Updating a postal retirement

by  |  10-May-2016 15:51

Federal workers, their union leaders and other close observers warned this week that proposals to significantly increase payroll deductions of federal workers to contribute to their pension funds may hasten an exodus of older, experienced workers eligible to retire.Lawmakers and White House negotiators are seriously considering the proposal as one of just a few areas of agreement on how to reduce the federal deficit, The Post reported this week.

The Postal Service is a quasi-government agency that is funded only by mail-related revenues.

USPS employed about 541,000 full-time career workers as of May 1, according to a spokeswoman.

A federal or postal worker is currently eligible to retire if they meet one of the following seven criteria: 1.) They are covered by FERS, are at least 56 years old (the minimum retirement age for FERS) and have at least 30 years of service.

To update your retirement plan beneficiaries, please follow the steps below for the appropriate retirement administrator.

For more information on the beneficiary update process, contact your retirement plan administrator at the number listed below. Click the "My Account" tab at the top, then under "I want to," click "Make a beneficiary election." On the next page, click "Beneficiaries." Paper: Call PERF at 888-526-1687 and request a beneficiary change form be sent by mail.

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