DOD’s Office Consolidation: What Federal Employees Need to Know
The Department of Defense (DOD) recently announced policies to consolidate and eliminate certain offices and civilian jobs (FedWeek). While these changes aim to improve efficiency, they may affect federal employees’ job security and long-term retirement plans.
How Office Consolidation Affects Federal Employees
- Potential Job Transfers or Reductions: Employees in targeted offices may face reassignment or job cuts.
- Early Retirement Opportunities: Some may qualify for Voluntary Early Retirement Authority (VERA) or Voluntary Separation Incentive Payments (VSIP).
- Impact on Retirement Benefits: Changes in employment status can influence Federal Retirement Planning, including FERS/CSRS pensions and Thrift Savings Plan (TSP) contributions.
Protecting Your Federal Benefits
If you’re concerned about how these changes may impact your financial future, consider:
- Reviewing Your TSP Strategy: Adjust contributions to maximize growth, especially if nearing retirement.
- Understanding FERS/CSRS Implications: Early retirement may reduce pension benefits unless carefully planned.
- Consulting a Federal Benefits Expert: Professional guidance ensures you make informed decisions.
How Internal Benefit Advisors Can Help
At Internal Benefit Advisors, we specialize in Federal Retirement Planning and Retirement Benefits for Federal Employees. Our experts can:
- Analyze your current benefits and recommend adjustments.
- Optimize your Thrift Savings Plan investments.
- Help you navigate early retirement options.
Recommendation: Federal workers impacted by DOD changes should proactively review their retirement plans to avoid unexpected financial shortfalls.
