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By: Reg JonesIn my last three articles I described the roles you, your agency and OPM have in the process of moving you from being an employee to being a retiree. However, suppose you suddenly realize that you aren’t ready to retire. Or, you find out that your annuity won’t be big enough to live on. Or, you just discovered that your agency is about to offer a buyout.
Withdrawing you retirement application
If you change your mind about retiring, you can withdraw your retirement application at any time before OPM has completed its adjudication of your case. If you received any interim annuity payments, you’ll have to pay that money back. However, there could be an unexpected hitch in your plan to return to your old job.
For example, you may not have a job to go back to if your position has been abolished. Or if someone has already been hired to replace you. Even if that person hasn’t come on board, your agency can still deny your request to go back to your old job. If it does, they’ll have to do that in writing, explaining why.
Changing the amount of your survivor annuity
Since the law requires you to provide a full survivor annuity for your spouse when you retire, you can only reduce (or eliminate) that amount if your spouse agrees to it in a notarized writing. Any change after retirement would have to be made within 18 months after the beginning date of your annuity.
If your spouse agreed to a lesser amount of survivor annuity or none but you now want to provide one or increase the amount, you’ll have to make a one-time payment representing the difference between the old and new election amounts. This payment also includes a percentage of your annual benefit. That percentage is 24.5 percent if you are changing from no survivor benefit to a full survivor benefit or 12.25 percent if you are changing from no survivor benefit to a partial one.
To make a change in your original survivor benefit election, you’ll have to send a letter requesting that change to OPM, Retirement Operations Center. P.O. Box 45, Boyers, PA 16017. Your election must include your CSA number, the amount of your new survivor election, and your spouse’s name, social security number, date of birth, and a copy of your marriage certificate.
Retiring from a Federal Job – Getting Started
Retiring from a Federal Job: Make Sure Your Agency Gets it Right
The Process of Retiring – OPM’s Benefits Determination Process
Federal Retirement COLA Count Hits 9 Percent
Thanks to a Pension, Feds Are Doing Better than Most in Retirement Preparedness
Beneficiary Designations Still Valid Even if Not in New System, Says TSP
GAO Review Sought of TSP Customer Service Problems
TSP Responds to Customer Service Complaints
See also,
House Republicans Revive Retirement Benefit-Cutting Proposals
Installments vs. Annuity: Using Your TSP for Regular Income
Nine Hours on Hold: Pressure Builds on TSP to Improve Customer Service
