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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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TheRealOrange  
#1 Posted : Saturday, July 2, 2022 8:09:54 AM(UTC)
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I submitted my retirement application in late March at my agency, and retired (FERS; 36.5 years) on May 21, 2022. Because the agency I retired from uses NFC for payroll, my application had to go through them before going to OPM. NFC got my application the week of May 23, and forwarded it to OPM in late June. OPM received the application on June 28, 2022, and I received a direct deposit for (I'm assuming) my fist interim annuity payment on June 30, 2022. I haven't heard a peep (mail or e-mail) from OPM, but the Benefits Specialist handling my case at my agency said I should hear something soon. That's very fast processing, and I had been worried about both the NFC and OPM backlogs. So far, so good. I have my fingers crossed that things will keep going this well. 😀
thanks 4 users thanked TheRealOrange for this useful post.
GSBS on 7/2/2022(UTC), someoldguy on 7/3/2022(UTC), GordonG on 7/3/2022(UTC), SD Analyst on 7/18/2022(UTC)
someoldguy  
#2 Posted : Saturday, July 2, 2022 1:46:46 PM(UTC)
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I had to look up NFC and found this:
Quote:
The National Finance Center (NFC), located in New Orleans, Louisiana (and part of the Dept of Agriculture), is an Office of Personnel Management (OPM) certified Shared Service Center. Established in 1973 servicing only one agency, NFC now services more than 170 diverse Agencies, providing payroll services to more than 600,000 Federal employees.

About the National Finance Center
So who uses NFC and who doesn't? And if an agency does not use NFC does that mean that agency itself does whatever NFC does?

And by the way, congrats on retirement and the progress toward that first pension check!

Edited by user Saturday, July 2, 2022 1:47:54 PM(UTC)  | Reason: Not specified

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Martin62  
#3 Posted : Sunday, July 3, 2022 4:59:20 AM(UTC)
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Originally Posted by: TheRealOrange Go to Quoted Post
I submitted my retirement application in late March at my agency, and retired (FERS; 36.5 years) on May 21, 2022. Because the agency I retired from uses NFC for payroll, my application had to go through them before going to OPM. NFC got my application the week of May 23, and forwarded it to OPM in late June. OPM received the application on June 28, 2022, and I received a direct deposit for (I'm assuming) my fist interim annuity payment on June 30, 2022. I haven't heard a peep (mail or e-mail) from OPM, but the Benefits Specialist handling my case at my agency said I should hear something soon. That's very fast processing, and I had been worried about both the NFC and OPM backlogs. So far, so good. I have my fingers crossed that things will keep going this well. 😀


I retired on 31 May and OPM received my retirement package on 13 June. OPM sent me my CSA# about a week after that and my first interim annuity payment on 1 July. The process is moving much faster than I thought it would.

thanks 3 users thanked Martin62 for this useful post.
someoldguy on 7/3/2022(UTC), GordonG on 7/3/2022(UTC), SD Analyst on 7/18/2022(UTC)
someoldguy  
#4 Posted : Sunday, July 3, 2022 5:28:00 AM(UTC)
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Originally Posted by: TheRealOrange Go to Quoted Post
I submitted my retirement application in late March at my agency, and retired (FERS; 36.5 years) on May 21, 2022.
I just noticed you retired FERS with 36.5 years... you must have been among the first FERS employees? I remember a few folks from that era who started under CSRS and were given the chance to switch to FERS... I don't think any of them did.

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MovinUp  
#5 Posted : Sunday, July 3, 2022 2:08:36 PM(UTC)
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Originally Posted by: someoldguy Go to Quoted Post
Originally Posted by: TheRealOrange Go to Quoted Post
I submitted my retirement application in late March at my agency, and retired (FERS; 36.5 years) on May 21, 2022.
I just noticed you retired FERS with 36.5 years... you must have been among the first FERS employees? I remember a few folks from that era who started under CSRS and were given the chance to switch to FERS... I don't think any of them did.



I was one of the last hired under CSRS. They stopped in Dec 31 1983 from what I recall. I switched to FERS during that first window (back in 86 or 87 or 88). I wish I hadn't. But I was young and single and they stressed how much more portable it would be if you switched to the private sector. And you only needed to save 3% of your salary in TSP and you would come out with the same amount as you would have had you stayed in CSRS! So I moved to a different city about 25 years after I was hired and evaluated how it would impact me financially to go private. I stayed with the government. I definitely wish I had stayed on the old system. The only reason I switched was due to the alleged portability and it just wasn't there.

thanks 1 user thanked MovinUp for this useful post.
someoldguy on 7/3/2022(UTC)
SD Analyst  
#6 Posted : Monday, July 18, 2022 11:54:02 AM(UTC)
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Originally Posted by: TheRealOrange Go to Quoted Post
I submitted my retirement application in late March at my agency, and retired (FERS; 36.5 years) on May 21, 2022. Because the agency I retired from uses NFC for payroll, my application had to go through them before going to OPM. NFC got my application the week of May 23, and forwarded it to OPM in late June. OPM received the application on June 28, 2022, and I received a direct deposit for (I'm assuming) my fist interim annuity payment on June 30, 2022. I haven't heard a peep (mail or e-mail) from OPM, but the Benefits Specialist handling my case at my agency said I should hear something soon. That's very fast processing, and I had been worried about both the NFC and OPM backlogs. So far, so good. I have my fingers crossed that things will keep going this well. 😀

That is amazing!! Sure was fast! I plan to retire next March. Hope it goes fast for me, too.

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