Service Online OPM
- The “Services Online” web page for the Office of Personnel Management is designed for federal employees to manage their retirement services online
- Services online can’t be used to make any changes to Federal dental or Federal vision insurance options (also known as FEDVIP)
- One an application for retirement benefits is approved, the government provides interim payments until an actual payment amount can be determined
A number of different services can be handled on the US government Office of Personnel Management web site, like changing federal and state income tax withholding, updating a mailing address, requesting a duplicate annuity booklet, viewing an annual annuity statement, finding 1099-R tax forms, and viewing a “Year to Date” summary of payments made. Employees who want to withdraw money from their TSP Thrift Savings Plan should know that it can take up to 8 weeks to process a withdrawal of funds after an application has been received.
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Service Online OPM Comments
- The “Civil Service Retirement System” (also CSRS) retirement benefits payment will not exceed 80 percent of your highest three year’s average salary
- In the majority of cases, workers reach this 80 threshold when they have 41 years and 11 months of service accumulated, not including any sick leave that has been built up
- Some employees will have certain exemptions like those who work in law enforcement
When Should An Exact Retirement Date Be Chosen?
Employees applying for retirement benefits from the US government should choose an exact retirement date as soon as they can. Three different factors go in to deciding an exact retirement date:
- Highest thee years average salary
- Length of employment
- Calculated proration of cost-of-living adjustments