Retirement Quick Reference Guide
What to Expect for
& 
New Retirees
My Annuity and Benefits
When will I get my first payment?
In most cases, as soon as OPM receives all your retirement records, they provide “interim” payments. These payments represent a portion of your final benefit (approximately 70% of the estimate) and are usually made on the first business day of each month. OPM ties to provide you with income until they finish processing your application.
Withholdings from Interim Payments
OPM only withholds Federal income tax. You may find that the Federal income taxes withheld from your first interim payment will be higher than the Federal tax withholdings from your subsequent interim payments and regular annuity. OPM will make any necessary tax withholding adjustment when they finish processing your application. Your health and life insurance coverage will continue while you are receiving interim pay. OPM will begin withholding health and life insurance premiums retroactive to the commencing date of your annuity, when they finish processing your application.
What will you receive when OPM finishes processing?
OPM will send you a personalized booklet titled “Your Federal Retirement Benefits”. It details, among other things, how much your monthly payment will be. It also confirms such things as health and life insurance coverage, and provides information you will need to prepare your tax returns.
Amount of cost-of-living increase you will receive…
OPM will prorate the first cost-of-living increase based on how long you were retired before it is given. At that time, they will send you a notice explaining the increase. Federal Employees Retirement System (FERS) cost-of-living increases are not provided until age 62, except for disability and survivor benefits.
Need information about Federal tax withholdings?
Visit the Internal Revenue Service’s website at www.IRS.gov or call 1-800-829-1040.
Making Changes to Your Benefits
Changing your health insurance coverage after retirement…
After you retire, you will still have the opportunity to change your enrollment form one plan to another during an annual open season. You cannot change to another plan simply because you retired. If you decide to cancel your Federal Employees Health Benefits (FEHB), you should be aware that you CANNOT re-enroll in the FEHB Program.
Changing your life insurance coverage after retirement…
You can cancel or decrease your coverage at any time. You cannot increase your coverage. Once you cancel your life insurance coverage it can NEVER be reinstated.
OPM Services Online
www.servicesonline.opm.gov
OPM Services Online
You will receive your 9-digit Civil Service Annuity (CSA) Number in a letter, a few weeks after your official retirement date. In a separate letter, you will receive your temporary password for the OPM Services Online. You will log in for the first time and set up your password.
You should always keep your CSA number and your password in a safe and secure place.
OPM Services Online Capabilities
- Change your Federal and State Income Tax withholding
- Obtain duplicate tax statement s (1099-R)
- Change your Mailing Address
- Establish an Allotment to an Organization
- Set up or Change your Direct Deposit
- Update your E-mail Address and Opt-in to receive Information Electronically
- View/Print Annuity Statement/Verification of Income
As a retiree, you may need to contact The Office of Personnel Management (OPM)…
Website – www.opm.gov/retire
E-Mail – retire@opm.gov
Phone – 888-767-6738
Mailing Address – US-OPM
Retirement Operations Center
Boyers, PA 16017
Other Agencies
Thrift Savings Plan (TSP):
You will contact TSP directly to make your withdrawal.
Website – www.TSP.gov
Phone – 1-877-968-3778
Press 3 to speak to a Participant Service Rep (PSR) when calling the ThriftLine. PSR handle questions about withdrawals.
Medicare:
Medicare is health insurance for people 65 and older. Do you have to take Part B? – No, but there are some advantages to enrolling such as: your FEHB plan may waive its copay & deductibles for Part B services. For more information visit or call Medicare.
Website – www.Medicare.gov
Phone – 1-800-633-4227
Social Security Administration (SSA):
Website – www.ssa.gov
Phone – 1-800-772-1213
You can view your SS statements, check the status of your application, order a new card, and much, much more…Set up your account at: www.SSA.gov/myaccount