Few Retirees Take Advantage of Dual Compensation

"...Few federal agencies are taking advantage of a new retention tool that allows partially retired federal workers to receive their full monthly pension check and earn a federal salary at the same time, according to a new Government Accountability Office report released this week.

The National Defense Authorization Act of 2010 allows federal agencies to re-hire retired workers and pay them a full salary while the worker continues collecting his or her full retirement benefit, known as a dual compensation waiver. Typically re-hired retirees collect just a portion of their pension check based on how much they work. But the law grants temporary dual compensation waivers if the retiree is helping to fulfill mission "critical" functions, to assist in procurement or to mentor and train other employees, among other purposes..."

Read more at FederalNewsRadio.com

Phased Retirement Details Outlined

"...The government’s central personnel agency has said that allowing federal employees to phase into retirement is one of its important goals and it will make the option available “as soon as possible.”

However, participation will be “entirely voluntary” for both employees and their employing agencies, and certain categories of workers will be excluded, the Office of Personnel Management added in a fact sheet it recently sent to agencies.

Under phased retirement, an agency will be able to offer employees who are retirement-eligible the choice of switching to part-time work. They would draw a partial salary and a partial annuity, both prorated according to the time worked..."

Read more at The Washington Post

USPS Offers Part-Time Work To Retirement Eligible Postmasters

"...The U.S. Postal Service is encouraging retirement-eligible postmasters to apply for part-time work at reduced-hours post offices, the agency announced Friday.

Postmasters who are eligible for retirement -- including those who meet the requirements under USPS’ current voluntary early retirement program -- can apply to become postmaster relief employees and work reduced hours as noncareer employees. Postmaster relief employees, or PMRs, will be paid $11.76 per hour and can still receive annuity payments from their former, full-time roles. Their annuities will not increase under the program, however..."

Read more at GovExec.com

CBO: Phased Retirement for Feds Would Save Money

"...Allowing federal employees to phase into retirement by working part-time while collecting a partial annuity would reduce the government’s costs and increase its income, according to an analysis that could boost the plan’s prospects.

The Congressional Budget Office estimated that the plan would reduce spending by $427 million over 10 years because the government would be paying less than the full annuities that the employees have accumulated. Meanwhile, because phased retirees would continue to pay into the federal retirement fund from their salaries, revenues would rise by $24 million over that time, CBO said.

Under the proposal, an agency could offer phased retirement to employees once they hit retirement eligibility..."

Read more at The Washington Post

Phased Federal Retirement Dropped from Defense Bill

"...The House has set aside a proposal to allow federal employees to phase into retirement, a plan some see as an innovative cost-saving measure that could also allow older staff members the opportunity to help train younger ones.

Rep. Stephen F. Lynch (D-Mass.) offered the proposal as an amendment to the defense spending bill, but the amendment was not among those accepted by the Rules Committee for consideration during House floor voting this week.

The plan, initially proposed by the Obama administration, would allow retirees to continue to work for the government part-time while receiving both a prorated annuity and a prorated salary.

The proposal has made progress on other avenues, however, having passed the Senate in March as an amendment to a transportation bill..."

Read more at The Washington Post

Part-time Federal Retirement Approved by House

"...A House panel voted unanimously Wednesday to advance legislation that would allow retirement-eligible employees to work part time and to roll unused annual leave into their Thrift Savings Plans.

The bill, H.R. 4363, would amend U.S. law to allow federal employees to continue working part time while partially retired...

“Employees often retire because their pensions are nearly as much as they would make continuing to work,” Issa said at Wednesday’s hearing. “This proposal keeps the best working longer and in an appropriate amount of hours.”..."

Read more at GovExec.com

OPM's Berry: Mentoring can make a difference

"...Berry’s belief in the importance of mentoring programs underscores a governmentwide emphasis on passing along knowledge from one generation of federal workers to the next. The number of federal retirees is expected to grow by 10 percent during the next decade, with spending on federal retirees to increase by 30 percent, according to Congressional Budget Office research.

The Senate passed legislation last week that includes a plan for older employees to work part time and, as they ease in to retirement, to mentor younger newer hires..."

Read more at GovExec.com

More on Senate approved semi-retirement bill

"...The Senate on March 14 easily passed a transportation bill containing the phased retirement provision...

If the provision becomes law, it will represent a significant change in how federal employees and agencies plan for retirement. Instead of abruptly moving from full employment to full retirement, older employees will be able to ease into retirement over a period of several months or even a few years...

Employees phasing into retirement will also be required to spend at least 20 percent of their working hours mentoring younger employees..."

Read more at FederalTimes.com

One step closer to option for easing into federal retirement

"...The Senate on Wednesday passed an overhaul of highway and transportation programs that includes language allowing retirement-eligible federal employees to work part time to help pay for other government programs...

Under the Baucus amendment, approved 82-16 last week, part-time employees would receive partial annuities and could earn additional retirement benefits proportional to the amount of time they work. In addition, older employees would be required to mentor younger new hires and help preserve agency knowledge.
Because many federal employees are nearing retirement, part-time work could pad federal coffers since agencies would not have to replace these employees entirely..."

Read more at GovExec.com

Work part-time, earn part-time annuity with OPM plan

"...The Office of Personnel Management wants to allow older federal employees to ease into their retirements on a part-time basis.

Under this plan — which was proposed as part of the White House's fiscal 2013 budget released Monday — employees nearing retirement would be able to continue working part-time, while receiving a partial annuity. They would also continue earning additional retirement benefits proportionally based on their part-time service..."

Read more at federaltimes.com