My OPM check goes into my savings acct. on the 1st of every month no matter what day of the week it falls. Even my allotment to my checking acct. goes in on the 1st of every month even if bank is closed. The bank won't show it until the closing of first business day after the weekend but it's there on the first. You'll feel like you aren't getting paid on the first of the month because of banks delaying their transactions on showing OPM deposit.
By the way, OPM works so well with the retirees and so much the opposite that the Post Office worked with their employees. OPM is great!

OK, I'll try that. I have the new HP premium already and nothing else changes, so what you describe should allow me to calculate the new Net To Bank amount.

I knew the cents were dropped at some point, but wasn't sure I was looking at it correctly, as I use annual figures rather than monthly, but it appears that it is the same as what you say. Thanks for the confirmation.

By the way, you can figure out your new gross annuity, by multiplying the old GROSS amount x .023, which is the new cola percentage. For example, if your current GROSS amount is $2940, multiply by .023, which is $67.62. Drop the 62 cents, and add 2940.00 + 67.00, which would be $3007, your new gross monthly annuity.

Good to know - thanks again.

Dec 3 is payday for us old guys. (Because the 1st falls on a Saturday, the 2nd is a Sunday, so OPM pays us Dec 3rd) The next day, the 4th, OPM updates their website, and after you logon, you can see the next months annuity details, which will be updated with the new cola increase. When the 1st falls on a weekday, you can find the same info on the 2nd.

IWO- /m1413: Great. Thanks. Where did you find that Dec 4 date?

The statement comes the first week of December. You can also see your annuity statement at the OPM website on the morning of Dec 4.

Does anyone recall when we get the statement from OPM telling us what our pension amounts will be for the new year? I want to change my witholding but would like to see what the new amount is before I do.

Does anyone know whether a date has been set to 1) re-calculate retirement benefits under new contract for retirees who have retired since November 2006 (because retroactive pay will change high three) and 2) pay back-pay to annuitants who retired after effective date of new contract? Thanks

Thank you for the info ret'd 2.

For CSRS, 2.3%, same as for Social Security.

For FERS, 2.0%

http://www.apwu.org/dept/ind-rel/irpayinfo.htm

Does anyone know what the 2008 COLA is for retirees? I can't seem to find that info anywhere.

/m1406 if you are eligible for or already receiving SS benefits, you will be auto. enrolled in medicare part A and B. if you want to keep your FEHBP insurance (highly recommended) you can call or write SS to cancel your part B medicare coverage if you want to. However, if you keep part B and also have FEHBP as secondary carrier, FEHBP will pay all deductibles, co-pays and co-insurance usually, leaving you with only your share of prescription drugs to pay out of pocket.

From what I understand from NARFE, Medicare must become the primary insurance. On the bright side, our FEHBP insurance becomes the secondary and picks up the cost of everything Medicare doesn't pay, leaving us with essentially no out-of-pocket costs, ever.

Edited by author 10-18-2007 09:36 AM
old timer /m1404 You have options. About 4-6 before you turn 65 you should get correspondence from your FEHBP health benefit provider. They will ask your intention as to whether you will keep FEHBP as your primary or you will go with Medicare. If you select Medicare, you will have to choose whether you want part A and part B with the FEHBP as your supplement or some combination thereof. It is time to talk to your FEHBP provider to find out EXACTLY how it will work for YOU and also talk to Medicare as to it's influence on you. There are other Medicare Supplements, other than FEHBP, that are available. YOU have to determine what works for YOU. PS Let me add something to this, if you are retired military, you have Tricare for Life(TFL). They act as your supplement to Medicare and Express Scripts (thru TFL)will cover your prescription at a very reasonable co-pay.

I have a medicare/health ins. question.
when you turn 65 and go on medicare and medicare becomes your primary
ins. does your health ins. premiums drop ?
do you have to take part B medicare and pay $96.00 per month and still
pay full premiums for fed. health ins.?
or do you just have part A and continue using your health ins.?
or does ayone know?