After weeks of cutting down the workforce at various agencies, all federal workers were told to respond to an email with 5 things they accomplished at work last week.
Failure to respond to the email was said to be equal to a resignation.
Although some agencies have already directed their employees not to respond to the email, there is lots of confusion surrounding the order.
For federal workers, this is a stressful time. And while there’s no way to know what comes next in the federal government, you can be sure of two things:
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- This administration will continue to cut down on the federal workforce.
- You have options to secure your financial future so you don’t have to worry if your job will be next to be cut.
Here’s 6 things you can do to make sure the constant changes in the federal government don’t hinder your financial future.
1. Utilize regular leave or FLMA
If other options won’t work for you, or you need some extra time before you move forward, you can use your regular leave or FLMA. These options can help you temporarily until you come to a long-term decision. To learn more about FMLA, click here.
2. Federal Disability Retirement
Federal Disability Retirement can offer you security and peace of mind, so you don’t have to worry about if your job will be eliminated. This benefit is designed for people whose illness or injury stops them from being able to do at least one of their job duties.
Maybe you’re a mail carrier but your back condition limits your lifting ability. Or maybe you’re a federal firefighter that can’t work because of PTSD.
Either way, Federal Disability Retirement would:
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- Let you to continue getting a portion of your monthly salary
- Allow you to hang on to your health and life insurance
- Allow you to keep gaining years of service so you don’t lose out on increased pay later on
- Give you the chance to get a job in the private sector that meets your needs
There a’re a few qualifications to apply, but there’s no age requirement – you just need to have at least 18 months into your FERS coverage. Learn more about this benefit in our overview webinar.
3. Immediate or Phased Voluntary Retirement
If you’ve met the age and service requirements, immediate or voluntary retirement could be the best choice for you. Immediate retirement would allow you to stop work altogether, while phased retirement would allow you to work part time for a while until you retire completely. You can learn more about the eligibility requirements and details of these two options here.
4. Special Provisions Immediate Voluntary Retirement
If you’re a special provisions employee, you can also apply for Immediate Voluntary Retirement. You can find more details about eligibility for this option here.
5. Early Optional Retirement
Early optional retirement could also be an option for you if you have met your minimum retirement age and have 10 years of service. If you want to know more about your minimum retirement age, you can learn more here.
6. Voluntary Early Retirement Authority (VERA)
This might be offered for some workers. This would allow you to retire early, but there are some drawbacks, like missing out on years of service and uncertain health coverage. You can read more about this on our full blog or on our webinar about the new federal workforce changes.
If you’ve already been thinking about leaving the federal government, now’s the time to look into your retirement options before a layoff, firing spree, or Reduction in Force eliminates your job.
Peace of mind and security are within reach. Call us today for a free consultation and we can help you find the best path for you.
