Federal Employee Retirement Planning

A Candid, Direct Approach to Retirement Planning for Federal Employees

Many federal employees will be eligible to retire in the next fifteen years.

Unfortunately some of them will discover they will be unable to retire when they want because  important tasks - tasks that should have been performed during their federal service - were not completed.

Federal employees simply want a clear explanation of their benefits - and a financial strategy that integrates these benefits - with their retirement.

Federal employees attend our workshops because we provide real solutions to real problems.

In providing these workshops we strive to:

  • break down concepts into easy-to-understand language
  • educate employees to understand the impact of their retirement decisions
  • help employees to create an action plan to proactively improve their financial situation
  • assist employees to integrate their existing financial situation with their federal benefits

Dwayne Burnell, MBA

Fiduciary

Wealth Strategist & Author

Investment Advisor Representative

Freedom. Flexibility. Control. They’re what we all want – in our lives, in our work, and especially in our families’ future.

Dwayne empowers his clients – working together to develop a comprehensive strategy that balances government benefits with the rest of a client’s financial picture. His goal is to help you avoid mistakes and take full advantage of your Federal Benefit programs – both while working and during retirement.

Dwayne also acts as a Fiduciary for his clients, always doing what is in your best interest, regardless of compensation.

ProFeds Federal Retirement Impact Workshop

Workshop Training Agenda

General Information About Planning for Retirement

  • Tips for being better prepared for a smooth transition into retirement

  • Understanding what you have and what you need to know about decisions to make at retirement

Retirement Systems (CSRS & FERS)

  • Eligibility requirements and how to choose an appropriate retirement date

  • Deposits, Redeposits & Military Deposits

  • Special Considerations for Law Enforcement Officers, Air Traffic Controllers, and Firefighters

  • Calculating the CSRS & FERS annuity

  • Cost of Living Adjustments in retirement

Survivor Benefit Plan

  • Coverage, cost, considerations and who can benefit from SBP

Taxes on Federal Pensions

  • Federal and state tax implications

FERS Special Retirement Supplement

  • Eligibility requirements and calculation of the benefit

  • What happens if you work after retiring

  • Social Security

  • Windfall Elimination Provision (WEP)

  • Government Pension Offset (GPO)​

Federal Employees Group Life Insurance

  • Coverage and costs while employed

Federal Employees Health Benefits

  • Tax advantage of FEHB while working

  • Eligibility requirements to keep FEHB in retirement

  • Coordination between FEHB and Medicare Part B

Federal Long Term Care Insurance Program

  • What services Long Term Care insurance covers

  • Coverage and costs for services

  • Eligibility requirements to obtain coverage

Thrift Savings Plan

  • Fund choices, tax advantages and options within the TSP while working

  • How to maximize government contributions

  • Options available at retirement

Overview

  • Tips to be proactive and understand the financial impact of the decisions to be made at retirement

ProFeds Federal Retirement Impact Workshop

  • "Very detailed and knowledgeable on the subject of retirement. Take class with your spouse."
    G.A., San Antonio, TX U.S. Border Patrol
  • "The workshop you delivered yesterday was phenomenal.  I enjoyed the presentation as as well as the class participation and interaction."
    D.S., U.S. Office of Personnel Management, Washington, DC
  • “As a result of today’s session…I will make a retirement plan.”
    C.G., Department of Health & Human Services, San Pedro, CA
  • “Excellent class and information. Loved the opportunities to ask questions—very knowledgable. I will attend every year until retirement.”
    L.G., Department of Defense, Vacaville, CA
  • “Great seminar. Very helpful information provided, and will make me do my homework.”
    S.H., Department of Defense, Dixon, CA
  • “The most information I have ever received and heard in my ENTIRE military and federal years.”
    L.B., Dept of Defense, Washington, DC
  • “Class was thorough, well paced, clear, timely, very well organized, and insightful. Definitely worth your time.”
    J.R., Dept of Commerce, Arlington, VA
  • “The information provided at this workshop is thorough and comprehensive. The earlier you attend this workshop in your federal career the better!”
    A.W., Dept of Health & Human Svcs, Little Rock, AR

The 5 Biggest Mistakes Federal Employees Make When Planning for Retirement

#1 Failure to review your personnel record

Employees should routinely review and make sure that the information contained in their Official Personnel Folder (OPF) is correct and current. In particular, Form SF 50 (Notice of Personnel Action) should be reviewed because this form is updated annually. The SF 50 contains important retirement information, such as the retirement plan under which the employee is covered (Box 30).

If errors are made on the SF 50, employees can be incorrectly placed in the wrong retirement system. Mistakes in crediting periods of service and types of appointments can cause you major headaches. By checking your personnel records carefully, you can fix mistakes before they cause problems for your retirement.

#2 Not making timely requests for estimates of unpaid deposits or redeposits

Many federal employees are not aware that by making a deposit for military or temporary ("nondeduction") time, they push their Service Computation Data (SCD) for retirement backwards.  This causes an increase in service time an ultimately in the amount of their Civil Service Retirement System (CSRS) or Federal Retirement System (FERS) annuities.

#3 Forgetting to fill out and/or update beneficiary designations

Have you checked your beneficiary designation for your retirement account recently? If not, you may find that your designated beneficiary is not who or what you think it should be, especially if you have divorced, remarried or had children.

If a long time ago you named a charity as your beneficiary, the charity may no longer exist. While many of us ensure that other important documents such as wills are updated on a frequent basis, we tend to neglect our retirement-account beneficiary designations.

#4 Failure to understand the rules for maintaining federal health insurance during retirement

Many federal employees fail to understand the rules for keeping their retirement health insurance benefits that are offered through the Federal Employee Health Benefits Program (FEHB).  Both employees and annuitants pay on average 28% of the total of FEHB premium with the federal government paying the remaining 72%.

One of the most important rules:  an employee must retire on a immediate annuity (one which begins within 30 days of separation) or on a postponed annuity under the Minimum Retirement Age (MRA) provision of FERS.

#5 Failure to consider the Thrift Savings Plan (TSP) as a long-term investment plan

The TSP is a retirement savings plan that allows participants to contribute some of their pre-tax salary for the purpose of growing monies in those accounts on a tax-deferred basis.  Any earnings - this includes interest, dividends and capital gains - are not taxed until withdrawn.

TSP participants benefit from strategically planning as to which TSP funds they want to invest their contributions.

Federal Retirement Planning Workshops