September retirement claims steady but not moving any faster

Federal retirement claims dropped about 15.5% from August to September, but in most other respects the processing of those claims by the Office of Personnel Management is not budging.

Recently released stats show OPM received 7,589 new retirement claims last month, compared to 8,976 new claims received in August. Last month was the lowest number of new claims since February, but it’s still a nearly 21.5% increase from last September — which saw 6,244 new claims. September has been a slower time for feds entering retirement in recent years, and last month’s numbers were on par with September 2019.

The number of claims processed also declined from 7,412 in August, to 7,344 in September. Last month was not a spectacular time for federal employees’ retirement investments either, as balances in the Thrift Savings Plan — the 401(k) for feds — dipped slightly.

But perhaps the most striking results from last month are the increases in the retirement claims backlog, and in the average time needed to process those claims. The inventory exceeded its record high in August and is now at 28,810 claims, which represents a 57.7% increase from a year ago and a more than 121% increase from OPM’s steady state goal of 13,000 claims in the backlog. Meanwhile, the average processing time for the month of September was 94 days, exceeding three months for the third consecutive month, and the average processing time for the fiscal year to date was 79 days, another record.

OPM’s disclaimer for the report said initial retirement cases produced in less than 60 days took, on average, 39 days to complete while cases that were produced in more than 60 days took an average of 112 days to complete. That last estimate has been inching upward for the past several months.

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    (Amelia Brust/Federal News Network)

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Nov 26, 2021 Close Change YTD*
L Income 23.2856 -0.111 4.85%
L 2025 12.0665 -0.1154 8.89%
L 2030 42.7291 -0.5654 11.31%
L 2035 12.8482 -0.1867 12.31%
L 2040 48.6780 -0.7731 13.33%
L 2045 13.3482 -0.2272 14.19%
L 2050 29.2724 -0.5333 15.08%
L 2055 14.4363 -0.3307 18.41%
L 2060 14.4363 -0.3306 18.41%
L 2065 14.4362 -0.3305 18.41%
G Fund 16.7127 0.0015 1.12%
F Fund 20.9220 0.1624 -1.44%
C Fund 69.2640 -1.6088 24.02%
S Fund 84.8572 -2.1223 17.73%
I Fund 37.8901 -0.8469 11.23%
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