1099-R and OPM Information

During the last week of January, OPM will mail over 1.9 million 1099Rs to annuitants, survivor annuitants, heirs and assignees of deceased annuitants. Your 1099R will be mailed to your address of record as of December 9, 2011. If you have not received your 1099R by the first week of February, they may not have your current address. Sign on to Services Online, send an email at retire@opm.gov or call 1-888-767-6738 to update your mailing address.

Your 1099Rs will be available online at Services Online by January 31st.

How do I print my 1099R from Services Online?

After logging in to SOL (https://www.servicesonline.opm.gov/)

1) Select Request a Duplicate Form 1099-R.

2) You can elect to have a duplicate mailed to you or you can view/print the form.

3) At the Request for Duplicate Form 1099-R window, select View or Print (bottom of the window)

4) Select the year for which you want a 1099R and

5) Select view pdf. The 1099-R will open in a new window, as a pdf. If you want to print the 1099R, select File from the new window, scroll down and select Print.

You can print current year and two previous years 1099R at Services Online.

Note: If you don’t have a claim number and password for Services OnLine, you can email retire@opm.gov or call Retirement Information office at 1-888-767-6738 for a duplicate copy of your 1099R. You will need your CSA or CSF number (or Social Security Number) and date of birth. Make sure your mailing address is correct!

Source: opm.gov

How Is Your Federal Retirement Income Taxed?

"...Exactly how is your retirement income taxed for federal income tax purposes? Let’s look at it one piece at a time.

Most of your CSRS or FERS pension will be taxable. You receive your already taxed contributions back without having to pay any more tax on them. Unfortunately, you..."

Read more at fedsmith.com

TSP G fund made whole after suspension ends

"...The Treasury Department and the Federal Retirement Thrift Investment Board have ended a 15-day suspension of investments into federal employees' pensions, following Friday's increase of the debt ceiling by $1.2 trillion, as required by last summer's Budget Control Act..."

Read more at govexec.com

The Federal Employee Retirement Tsunami & OPM

"...Imagine, if you will, working for Uncle Sam in the 1940's. World War II is coming to an end. The troops are coming home. Federal employees who worked during the war years may be retiring or leaving government. What would an agency do to keep up with the backlog of paperwork?..."

Read more at fedsmith.com

LIfe Insurance Basics for Federal Retirees

"...One of the key decisions you must make when you retire is what to do about your life insurance coverage.

Federal employees are automatically enrolled in the basic version of the Federal Employee's Group Life Insurance plan when they are first hired and can add optional insurance to supplement it...

This week, I'll review basic FEGLI coverage options..."

Read more at govexec.com

TSP Roth fund plan details coming soon

"...The board governing the Thrift Savings Plan expects to unveil regulations governing a new Roth option sometime next week...Trabucco said the TSP will send its 4.5 million participants more information on the Roth option in mid-February, along with their annual statements..."

Read more at federaltimes.com

Civil Service Retirement Benefits Tax Guide

The Tax Guide to U.S. Civil Service Retirement Benefits (publication 721) explains how the federal income tax rules Retirement or Profit-Sharing Plans, IRAs, apply to civil service retirement benefits received by retired Insurance Contracts, etc. federal employees (including those disabled) or their survivors. These benefits are paid primarily under the Civil Service Retirement System (CSRS) or the Federal Employees Retirement System (FERS).

Read more at irs.gov

Federal Retirement Benefit Cuts Debated

"...A House panel continued debate Wednesday on plans to tighten up pensions for both federal workers and members of Congress.

Proposals to cut a defined pension plan under the Federal Employees Retirement System drew the ire of congressional Democrats and labor union groups, while suggested reductions to lawmaker benefits were more warmly received at a House Oversight and Government Reform Subcommittee on the federal workforce Wednesday. "It is clear that the federal taxpayer cannot afford the current federal pension cost structure in the long term," said Rep. Dennis Ross, R-Fla..."

Read more at govexec.com

Social Security and WEP

"...Some Federal employees and employees of State or local government agencies may be eligible for pensions that are based on earnings not covered by Social Security.

