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If you got a RIF notice tomorrow and you weren't eligible to retire yet, what would happen to your pension, your health insurance, and your TSP? Here's the whole map, plus the one mistake that can cost you for life.
Quick facts: First, check whether you qualify for Discontinued Service Retirement: age 50 with 20 years, or any age with 25 years. If you do, your pension starts now, but the FERS Supplement waits until your MRA. If you don't, your pension doesn't vanish. With 5+ years you can take a deferred annuity: unreduced at 62 (5+ years) or 60 (20+ years), or reduced at your MRA (10+ years). Don't take the refund of your FERS contributions, because it gives up the pension for those years. Without an immediate annuity, FEHB ends after a 31-day extension. Temporary Continuation of Coverage lasts up to 18 months at the full premium plus 2%. FEGLI continues free for 31 days, and you can convert it to an individual policy with no physical. Your TSP stays put, and the Rule of 55 applies if you separate in or after the year you turn 55. Unused annual leave is paid out in a lump sum. CTAP and ICTAP give RIF'd employees selection priority if you want to come back. Educational only, not tax, investment, or legal advice. Haws Federal Advisors | HawsFederalAdvisors.com
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