Frequently Asked Questions

Yes. This can be confirmed on OPM’s website here: https://www.opm.gov/fork/faq

All full-time federal employees are eligible, except for military personnel in the armed forces, U.S. Postal Service workers, immigration enforcement and national security related positions, public safety related positions, and positions specifically excluded by your employing agency.

Thursday, February 6^th, 2025.

You have two options to accept the offer.

Hit “reply” to the original Fork in the Road email sent by hr@opm.gov, type “Resign” in the subject line, and hit “send”

Send a new email to hr@opm.gov with “Resign” in the subject line and hit “send”

*The email must come from your government (work) email to be accepted (.gov or .mil)*

Yes, you can change your mind about resigning anytime between now and September 30, 2025. However, it is strongly advised to be sure about your decision, because  it is unlikely you will be offered your position back.

Nothing. You will remain employed in your current position at your employing agency.

This option will likely not be offered after February 6^th, 2025.

Yes, you will continue to accrue annual leave until September 30, which will be paid out to you in a lump sum after that date.

No, you will not receive your sick leave in a lump sum, but if you are or become eligible for retirement within this period, it will be added on as FERS pension credits.

VERA stands for Voluntary Early Retirement Authority. It is a program used by the federal government that allows federal employees to retire earlier than the standard retirement age under certain conditions. VERA is typically offered during times of workforce reduction or restructuring, enabling agencies to manage staffing levels more effectively.

Employees who are at least age 50 with at least 20 years creditable Federal service, or any age with at least 25 years creditable Federal service are eligible for VERA.

You will begin to receive full retirement benefits, assuming you are eligible (see above).

Yes, if you are eligible for both VERA and deferred resignation, you will receive both.

You would receive your first annuity payment the first day of the month following your retirement date.

Your monthly annuity payment is determined by your high-3 salary, which is the highest average basic pay you received during any consecutive 3 years of service, your years of service, and a multiplier. The multiplier is typically 1% for each year of service, or 1.1% if you retire at age 62 with at least 20 years of service.

Please consult a financial professional for help determining your future benefits.

They will continue into retirement if you were covered by FEHB for the last 5 years of your Federal civilian service, or if you meet another eligibility requirement.

You can continue this coverage in retirement if you were covered for the last 5 years of your Federal civilian service. Pricing and values will determine on elections you make at retirement. It might be more cost effective to shop for coverage outside of the federal system, depending on your age and goals.

Upon separation of service, you will have several distribution options for your TSP. It will generally be available for a rollover, but your age will dictate whether the money is safe to withdraw without additional tax consequences.

Please consult a financial professional about the safest and smartest distribution options for your hard-earned retirement savings.

Absolutely not. Your TSP is always yours and is generally available to rollover upon separation from service and generally available to withdraw from after 59 ½ (55 in some circumstances).

Your TSP is a qualified retirement account, which means your contributions and the match have never been taxed. Withdrawals out of the account made in retirement will be taxable.

This will be based on the amount withdrawn and your federal and state tax brackets at the time of the withdrawal. Please consult your CPA or a tax professional with any tax questions related to retirement account withdrawals.

Generally, rolling over your TSP to another type of qualified retirement account (e.g., IRA, 401k, etc.) is not a taxable event if done properly.

No. If you cash out your TSP, the entire amount will become taxable to you for that year, and may be subject to additional IRS penalties if done before a certain age or before a certain set of circumstances are met. It is never advised to cash out your TSP.

That will depend on your specific situation and need for additional income, or cashflow, in retirement.

Please consult with a financial professional on what the best TSP annuity options are. Sometimes it makes sense to look at an outside company to get a higher payout and more flexibility.

That depends on your age, the amount available, and the competitiveness of the annuity products being offered, both inside and outside the federal system.

No.

This might make sense depending on your situation, but it’s suggested you only reach this conclusion after doing your research on other available options.

Usually, employer retirement accounts like TSPs, 401ks, 403bs, etc., are only the most efficient option if you are receiving the employer match. Once the match ceases, you may find better investment options and more flexibility inside individual retirement accounts (IRAs, Roth IRAs, etc.).

You may apply for and receive social security starting at age 62.

You can calculate your social security benefit here: https://www.ssa.gov/OACT/quickcalc/ or if you don’t know your wage history, you can create an account here https://secure.ssa.gov/RIL/SiView.action and pull up your benefit information sheet, which will include all of your wage history attached to that social security number.

This will depend on your financial situation. You might be able to put other assets to work to bridge the income gap between your early retirement date and the year you can take social security.

It is very important to have your full financial picture presented to you in the form of a plan so you know what your options are for income in retirement and if you can afford to retire early.

No.

Not always. This will depend on several factors: other available pension or annuity income, family health history, or whether you plan to work in retirement.

It is advised to meet with a financial professional who is well versed in the federal retirement system, like us. Keep in mind this deferred resignation offer is unprecedented and how it will play out is largely unknown. If you are looking for legal advice, or advice about whether to take the offer in the first place, please consult the resources available at your union.