OPM Retirement Application Surge - Federal Retirement Backlog Update - January 2024
The processing backlog usually jumps at the end of the year, and December 31, 2023, was no different. The number of retirement claims went from 5,662 cases to 12,997 in January 2024. While the numbers are high, OPM has been working to reduce the inventory backlog of new retirement cases in 2023, and we had the lowest inventory in December.
What is the Current Status of the Federal Retirement Backlog?
Monthly Average Retirement Processing Time
The average retirement application processing time went down from 68 to 66 days in January.
Full Year To Date Average Processing Time
The annual average of the monthly processing time of benefits went down from 69 days in November 2023 to 68 days in January 2024.
How Did OPM Reduce Retirement Backlog to the Lowest Level since 2022
OPM processed 7,196 retirement applications in December, reducing the backlog inventory level down to 14,292. That, combined with an above-average processing time of 6,467 cases, allowed them to keep the overall inventory relatively low.
Did More Employees Retire at the end of 2023?
We expected more federal employees to retire, but the numbers were very similar to what we saw in 2022. It is worth noting that the majority of retirees are from the FERS retirement system. This may collectively speed up OPM’s adjudication process and produce faster turnaround times. All employees should still work closely with the HR department of their agency to reduce errors and future delays. You should note that in some cases, the average time took 118 days to complete.
Reach Out to Us!
If you have additional federal benefit questions, reach out to our team of CERTIFIED FINANCIAL PLANNER™ (CFP®) and Chartered Federal Employee Benefits Consultants (ChFEBC℠). At PlanWell, we focus on retirement planning for federal employees. Learn more about our process designed for the career federal employee.
Preparing for a federal retirement? Check out our scheduled federal retirement workshops. Sign up for our no-cost federal retirement webinars here! Make sure to plan ahead and reserve your seat for our FERS webinar, held every three weeks. Interested in having PlanWell host a federal retirement seminar for your agency? Reach out, and we can collaborate with HR to arrange an on-site FERS seminar.
Want to fast-track your federal retirement plan? Skip the FERS webinar and start a one-on-one conversation with a ChFEBC today. You can schedule a one-on-one meeting here.
