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The program will become effective at the time set in the regulations to be issued. Implementation of the program is an important goal of OPM, and this will be accomplished as soon as possible.
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Your personnel office must take the following actions to process your
retirement application:
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Complete the "Agency Check List of Immediate Retirement Procedures," Standard
Form 2801, Schedule D (CSRS) or 3701, Schedule D (FERS);
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Prepare and obtain your signature on the "Certified Summary of Federal
Service," Standard Form 2801-1 (CSRS) or 3701-1 (FERS);
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Verify any service not fully documented in your OPF; [Note:If documentation
is missing, verification may be obtained by contacting federal record centers.
If the personnel office is unable to obtain verification, we will complete
verification upon receipt of your retirement application and records. This
process will cause a delay in processing of your claim.]
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Certify and transfer your coverage under the Federal Employees' Group Life
Insurance (FEGLI) program to OPM;
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Transfer your enrollment under the Federal Employees' Health Benefits (FEHB)
program to OPM;
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Prepare Standard Form (SF) 50, "Notification of Personnel Action."; and
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Send all of your retirement materials to your payroll office.
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You can use voluntary contributions you made while working under the Civil
Service Retirement System to purchase additional annuity when you retire or you
can withdraw the contributions in a one-time payment.
You can purchase additional annuity of $7 per year for each $100 of voluntary
contributions, plus 20 cents for each full year you are over age 55 when you
retire. By electing to take a reduction in the additional annuity, you can also
purchase additional annuity for a surviving spouse who may receive a benefit
after your death.
Most people want to withdraw their voluntary contributions in a one-time
payment. If the amount of the voluntary contributions, plus interest, is more
than $200, you can roll the funds into an Individual Retirement Account (IRA) or
other qualified retirement plan to defer income tax.
If you want to withdraw your voluntary contributions, you should submit
either a Form RI 38-124 or Standard Form 2802 with the statement in item number
seven, "I want only my voluntary contributions to be refunded to me." You can
get these forms from your employer. You should submit your request at least 60
days before your expected retirement.
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The five year period before retirement is important because you must have insurance coverage for five years immediately before retirement to keep it after retirement.
You may also need some preliminary information to make decisions about when you can afford to retire and whether to make any necessary payments to receive credit for military or non-contributory service or repay any retirement contribution refunds.
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We have the authority to waive the five-year participation requirement when it
is against equity and good conscience not to allow an individual to participate
in the health insurance program as a retiree. However, the law says that a
person’s failure to meet the five-year requirement must be due to exceptional
circumstances. When someone is retiring voluntarily, a waiver may not be
appropriate because he or she can continue working until the requirement is met.
When circumstances under these conditions otherwise warrant a waiver, we will
notify the individual's employer.
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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.
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As of February 2012, our average processing time is 5 months from the date we receive your final paperwork from your human resources and payroll offices. Of the current pending claims workload, 47 percent are less than 2 months old and 25 percent are older than 6 months.
If we need additional information from you or your former employing agency, your claim will take longer to process. Additional time will also be needed if we need to contact you to make a benefit election, such as a decision to make a service credit deposit, or if we need to contact an external agency, such as SSA for an offset calculation.
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You should resolve any financial indebtedness to your agency. Examples of
causes for indebtedness include:
- outstanding travel advances,
- overpayments of salary,
- indebtedness for failure to return government property or for damage to
government property, or
- advanced leave.
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You should apply to make a payment by completing a Standard Form 2803 if you
are covered by the Civil Service Retirement System (CSRS). You should use
Standard Form 3108 if you are covered by the Federal Employees Retirement System
(FERS).
If you are within six months of retirement, you should submit your request to
make the
deposit or
redeposit at the same time you
submit your application for retirement. You can use a form or letter to do this.
We will notify you of any amounts due so you can decide whether or not to make
the payment. We cannot, however, authorize your regular annuity payments until
we have your decision about the payment.
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If your employer sends us your retirement records electronically, via the
Data Exchange Gateway (DEG), your account information for direct deposit will be
sent to us automatically. No further action from you is required. Otherwise,
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.
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