OPM has always been considered prone to making and inculcating changes and this month, as a federal employee you can expect your monthly retirement report to look a little changed from what it appeared to be last month.
Mr. Zawodny who is the retirement services’ spokesperson and associate director said that the organization has somewhat altered the focus of its monthly reports and now will focus more on highlighting the information that the feds and the potential retiring officers would need to know in order to make some prudent decisions about their retirement plans.This information will bring about a stark difference and will provide them with the options that they might have in case they are considering opening their retirement funds or changing the type of programs that they fall under.
Details like “When will my first retirement fund check reach me?” or “How much money would I end up saving” will also be made part of the updated reports that are going to be dispatched at the end of the following month. This would mean that many of the details like the number of claims and other rudimentary figures will be left out and only the most important stuff will be presented to the employees.
The employees would also be able to get to know how much time it’s going to take for their applications to get registered, processed and in the longer run approved too. The monthly rates of contributions that will be required to make will also be put to paper.
This is one step that was thought of quite some while ago and the OPM’s body was trying to make the change as soon as possible but it will be somewhat striking to the employees that have been seeing the same monthly retirement reports for quite some time now.
