FedImpact: Candid Insights for Your Federal Retirement

75 Episodes

Reverse

[Reduction in Force] Part 22: How Can I Access My Thrift Savings Plan (TSP)?

2025-03-1009:02

ProFeds Founder, Chris Kowalik, reviews the IRS rules which allow federal employees to take from their TSP at various ages if they are RIF'ed. KEY TAKEAWAYS: How do employees access TSP after they have separated (resigned or retired) How long employees have to wait take withdrawals from TSP What penalties may apply to withdrawals prior to age 59 ½ Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 21: What Should I Know if I'm a Military Veteran?

2025-03-1005:58

ProFeds Founder, Chris Kowalik, sheds light on what military veterans should know if they are going through a RIF process. KEY TAKEAWAYS: Ensuring your veterans preference is in your service record Process of buying back your military service Retaining a receipt of your military buyback Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet Webinar replay: Breaking Down the Military Service Buyback : https://fedimpact.com/webinar/replay-breaking-down-the-military-service-buyback/

[Reduction in Force] Part 20: Will I Get to Keep My Government Insurance (FEHB, FEGLI, FLTCIP & FEDVIP)?

2025-03-1006:12

ProFeds Founder, Chris Kowalik, explores the rules for keeping various government insurance programs such as health (FEHB), life (FEGLI), dental and vision (FEDVIP), and long term care (FLTCIP).). KEY TAKEAWAYS: Rules for being able to keep various federal benefits Timelines for changes to take place How the cost can change for each benefit Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet FEGLI Handbook citing 5-year rule: https://www.opm.gov/healthcare-insurance/life-insurance/reference-materials/publications-forms/feglihandbook.pdf#page=114 FEHB Waiver Policy: https://www.opm.gov/healthcare-insurance/healthcare/reference-materials/reference/annuitants/#current

[Reduction in Force] Part 19: Will I Still Get the FERS Supplement (and When)?

2025-03-1003:59

ProFeds Founder, Chris Kowalik, reviews the rules for getting the FERS Special Retirement Supplement for employees who are RIF'ed. KEY TAKEAWAYS: Explanation of the FERS Supplement Who gets the FERS Supplement? When do payments begin? Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 18: Will I Get a Different Pension Calculation (and When)?

2025-03-1006:08

ProFeds Founder, Chris Kowalik, explains the pension calculation that employees can expect if they are RIF'ed. KEY TAKEAWAYS: The pension formula The challenge of including military service The high-3 average (and potential change to the "high-5") Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 17: What Happens if I Want to Return to Federal Service Later?

2025-03-1004:01

ProFeds Founder, Chris Kowalik, discusses what happens if an employee wishes to return to federal service after being RIF'ed. KEY TAKEAWAYS: What processes are in place to facilitate a return to service How to return to federal service if you have already retired How to return to federal service if you left with no pension (or one that pays out later) Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series OPM's Severance Pay Fact Sheet: https://www.opm.gov/policy-data-oversight/pay-leave/pay-administration/fact-sheets/severance-pay/ Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 16: Will I Lose My Annual Leave and Sick Leave?

2025-03-1005:23

ProFeds Founder, Chris Kowalik, helps federal employees understand what happens to their unused annual leave and sick leave if they are RIF'ed. KEY TAKEAWAYS: Rules for annual leave payout Rules for use of sick leave What to do to not lose any leave Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Sick Leave Conversion chart: FedImpact.com/2087-chart Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 15: Can I File for Unemployment?

2025-03-1002:22

ProFeds Founder, Chris Kowalik, discusses the opportunity for many federal employees to collect unemployment if they lose their job due to the Reduction-in-Force. KEY TAKEAWAYS: Who may qualify (and doesn't qualify) for unemployment Where employees go to file for unemployment How unemployment benefits may be affected by other payments received Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series USA.gov Unemployment Benefits Guide: https://www.usa.gov/unemployment-benefits U.S. Dept of Labor Unemployment: https://www.dol.gov/general/topic/unemployment-insurance Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 14: Are Cash Payments (VSIPs) Being Offered?

2025-03-1004:35

ProFeds Founder, Chris Kowalik, reviews the possibility of cash payments being offered to federal employees as part of the RIF plan. KEY TAKEAWAYS: Rules of the Voluntary Separation Incentive Payment (VSIP) How much are the incentives (and proposals for the amount to change) How VSIPs work with other downsizing tools (like VERAs) Who is not allowed to receive a VSIP buyout Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series OPM's guide to VSIPs: https://www.opm.gov/policy-data-oversight/workforce-restructuring/voluntary-separation-incentive-payments/guide.pdf Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 13: Will I Get Severance Pay and How is it Calculated?

2025-03-1008:14

ProFeds Founder, Chris Kowalik, explains the rules surrounding severance pay and who can expect to receive it if they are RIF'ed. KEY TAKEAWAYS: Who is eligible to receive severance How to calculate approximate severance amount How severance pay is paid out Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series LINK to severance pay calc on OPM: https://www.opm.gov/policy-data-oversight/pay-leave/pay-administration/fact-sheets/severance-pay-estimation-worksheet/ LINK to "Basic Pay" definition: https://www.ecfr.gov/current/title-5/part-550/section-550.703#p-550.703(Rate%20of%20basic%20pay) Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 12: Is it Better to Quit Before I'm RIF'ed?

