Promising Practices Promising PracticesPromising Practices
A forum for government's best ideas and most innovative leaders.

Phased Retirement? Half of Feds Just Don't Know

ARCHIVES
Image via Pick/Shutterstock.com

As the Research Manager for the Government Business Council (GBC), I am responsible for designing and creating surveys that yield important information for federal employees. We recently sent a survey to federal managers and asked them about their retirement planning. The report is forthcoming, but (spoiler alert!) one of the more interesting points concerns phased retirement planning. According to our survey of over one thousand respondents, only 11 percent of feds said their agency has a phased retirement option while another 50 percent indicated they just don’t know! What’s the deal?

Phased retirement is actually a pretty good idea. According to the Pew Research Center, 26 percent of the U.S. population are Baby Boomers. Phased retirement offers fed-boomers the opportunity to stay in their position part-time while continuing to make contributions to their Thrift Savings plan (TSP). By staying on longer, senior employees will have the opportunity to train the incoming generation of feds. And who said there wasn’t a solution to the incoming retirement brain-drain?

Given the obvious benefits, what accounts for only 11 percent of feds knowing that they have a phased retirement option at their agency? Well, it might be a few things…

The option for phased retirement is relatively new and was introduced by the Obama administration on July 6, 2012 in the “Moving Ahead for Progress in the 21stCentury Act”. So it is possible that not enough feds know about the option for phased retirement.

Some agencies may also not have institutionalized it yet. The Office of Personnel management (OPM) is responsible for issuing guidance on how to implement phased retirement, but is yet to do so. So feds may need to take the initiative to ask their leaders about a phased retirement option.

Finally, are there any drawbacks to phased retirement? For example, if pensions are based on the combination of years worked and salary, how will pensions be impacted? How will the shortened work day render your health insurance or social security benefits? It is likely your agency is thinking about the answers to these questions, so get ahead of the curve and ask!

What has your agency said about your phased retirement options? 

Want more Excellence in Government? Follow us on Twitter | Facebook | Google + | LinkedIn

(Image via Pick/Shutterstock.com)

OLYMPUS DIGITAL CAMERA

Dana Grinshpan is the Research Manager for the Government Business Council (GBC), the research division of Government Executive, where she specializes in primary research development and survey instrument creation. Prior to joining GBC, she worked for the Center for Strategic and International Studies (CSIS), assisting in the research and writing of work on South Asian regional cooperation. She has a Master of Arts in international security and political economics from the University of Chicago and graduated magna cum laude from Ohio State University where she holds a B.A. in international studies with a minor in Arabic.

FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by G Suite

    Cross-Agency Teamwork, Anytime and Anywhere

    Dan McCrae, director of IT service delivery division, National Oceanic and Atmospheric Administration (NOAA)

    Download
  • Data-Centric Security vs. Database-Level Security

    Database-level encryption had its origins in the 1990s and early 2000s in response to very basic risks which largely revolved around the theft of servers, backup tapes and other physical-layer assets. As noted in Verizon’s 2014, Data Breach Investigations Report (DBIR)1, threats today are far more advanced and dangerous.

    Download
  • Sponsored by One Identity

    One Nation Under Guard: Securing User Identities Across State and Local Government

    In 2016, the government can expect even more sophisticated threats on the horizon, making it all the more imperative that agencies enforce proper identity and access management (IAM) practices. In order to better measure the current state of IAM at the state and local level, Government Business Council (GBC) conducted an in-depth research study of state and local employees.

    Download
  • Sponsored by Aquilent

    The Next Federal Evolution of Cloud

    This GBC report explains the evolution of cloud computing in federal government, and provides an outlook for the future of the cloud in government IT.

    Download
  • Sponsored by LTC Partners, administrators of the Federal Long Term Care Insurance Program

    Approaching the Brink of Federal Retirement

    Approximately 10,000 baby boomers are reaching retirement age per day, and a growing number of federal employees are preparing themselves for the next chapter of their lives. Learn how to tackle the challenges that today's workforce faces in laying the groundwork for a smooth and secure retirement.

    Download
  • Sponsored by Hewlett Packard Enterprise

    Cyber Defense 101: Arming the Next Generation of Government Employees

    Read this issue brief to learn about the sector's most potent challenges in the new cyber landscape and how government organizations are building a robust, threat-aware infrastructure

    Download
  • Sponsored by Aquilent

    GBC Issue Brief: Cultivating Digital Services in the Federal Landscape

    Read this GBC issue brief to learn more about the current state of digital services in the government, and how key players are pushing enhancements towards a user-centric approach.

    Download

When you download a report, your information may be shared with the underwriters of that document.