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Critical Contacts, FERS Redeposits, & Much Ado About Everything

Posted By Dennis Damp On In ANNUITIES / ELIGIBILITY,BENEFITS / INSURANCE,FINANCE / TIP,RETIREMENT CONCERNS | Comments Disabled
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I receive many calls and emails from federal employees, annuitants, executors, attorneys, and banks asking for contact information and guidance for key benefit areas. There are many organizations and government offices that you MUST be able to contact to effectively manage your annuity, insurance, investments, and estate.

I compiled a list of key contacts, with links to comprehensive guidance for your use.  Print this article and keep a copy with your annuity and estate files and visit our site for updates from time to time.

NOTE: Click on the program title for detailed information about each subject.

FERS Redeposit Update – Forms Now Being Accepted

Effective immediately, your personnel office is accepting the current FERS Application to Make a Deposit, SF 3108 [15], from employees wanting to make a FERS redeposit [16]. The individual must indicate on the application that the period of service was refunded. OPM advised you not to submit a payment with the application.  If a payment is sent to OPM before the deposit amount is calculated and the account established, they will have no way of identifying the payment and applying it correctly.  The Service Credit System is in the process of being modified to include a FERS Redeposit module. Once testing is completed and the new version is ready for production, OPM will begin processing FERS redeposits.

Much Ado About Everything

Major new health care legislation was enacted last week that will impact and infringe on every aspect of our lives and our children’s lives. The estimated $1.3 trillion price tag, when including the Doctor fix, along with Social Security and Medicare insolvency may very well bankrupt this country in the not too distant future. The signed bill calls for over 140 new government agencies and commissions, 17,000 new IRS agents will be hired to enforce regulations and penalize companies and individuals that don’t purchase government mandated coverage, and the federal government took over the entire student loan program!

Our legislators, from both parties, have abandoned the principals of fiscal responsibility, restraint, and personal accountability. The outcome may lead to hyper inflation, increased unemployment, social unrest [17], and a major drain on all in America.  Our standard of living is destined to decline dramatically as we digress down this path and I can’t imagine just how hard it is going to be to get an appointment with our doctors and the medical care we need when this all comes into play.

The Wall Street Journal reported recently that our country’s credit rating may be downgraded [18],  Social Security for the first time will pay out more this year than it is taking in [19] and Social Security and Medicare’s unfunded liabilities now exceed 107 TRILLION DOLLARS [20].

The U.S. National Debt Clock [21] shows that each American citizen’s share of this debt is an astonishing $350,000; a family of four owes $1.4 million!!! Our politicians are out of touch with their constituents and they are selling out our Republic and the principals this country was founded on.  Term limits are needed to insure this doesn’t continue and the only way we can make a difference is vote them out of office in November.  This administration is openly supporting massive redistribution of wealth that will impact all retires that have investments of any kind. Taxes on capital gains, interest, and dividends are increasing dramatically next year and this will cut annuitants fixed income and effect all of us.  It won’t stop there; AT&T reported [22] $1 billion and Caterpillar Inc. reported  $100 Million [23] of new cost increases due to the implementation of this bill and these costs will be passed on to YOU the consumer. Nothing is ever FREE, someone and in this case everyone will pay.  Companies have the options to cut benefits, lay off employees, or pass on the cost to consumers, either way it’s bad for the economy.

We must let our representatives know that this out-of-control spending must stop and we must return to our republic’s free market principals before it’s too late.  Call your representatives to tell them how you feel about this and ask them, NO…. Tell them, to STOP THE INSANITY. We can’t afford this any longer.  Contact your Congressman [24] and Senators [25]. This is no time to be complacent and the representatives that continue down this path MUST be voted out of office.

Learn more about your benefits [26], employment [27], and financial planning issues [28] on our site and visit our Blog frequently at https://fedretire.net [29] to read all forum articles.

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The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our artilces are not intended nor should they be considered investment advice. Our reply is time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change.”

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