Federal Retirement Backlog Update – March 2024
OPM received 7,943 retirement claims in March 2024, down slightly from 8,794 in February. They were able to contine to process about 10,000 claimes and brought the backlog down to 16,823. Lowest so far in 2024 and much lower than the same time last year.
What is the Current Status of the Federal Retirement Backlog
Monthly Average Retirement Processing Time
The average retirement application processing time dramatically decreased from 68 days in December to 47 days in January.
Full Year To Date Average Processing Time
The annual average of the monthly processing time of benefits decreased from 69 days in November 2023 to 62 days in January 2024.
CSRS/FERS New Claims Processing Time
Modernization Goals of OPM
OPM has been working on systems improvements. The goal for OPM is to reduce processing time down to 60 days on average, and it has met this goal in February and March 2024. The updated IT Strategic Plan for 2023~2026 includes goals to:
- Add chatbot knowledge base and legacy system integration for the Retirement Services Call Center
- Modernize the Janus retirement calculator
- Develop and upgrade user interfaces, system components and data integration of Retirement Services systems.
Monthly Update of Claims, Claims Processed, and Inventory
Reach Out to Us!
If you have additional federal benefit questions, contact 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 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. Want to have PlanWell host a federal retirement seminar for your agency? Reach out, and we’ll 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.
