OPM was able to process many more retirement applications in April than it received, helping to put a sizable dent in the outstanding backlog. Here are the latest figures.
What is a “bridge” payment, and how can it help federal employees under the Federal Employees Retirement System (FERS)?
Federal retirees depend on their federal civil service annuity for much of their retirement income, but states facing financial problems may be looking to public sector pensions as a source of new revenue.
The majority of federal employees will not retire with a million dollars or more in their Thrift Savings Plan. However, the author notes that the potential exists for federal workers to generate retirement income equivalent to that of having a TSP portfolio of over $1 million using other benefits available to them.
After a massive influx of new retirement applications in January and February, OPM finally got a break in March and was able to make some headway on reducing the retirement claims backlog.