Retiring from federal service can be a complex process, but with the right knowledge and preparation, you can smoothly navigate through it. Let’s break down what to expect after you file your application for retirement. There are two forms that are required for FERS annuitants depending on whether you are filing for an immediate retirement or a deferred/postponed retirement. We’ve included the resources below.
Application for Immediate Retirement (SF-3107)
Before retiring, it’s crucial to take several important steps to avoid delays in processing your retirement application:
RSCD is NOT Leave Service Computation Date (LSCD)
The RSCD is used to calculate your federal years of service for the pension calculation. It is important to not confuse the RSCD with the LSCD date that is on your leave and earnings (LES) statement. Often, the LSCD and RSCD are the same, however it is better to assume they are not. Primary reasons for having a different RSCD and LSCD include:
At retirement, OPM will review all of your SF-50’s to confirm the RSCD after you file retirement paperwork. You can verify your creditable service time by submitting form SF-3107 – go to page 9 of the form titled, “Certified Summary of Creditable Service.” Submit to HR to verify the RSCD. We recommend confirming the RSCD sooner than later to avoid any surprises come retirement.
Federal retirees have various benefit choices to consider, including:
Several factors could potentially delay the processing of your retirement application, including:
Understanding the timeline of the retirement process can help you manage your expectations:
It’s essential to monitor your retirement application’s progress:
During the processing period, you’ll receive interim payments to cover expenses:
Maintain your current health and life insurance coverage throughout the processing period:
By following these steps and staying informed throughout the process, you can ensure a smooth transition into federal retirement. Remember to consult the OPM Retirement Quick Guide and seek guidance from your agency’s retirement counselor for personalized assistance.
If you have additional federal benefit questions, reach out to our team of CERTIFIED FINANCIAL PLANNER™ (CFP®), Chartered Federal Employee Benefits Consultants (ChFEBC℠), and Accredited Investment Fiduciary (AIF®). At PlanWell, we focus on retirement planning for federal employees. Learn more about our process designed for the career federal employee.
Preparing for a federal retirement? Check out our scheduled federal retirement workshops. Sign up for our no-cost federal retirement webinars through this page. Make sure to plan ahead and reserve your seat for our FERS webinar, held every three weeks. Interested in having PlanWell host a federal retirement seminar for your agency? Reach out, and we can collaborate with HR to arrange an on-site FERS seminar.
Want to fast-track your retirement plan? Skip the FERS webinar and start a one-on-one conversation with a ChFEBC today. You can schedule a one-on-one meeting by visiting our contact page.
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