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As a long time corporate HR benefits person and one who spent the last 10 years working for a federal agency and writing, literally, the Human Capital processes, from recruitment to separation or outboarding, I agree the paperwork collection is necessary, but the two weeks before they do anything is just how it appears. There is lots being done that you may or may not see.
There are many reasons why companies wait till the last minute, especially if there is a pension involved, which is becoming less common. It has do with final totals, be that hours worked, hours to be paid out etc. Nothing like starting the process only for the employee to say, Oh, I want to work 2 more weeks, or maybe a month. Or you process the information, and they get sick and take time off, it all affects the final paycheck and pension. Most systems will only take the data in the last active pay period for the employee. Smaller companies can have more leeway in the processing, as it can be an easy fix for the one or two employees that may retire in a given period. But large companies won't be able to be as flexible, and this leads to more problems in the 1st pension payout, wrong $$ or delayed payments etc.
That being said the in the federal government, as someone mentioned, it's pretty easy, you start your paperwork with your branches Civilian Personnel office (which is all online) and by law you don't even have to notify your boss that you are retiring. You can show up the last day and say good bye. The Personnel office doesn't say anything to your leadership, as they are only processing names and numbers, not positions and people. Not great for succession planning but it can happen, if maybe not often.
What’s a pension? What’s an off-boarding consultant? Most of corporate America gets a COBRA health care letter required by law and that’s it. It’s not like the web portal to my 401(k) changes. At the moment, only 31% of Americans retiring have a pension. In the private sector, that’s going to drop to close to zero in another decade or two.
31% is still a lot of people. Pensions may be a thing of the past in the private business world, but there are still plenty of us government workers who have earned a monthly check for life according to state or federal statute.
What’s a pension? What’s an off-boarding consultant? Most of corporate America gets a COBRA health care letter required by law and that’s it. It’s not like the web portal to my 401(k) changes. At the moment, only 31% of Americans retiring have a pension. In the private sector, that’s going to drop to close to zero in another decade or two.
My read that his very informative op was for a targeted audience and not a general for everyone. I thought it was very clear after the first few lines of his second paragraph. Wasn’t it?
I think that was the case for my first retirement also. I announced in early November of 2012 that I was retiring effective April 1, 2013 and that my final day of work would be February 14, 2013 as I was using 6 weeks of Vacation credit.
My retirement papers were processed during the first two weeks of February.
So the general comment is still valid, but using PTO or Vacation time will shift it.
My wife and I retired at the same time. We submitted our paper work at the same time. I got pension timed served for our unused sick days. I had vacation days above the maximum I could cash in at retirement. So I used the excess days to finish out the year on vacation. Since our retirement date was Jan 1 and a new year I was able to dump most of my remaining vacation time money not used into my 401/403. The catch-up clause was helpful.
Even with much adequate notice our pension processing was delayed.
Why you might ask? Because it was left sitting untouched at another broader level by the person who was suppose to process it. Why again you might ask. Because she was retiring and between that and the holidays spent her work day doing virtually nothing job related.
Oh well the delay was minimal and the rewards continue and continue.
We may be dwindling in numbers but viva la pensioners!
May you rewards be bountiful and your COLA’s for ever compounding!
Fourteen years into retirement we are forever thankful!
Even with much adequate notice our pension processing was delayed.
Why you might ask? Because it was left sitting untouched at another broader level by the person who was suppose to process it. Why again you might ask. Because she was retiring and between that and the holidays spent her work day doing virtually nothing job related.
That's my concern also....as I plan to retire at the end of a year 12/31/22 (or maybe in the next Jan 23)
I've seen how -- let's say after mid November -- people just let stuff wait on their desk, and don't half-work. Starting even with Veteran's Day their mind is already on Thanksgiving. And after Thanksgiving forgeddaboutit. Between the number of people who save annual leave until the end of the year -- AND the people who are at work but not working because they're already planning for. the holidays -- it's a wonder much of anything gets done after October.
I plan to submit the paperwork October 1 2022 for either a Dec 31 or Jan 28 retirement. So IF my process gets delayed by the end of year malaise....there won't be anything I can do...so it will be what it will be.
And by shear volume I think 12/31/22 will see a lot of retirements. It's the end of a month -- AND the end of a pay period, AND the end of a year!
That's my concern also....as I plan to retire at the end of a year 12/31/22 (or maybe in the next Jan 23)
I've seen how -- let's say after mid November -- people just let stuff wait on their desk, and don't half-work. Starting even with Veteran's Day their mind is already on Thanksgiving. And after Thanksgiving forgeddaboutit. Between the number of people who save annual leave until the end of the year -- AND the people who are at work but not working because they're already planning for. the holidays -- it's a wonder much of anything gets done after October.
I plan to submit the paperwork October 1 2022 for either a Dec 31 or Jan 28 retirement. So IF my process gets delayed by the end of year malaise....there won't be anything I can do...so it will be what it will be.
And by shear volume I think 12/31/22 will see a lot of retirements. It's the end of a month -- AND the end of a pay period, AND the end of a year!
And with a year plus of COVID stress it could be monumental this year.
Having retired twice myself, and watching my wife go through her Retirement process now, there is one common denominator that can drive ardent planners nuts.
Your employer, or Pension Provider, or the employer's designated Off-Boarding Consultant, will not process your Retirement Request until 2-weeks before your identified effective date. This can result in great angst if you are a compulsive planner and are not aware of this quirk. It doesn't matter how early you submit your request or how many times you attempt to contact your Specialist, the process is rigid and fixed for a reason, and your request will not be performed early!
What you need to do is realize this, and relax.
Gather all required and potentially required documents early, then keep them handy so you can instantly supply them to your Employer or Pension Provider when requested.
Documents such as:
Birth Certificates for you and spouse
Marriage License(s)
Divorce Decree(s)
QDRO document(s)
Death Certificate of deceased spouse
SSN of current spouse
SSN of former spouse if not re-married
I suggest contacting the SSA 4-5 months early as they will accept your request in advance of actual date. They will require info from some of the above documents with your initial request.
I didn't need our Marriage License for my retirements as I took a Lump Sum from my first employer and the second employer provided no pension. My wife did need our Marriage License for her retirement processing. Each case is different, so start the document search early, and the above list is likely not all-inclusive.
I don't think we required marriage licenses for our pensions. I got mine at 60 from a Fortune 100 company I used to work for. I forget how long before I turned 60 that they sent a package, perhaps a month or two, that contained documents to fill out and how I wanted it distributed. I took the monthly depreciated for my husband to get something if I died first, he did the same with his. He got his at 65 after he had officially retired and we got a similar package. We might have had to get them notarized, I don't recall. One of his is a pita every year. They require completing a form to say he is still alive.
Haven't filed for social security yet. They probably require all of the above you mentioned.
My husband called social security to start collecting. Bless his heart, he thought he could call and get it done in one day. However, the wait time for a telephone appointment is 2 1/2 months. He'll have to wait until mid-July to see what the procedure is and what documents are needed.
Working for the federal government, my personnel office did review my paperwork and give me a preliminary assessment of my eligibility and my pension amount at about a year out, but warned that it was subject to final verifications and reviews. Consult with your office, they may tell you about things you can do like making deposits for military service or gaps in your record that need to be verified or other things you can do to expedite the process.
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