OPM to remove RetireEZ from the web

OPM suspends contract for electronic retirement system

"...One federal source said the prime vendor for the contract and OPM have had concerns regarding aspects of the program that the vendor says are out of the scope of the contract. A former OPM employee also said there has been problems with data cleansing for the system, noting that annuity calculations have not consistently been correct as a result...."    

Source: www.govexec.com

.

Postal Employee Retirement

Polled and Pushed on Diversity "...About 26,000 federal employees, who are paid through the General Services Administration, are in the first phase of RetireEZ. The U.S. Postal Service, with about 700,000 employees, will join the retirement modernization project next. The OPM expects that about 2,000 postal employees will file retirement claims every month and that will provide a better sense of how the new system functions, Springer said...."
[Reference: www.washingtonpost.com]

.

OPM Issues Report On Its New RetireEZ Program

New Program is permanently transforming retirement process "..."We are pleased to report the majority of cases that processed to date under RetireEZ matched the legacy calculation," said OPM Director Linda M. Springer. "In all Wave 1 cases OPM paid full retirement benefits at the payment commencement date. No longer are retirees under the new system receiving interim payments and waiting for months until their actual payment amounts are calculated. This success is directly attributable to the transformation of millions of paper records to automated data that underlies the modernization. All Wave 1 new retirees are getting better service because of RetireEZ."..."
[Reference: www.opm.gov]
www.retireez.gov

.

Federal and * Postal employees will soon be able to calculate full retirement income online

Model your retirement online "... OPM bought the retirement calculator for $290 million in 2006 from Hewitt Associates. Not only will it allow employees to calculate their own retirement income, but OPM will use it to calculate retirement checks for federal retirees. ..." [Reference: federaltimes.com]

The program is named RetireEZ

Visit the RetireEZ website at www.retireez.gov

* Subsequent rollouts of RetireEZ will cover the remainder of the Executive Branch, the U.S. Postal Service and the Legislative and Judicial Branches, with the fifth and final rollout scheduled for February 2009.