Retirement Claims Keep Falling But the Full Impact of Coronavirus Outbreak is Still Not Known Sponsored by: Flavio J. “Joe” Carreno

The latest report from the Office of Personnel Management is that the retirement claims may not give a clear picture of the impact of Coronavirus on the federal government employee. In this article, we’ll put light on the fact that the retirement claims might have dropped significantly, but the full impact of Coronavirus is not clear yet. 

Further reports from the OPM state that the office received 6,566 retirement claims last month compared to 10,048 claims in March 2019, so we can say that the claim rate dropped by nearly 35% following the 35-day partial government shutdown. The retirement claims of March 2020 dropped by 15% from the time almost two years ago, when the Office of Personnel Management received 7,767 new claims.

OPM worked on fewer claims in March than in February —stats indicate that officers processed 8,931 claims in March and 9,627 in February. This data is different from the 2019 data when the OPM processed more claims in March than in February.

Just like other federal government agencies, OPM had to shift its working to teleworking due to the Coronavirus lockdown. According to the OPM’s report, as far as the time to process the retirement claims is concerned, the average time to process for March was increased from 54 days in February to 61 days. The year-to-date average processing time of claims increased from 59 days in February to 60 days. 

This data brought both metrics monthly average to the processing time in days and the year-to-date average processing time in days nearly in line with the OPM’s average processing time goal of the two-month average process time.

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Bio:
For over 30-years Flavio “Joe” Carreno of The Retirement Advantage has been a Federal Employee Retirement System specialist (FERS) as well as a Florida Retirement System specialist (FRS) independent advocate. An affiliate of PSRE (Public Sector Retirement Educators), a Federal Contractor & Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants. We will help you understand your FERS & FRS Benefits, TSP & Florida D.R.O.P. withdrawal options in detail while recognizing & maximizing all concurrent alternatives available.Our primary goal is to guide you into retirement with no regrets; safe, predictable, stable, for life. We look forward to visiting with you.

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