Dollars are paid into FERS, Thrift Savings Plan (TSP), health/life insurance, Medicare, etc. What occurs at the time an employee retires in each of these areas? Are there any actions that an employee should be taking throughout their career, outside of contributing to these accounts, which would be beneficial at retirement?
If an annuity is not taken and an employee does not want to roll the annuity into another Individual Retirement Account (IRA) can the money stay in a TSP and continue to draw interest? If so, can money be drawn out when needed and in any amount?
Year-before-retirement guidance including month by month activities, decisions (TSP, insurance, etc.) available options regarding benefits, TSP disposition, paper work needed benefits, responsibilities, etc.
Is it possible to retire when becoming eligible or is it necessary to work a little longer? Is several years advanced planning needed?
Personal Financial Advisor
"Reminders or FYIs" of "life events/actions" that could trigger an employee to review benefit plans to see what alternatives are available (i.e., the ability to change life insurance coverage when there is the birth/adoption of a child)
Seminar covering conversion of retirement benefits for part-time employees and for those who are new or missed the last seminar opportunity
Human Resources (HR) plans to sponsor retirement seminars so that every employee has had an opportunity to attend one by Fiscal Year (FY) 2010. All continuing employees who will become eligible to retire during or before 2018 have been provided that opportunity. The next group to be provided such an opportunity will be those mid-career employees eligible to retire after 2018.
Public or private refresher on retirement planning
Individual questions should be directed to HR or the agency proponent for the program involved. The Social Security Administration, Internal Revenue Service, and most state agencies have customer service telephone numbers in the local telephone directory.
Refresher on the retirement training several years ago
Refresher training is as expensive as the original training. The current budget situation prevents this. The plan is to provide initial training to all employees prior to scheduling any refresher training.
A question/answer format similar to what the state conservationist (STC) does in “Ask the STC”
The “Ask the STC” Web page provides answers to anonymous questions. The level of detailed information necessary to answer questions about retirement issues usually requires extensive discussion before a correct answer can be provided. Such a discussion can't take place anonymously.