If you didn't pay Social Security taxes on your government earnings and you are eligible for Social Security benefits, the formula used to figure your benefit amount may be modified, giving you a lower Social Security benefit..."

Read more at socialsecurity.gov

Buyout or keep working?

"...Buyouts. Career feds anywhere near retirement eligibility can rival Indiana Jones in their determination, skill and daring in hunting this treasure.

But, in reality, buyout offers are more like “Let’s Make A Deal” than “Raiders of the Lost Ark.”...

Obviously, if you were ready to retire anyway, retiring with an extra cash payment is a nice bonus. Retirement with an extra $17,000 — don’t forget that you’ll owe taxes on that $25,000 Voluntary Separation Incentive Payment — in your pocket is clearly worth more than the same retirement plan without the extra money.

However, it can be a much tougher decision, if accepting the buyout requires you to retire significantly earlier than you had otherwise planned"

Read more at federaltimes.com

Are You Getting the Most of Your TSP Contributions?

"...Are you a highly compensated FERS employee who contributes the maximum to the TSP each year? Don’t risk losing any of the government’s matching contributions by maxing out your TSP by the end of the year.

The government can contribute up to 5% of your salary to the TSP each pay period, as follows..."

Read more at fedsmith.com

Hearing on Federal Pension Reform Announced

"...Congressman Dennis Ross (R-FL) recently announced that he will hold a hearing to explore options for reforming the entire federal pension system to bring it more in line with the private sector.Reforms being discussed would also include members of Congress in order to ensure they are treated no differently than the rest of the federal workforce, but they would not affect or reduce pensions for veterans or the military..."

Read more at fedsmith.com

The long gray line: Your retirement

"...If you've retired recently, the bad news is it could be a while before you get a complete annuity payment. You'll have to make do on anywhere from 40 to 80 percent of what you expected for longer than is comfortable...many personnel records are on paper and they must be read, checked and approved. A recent column on the subject prompted some been-there-done-that retirees to offer some suggestions worth looking at..."

Read more at Federal News Radio

What is an SF-50?

An SF-50 is the Standard Federal form for Notification of Personnel Action. If you are a current or former Federal employee, you must include a copy of your latest SF-50 with your application as proof of your Federal service and civil service status. If you are a current Federal employee, you may obtain a copy of your latest SF-50 from your agency's human resources office. If you are a former Federal employee, you may obtain it by contacting us at the following address:

National Personnel Records Center
111 Winnebago Street
St. Louis, MO 63118-4126

Phone: 314-801-9250
E-mail: cpr.center@nara.gov

Source: National Archives

Understanding your SF-50

Following is a detailed examination of the federal employee Standard Form 50 (SF-50), Notification of Personnel Action. If you are a current or former Federal employee, you must include a copy of your latest SF-50 with your application as proof of your Federal service and civil service status.

View at ita.doc.gov

The Big Retirement Myth: You'll Spend Less

"...There's a persistent assumption going around about what happens after one retires: Pundits, financial planners and even retirees often claim that your spending shrinks after you leave the 9-to-5 world.

Sure, your house may be paid off by then, and you may be able to ditch the expenses of commuting and buying clothes for work. That's not the full picture, though..."

Read more at dailyfinance.com

OPM has plan for fixing retirement program

"...If acknowledging a problem is the first step toward fixing it, the Office of Personnel Management took a step Tuesday when it sent a Strategic Plan for Retirement Services to Congress.

OPM’s retirement services operation is not known for providing service, at least not good service, to federal retirees..."

Read more at washingtonpost.com

FERS and CSRS Reductions and Withholdings

"...Do you know the difference between something that will reduce your Civil Service Retirement System or Federal Employees Retirement System benefit and something that will be withheld from your retirement? It's important to know because the reductions will lower the income on which you'll pay taxes, but the withholdings are taken after taxes..."

Read more at govexec.com

What to know before taking a buyout

"...This week, alone, the Internal Revenue Service, the Agriculture Department, the National Geospatial-Intelligence Agency and the Transportation Security Administration, have all offered employees buyouts or early retirements.

