing I should have done is try to send my work outlook contacts home.

    PO


  18.  
  19. #10

    Default Re: ALFAMAN'S retirement story

    i just found out that in order to have my california income tax withheld from my pension, i need to send in a "memo" on with my package directing how much i want withheld...never knew this and when i contact opm, i will ask them what exactly must i send them and in what form they need it in...

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  21. #11

    Default Re: ALFAMAN'S retirement story

    well. i sent in my request to send me my retirement application about a month ago and have not heard a darn thing....so i called them and they said they don't even look at requests until 60 days before requested retirement date...i am calling bull on that, so i plan to call them again on monday....wish our HR was open at our facility...any suggestions would be appreciated...date of retirement is 12/31/2020

  22.  
  23. #12

    Default Re: ALFAMAN'S retirement story

    guys..this is the best video on filling out retirement application i have seen

    https://hraccess.tsa.dhs.gov/hracces...ory_html5.html

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