New CSRS, FERS Retirement System Goes Online in 2008
On 6-28-2007, I attended a briefing at Postal Headquarters requested by the Office of Personnel Management (OPM). Tom O’Keefe, a manager of OPM, has established a program aimed at modernizing both the Civil Service Retirement System (CSRS) and the Federal Employee’s Retirement System. (FERS) Retirement System Modernization (RSM) is an OPM initiative designed to improve the quality and timeliness of all aspects of the retirement process following an employee’s separation from Federal Service. It will also serve to automate retirement claims transactions and provide retirement modeling capability for employees using electronic data. If you haven’t checked your OPF personnel file in some time I would do so soon. Make sure all data is correct and times served are noted right. This new system is going online and data needs to be accurate and clean. OPM will be processing all active Federal employees by this system beginning February 2008. The first agency to be process is the GSA. The Postal Service will be the next wave the OPM will take into the system. Under this new system, there will be NO Intern Pay. Postal employees will be able to retire on any day (if qualified) and get their first full check (5) days later. OPM presented a very promising picture.