Record OPM Retirement Processing Time in February 2024 – Federal Retirement Backlog Update
OPM received 8,794 new retirement requests in February 2024. However, it processed 10,000 cases in the same month and reduced the overall inventory backlog to 19,591. See the latest update from OPM on the current retirement processing time.
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.
How Did OPM Reduce Retirement Backlog to the Lowest Level since 2022
OPM was able to process 10,025 retirement applications in February from a variety of efforts. They have added staffing and work hours. Also, their education campaign on the retirement guide may have reduced mistakes. You can find the guide here.
Did More Employees Retire at the end of 2023?
We expected more federal employees to retire, but the numbers were similar to what we saw in 2022. It is worth noting that most 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 their agency’s HR department to reduce errors and future delays. You should note that the average time took 118 days to complete in some cases.
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. 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.
