OPM Scales Back Plans For RetireEZ

From the Federal Times – The Office of Personnel Management is scrapping plans for an online retirement calculator that would allow federal employees to project their pensions, the new director said last week. The calculator had been a major portion of RetireEZ, the department’s previous attempt at overhauling its outdated annuity calculation system, which failed last year.

OPM now cannot accurately calculate employees’ pensions right away, which means they often are paid between 20 percent and 33 percent less than they deserve for the first several months of their retirement. OPM initially wanted federal employees to be able to model out various retirement scenarios online that would calculate how much they would likely receive in retirement annuities, Thrift Savings Plan earnings and Social Security benefits.Read More