Retirement claims kept falling in March, coronavirus effect yet unknown

The Office of Personnel Management’s latest report of retirement claims may not be a reliable picture of the coronavirus’ impact on the federal workforce size to date. But compared to 2019 the number of claims is significantly down.

Last month, OPM received 6,566 retirement claims compared to 10,048 claims in March 2019 — a nearly 35% drop — which followed the 35-day partial government shutdown. March 2020 retirement claims were also down about 15% from this time two years ago, when OPM received just 7,767 new claims.

OPM processed far fewer claims last month than in February — 8,931 in March compared to 9,627 the month before. This is different from what happened in 2019, when the agency managed to process more claims in March than in February.

 

Meanwhile, like most federal agencies OPM has had to shift to maximum possible teleworking as the COVID-19 crisis continues.

As for the length of time needed to process retirement claims, the average time for March increased to 61 days from 54 days in February. The year-to-date average processing time only increased by one day, to 60 days, according to OPM’s report.

This brought both metrics nearly in line with OPM’s goal of a two-month average process time.

Related Stories

Comments

Sign up for breaking news alerts

THRIFT SAVINGS PLAN TICKER

Oct 20, 2021 Close Change YTD*
L Income 23.2998 0.0193 3.52%
L 2025 12.1025 0.0192 6.40%
L 2030 42.9366 0.0928 7.92%
L 2035 12.9198 0.0306 8.58%
L 2040 48.9864 0.1261 9.26%
L 2045 13.4425 0.037 9.83%
L 2050 29.4999 0.0866 10.41%
L 2055 14.5857 0.053 12.65%
L 2060 14.5855 0.0529 12.65%
L 2065 14.5854 0.053 12.65%
G Fund 16.6861 0.0007 0.99%
F Fund 20.7869 -0.0201 -1.40%
C Fund 68.2821 0.2501 15.90%
S Fund 87.3318 0.3964 11.66%
I Fund 39.3785 0.1307 8.56%
Closing price updated at approx 6pm ET each business day. More at tsp.gov
* YTD data is updated on the last day of the month.