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:

  • Going Agile:Revolutionizing Federal Digital Services Delivery

    Here’s one indication that times have changed: Harriet Tubman is going to be the next face of the twenty dollar bill. Another sign of change? The way in which the federal government arrived at that decision.

    Download
  • Cyber Risk Report: Cybercrime Trends from 2016

    In our first half 2016 cyber trends report, SurfWatch Labs threat intelligence analysts noted one key theme – the interconnected nature of cybercrime – and the second half of the year saw organizations continuing to struggle with that reality. The number of potential cyber threats, the pool of already compromised information, and the ease of finding increasingly sophisticated cybercriminal tools continued to snowball throughout the year.

    Download
  • Featured Content from RSA Conference: Dissed by NIST

    Learn more about the latest draft of the U.S. National Institute of Standards and Technology guidance document on authentication and lifecycle management.

    Download
  • GBC Issue Brief: The Future of 9-1-1

    A Look Into the Next Generation of Emergency Services

    Download
  • GBC Survey Report: Securing the Perimeters

    A candid survey on cybersecurity in state and local governments

    Download
  • The New IP: Moving Government Agencies Toward the Network of The Future

    Federal IT managers are looking to modernize legacy network infrastructures that are taxed by growing demands from mobile devices, video, vast amounts of data, and more. This issue brief discusses the federal government network landscape, as well as market, financial force drivers for network modernization.

    Download
  • eBook: State & Local Cybersecurity

    CenturyLink is committed to helping state and local governments meet their cybersecurity challenges. Towards that end, CenturyLink commissioned a study from the Government Business Council that looked at the perceptions, attitudes and experiences of state and local leaders around the cybersecurity issue. The results were surprising in a number of ways. Learn more about their findings and the ways in which state and local governments can combat cybersecurity threats with this eBook.

    Download

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