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The phased retirement program has not been used much across government, but it still exists. When it is used, this is largely because the employee has taken the initiative to request it and promote it to the management of the agency. You would need to know what value this might have for you in deciding to make this effort.
Under this program, people eligible to retire under any of the combinations other than the 62-year-old with five years of service combination, or subject to compulsory retirement, reduce part-time work while also receiving the half of the pension accrued at that point. This is without the compensation that generally applies to rehired annuitants.
What kind of case would you have to do? Essentially, rather than losing you in immediate retirement, the agency would benefit from keeping you part-time as an experienced employee for a period in which you would add value by spending some of your time supervising staff. ‘other employees. During this time, you would benefit from keeping your hand in the work that you probably think is important while easing, rather than jumping, into retirement.
Just be aware that if you owe any deposits or deposits to get a service credit, including active service in the armed forces, you will need to pay before the phased retirement period begins to get that service credit. Note: If you do not make the deposit and were to die during your phased retirement, your survivors may deposit or re-deposit in order to take this time for a survivor benefit.
While you are in phased retirement, your membership in the Federal Employee Health Insurance and Federal Employee Group Life programs will remain with your organization. You will be allowed to continue paying FEHB premiums on a pre-tax basis, which is allowed for employees but not for retirees. Your FEGLI coverage will be based on the full-time salary of your position.
When you withdraw from your phased retirement period, the entire pension initially calculated will be paid and a second benefit will be calculated reflecting the period worked as a phased retiree and the credit for sick leave not used at that time. . The high salary base 3 used for this additional benefit will be that of the position’s full-time rate.
Also at this time, your FEHB and FEGLI registrations will be transferred from your agency to the OPM as they do during a regular retreat. This assumes that you have fulfilled the conditions of participation to do so. Typically, this means that you must have been enrolled continuously for the five consecutive years before you retire.
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