Hi there, this is Tim Estes and Bree Reyes from Estes Financial Services. For all our friends who are federal service workers, we have some important things to share with you. OPM has come out with their planned budget for 2019, and we're going to cover four points for you today. Unfortunately, you're not going to like what they're proposing, so we thought we'd get the word out to you so that you understand what's going on and that we are out here working for you guys. The first point is that they're going to increase the CSRs and FERS average pay to five years. It used to be high three, but they're proposing it going up to a high five. This is going to impact you guys when it comes to retirement. It will also impact how we run your proposals. The second point is the elimination of the FERS annuity supplement. This is the supplement that you receive before age 62. The supplement will now end at age 62. They are proposing a complete elimination of that supplement for FERS employees. This could be pretty impactful for those who started early in their life and have their MRA plus 30 and decided to retire at 55. The supplement will go away completely, so it's going to impact a lot of people who wanted to possibly retire early. The third point is that they're going to increase the amount of contribution specifically for the FERS employees. They want to increase it from your point eight percent contribution to your retirement. They will graduate it up over time, but you will now be paying seven point two five percent of your pay towards your pension. This is going to be huge, as it will impact your budget and your pay. It's one of...
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Opm qdro Form: What You Should Know
A court-ordered retirement benefit or QDR must include all the following: Benefits payable to an eligible former spouse under ERICA, ERICA and the Employee Retirement Pension Act. Qualified Domestic relations Order. An eligible former spouse receives a one-time payment to his or her former spouse to replace the current retiree annuity he or she is receiving. However, the former spouse does not receive that annuity. In other words, the former spouse's benefit is determined by a court order, not based upon actuarial value. The court order may not change the retirement age or retirement pay rate for an eligible former spouse. The court order should indicate the amount of each benefit, and identify any mandatory payments that the retired employee must make for the benefit. The payment of annuity benefits is not an action that the employee has the right to take. In this situation, the individual must complete Form ST-34 and submit it to the State Personnel Office to complete his or her retirement-related actions. See ST-34 : State of Texas Form ST-34 : State of Texas State of Texas Attorney Handbook — ERICA / FEES / TRI CARE The State Employee Assistance Office is available for assistance with any of the following retirement-related inquiries: How can I obtain my spousal annuity if either partner died within 5 years of marriage? Who is obligated to provide my spousal annuity? It is important to note that not all court orders are the same, even if they have similar wording. The courts do not require a spouse's name or social insurance number, and do not require an applicant to provide the same facts on each form submitted by the individual. A court order or QDR may give the former spouse or former employees a choice to receive the benefit at any time during their lives. Some courts issue orders for a period of 15 year, while other courts require a lifetime order. Federal Employee Retirement System or FEES. The Federal Employees Retirement System or FEES. The State Pension System may pay for half of the retired employee's benefits during the current life. The retired employee receives a monthly benefit. However, the plan will not provide the survivor annuity payment if the retired employee's spouse dies. When to File a Form ST-34. The State Personnel Office will not process a form ST-34 unless the person to be paid a benefit has filed a valid VERSA form.
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