2025-03-1007:22

ProFeds Founder, Chris Kowalik, dives into a popular question about if it is better to quit/resign before being RIF'ed. KEY TAKEAWAYS: What happens if you quit/resign? What options employees have if they are already eligible to retire What benefits you may give up if you quit/resign Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 11: Can I Volunteer for a RIF?

2025-03-1003:24

ProFeds Founder, Chris Kowalik, discusses various ways employees can "volunteer" for a RIF and what causes them to be eligible to do so. KEY TAKEAWAYS: The best time to volunteer What causes someone to be eligible to volunteer What an employee can expect to happen to their benefits Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 10: What if I Have Less than 5 Years of Federal Service?

2025-03-1007:07

ProFeds Founder, Chris Kowalik, explores what happens during a RIF for employees who have less than 5 years of federal service. KEY TAKEAWAYS: What happens to the money already paid into FERS What happens if you return to federal service after being RIF'ed How access to the TSP may be limited Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 9: What if I Don't Qualify for an "Early Out (VERA)" or "Discontinued Service Retirement (DSR)"?

2025-03-1007:56

ProFeds Founder, Chris Kowalik, explores what happens when an employee is facing a RIF, but doesn't qualify for an early out or a discontinued service retirement. KEY TAKEAWAYS: Requirements to qualify for an Early Out Requirements to qualify for a Discontinued Service Retirement What an employee may be eligible to receive (such as a cash incentive or severance pay) How an employee may qualify for a federal pension later Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series OPM's severance pay worksheet: https://www.opm.gov/policy-data-oversight/pay-leave/pay-administration/fact-sheets/severance-pay-estimation-worksheet/ OPM's VSIP eligibility: https://www.opm.gov/policy-data-oversight/workforce-restructuring/voluntary-separation-incentive-payments/ Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 8: What if I am Already Eligible to Retire?

2025-03-1006:45

ProFeds Founder, Chris Kowalik, reviews how federal employees who are already eligible to retire will be affected by a RIF action. KEY TAKEAWAYS: What it takes to be "fully-eligible" to retire What benefits are retained in retirement What benefits may be lost in retirement Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 7: Will I Lose My Pension if I'm RIF'ed?

2025-03-1008:04

ProFeds Founder, Chris Kowalik, walks through the effect that a RIF will have on an employee's pension based on their length of federal service. KEY TAKEAWAYS: Effect on pension if an employee has less than 5 years of federal service Effect on pension if an employee has at least 5 years of federal service Effect on pension if an employee is already fully-eligible to retire Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 6: Comparing a "Reduction-in-Force" and the "Deferred Resignation"

2025-03-1007:14

ProFeds Founder, Chris Kowalik, contrasts the Reduction-in-Force with the recent "Deferred Resignation" offer to help employees understand the stark difference between these two actions. KEY TAKEAWAYS: Voluntary vs. Involuntary action Expected differences between the two downsizing actions Why some employees chose the deferred resignation instead of waiting for the RIF Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 5: Comparing "Early Outs," "Cash Buyouts," and "Discontinued Service Retirements" (VERA vs. VSIP vs. DSR)

2025-03-1015:08

ProFeds Founder, Chris Kowalik, compares Early Out offers, Cash Incentives, and Discontinued Service Retirements. KEY TAKEAWAYS: Tools available to agencies during a Reduction-in-Force Explanation of the various programs and who qualifies What benefits employees can receive with each program When pure layoffs (with no benefits) are utilized Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 4: 12 Things Every Federal Employee Should Do NOW

2025-03-1016:55

ProFeds Founder, Chris Kowalik, lists 12 things every federal employee should do in light of the pending Reduction-in-Force (RIF) plans in the works from federal agencies. These items will help smooth the transition for employees who may find an abrupt end to their federal service. KEY TAKEAWAYS: Accessing funds to allow for a smooth transition until federal pension begins Retaining important documents before you no longer have access to government systems Updating your records before you exit federal service Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Download your electronic Official Personnel File (eOPF): FedImpact.com/get-your-eOPF Update your federal beneficiaries: FedImpact.com/beneficiaries Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Reduction in Force] Part 3: Am I at Risk of Being RIF'ed?

2025-03-1009:50

ProFeds Founder, Chris Kowalik, assesses the inherent risk current facing the federal workforce and how agencies' RIF policies could leave many federal employees looking for work in the near future. KEY TAKEAWAYS: Timelines expected for RIF actions RIF procedures and ranking system What downsizing tools agencies are likely to use Additional resources: Link to full RIF training series: FedImpact.com/RIF-training-series Link to RIF order: https://www.opm.gov/policy-data-oversight/workforce-restructuring/reductions-in-force-rif/#url=Summary Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

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FedImpact: Candid Insights for Your Federal Retirement