But deciding to take the buyout can be a wrenching decision and largely depends on an employee's individual circumstances..."

Read more at federalnewsradio.com

Voluntary Separation Incentive Payments (VSIP)

"...The Voluntary Separation Incentive Payment Authority, also known as buyout authority, allows agencies that are downsizing or restructuring to offer employees lump-sum payments up to $25,000 as an incentive to voluntarily separate. When authorized by the Office of Personnel Management (OPM)..." Read more at opm.gov

FEHB and annuity reduction

"...Q. I am a Postal Service employee under the Federal Employees Retirement System who will have eight years of service in April. If I decide to retire with 10 years of service in 2014 at the age of 58½, would I receive health benefits from the USPS, and could I receive a full annuity if I waited to draw the annuity at age 67, or would this affect insurance benefits?..."

Read more at federaltimes.com

TSP Tax information: 1099-R Form

Thrift Savings Plan 1099-R: IRS Forms 1099-R, Distribution from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. will be posted in 'My Account' on tsp.gov and mailed by January 31 to participants who received withdrawal or other taxable distributions during 2011.

Source: tsp.gov

Veteran / USPS employee Fights Government For Pension Check

"...A Mt. Vernon veteran who devoted three decades to the U.S. Postal Service as a mail carrier says he is now receiving only about half his pension check from the federal government.

Jon Minard served in Vietnam, losing an eye to a grenade, before returning home and working at the U.S.P.S. delivering mail for thirty years. He worked in Dublin before eventually moving to Mt. Vernon.

When Minard retired last August, he expected his pension check to be there. Instead, he says he is only receiving a little more than half of the $2500 he is owed..."

Read more & watch video at nbc4i.com

TSP Withdrawal Options

"...Q. I’m a federal law enforcement officer and I’ll be retiring in March after 25½ years of creditable service. I intend to take my Thrift Savings Plan funds when I retire and receive monthly payments based on my life expectancy..."

Read more at federaltimes.com

Should I Retire This Year?

"...What can you expect in 2012 - more of the same or a reprieve from the attacks of the media and Congress? While no one can know for sure, there are some considerations you can take into account to help you be prepared for whatever the future brings..."

Read more at fedsmith.com

What are the retirement benefits for Congress?

"...For the most part, benefits for Congress are similar to those of any federal employee, although there are differences.

How their retirement plan works:

Nearly all Congress members are covered by the Federal Employees Retirement System..."

Read more at aarp.org

Peace Corps Credit for Retirement

"...Employees who are covered under the Federal Employees Retirement System (FERS) or the Civil Service Retirement System (CSRS) are eligible to receive credit towards retirement for their Peace Corps Volunteer service. To do so, you must make a deposit for this period of service..."

Read more at peacecorps.gov

Stay or go? The Federal Retirement Dilemma

"...A two-year pay freeze, threats of a freeze extension and proposals that cut federal employees' benefits might have some feds thinking about retirement.

But, warns retirement expert David Snell, "Before they make a plunge like retirement, they should really do some careful ..."

Read more at Federal News Radio

Thrift Savings Plan Results

"...The Thrift Savings Plan reported Tuesday that its most popular investment option, a fund of special-issue government securities called the G fund, gained 2.45 percent for the just-ended calendar year, while a fund that tracks the Standard & Poor’s 500 index of large U.S. company stocks, called the C fund, rose 2.11 percent.

The G fund held about 45 percent of investor assets while the C fund held 23 percent through November, the latest month for which participant figures are available..."

Read more at washingtonpost.com

Retirement Places for Outdoor Lovers

"...If you envision retirement as the time when you will finally be able to pursue all those activities that you've squeezed into weekends and vacations — hiking, kayaking, skiing and otherwise immersing yourself in the Great Outdoors — then keep reading.

We've assembled a list of 10 amazing retirement places for people like you. These are cities and towns ideally situated to feed your desire for a greater connection to nature..."

Read more at aarp.org

Looking to Work After Retirement?

"...Retired and looking to work from home? These 5 jobs offer flexible work options..."

Read more at aarp.org