The Office of Personnel Management (OPM) recently released its monthly report summarizing the number of new retirement applications received and processed and the average processing time through June. For the second month, the number of applications received increased and the number processed decreased, resulting in a 7% increase in the backlog.
EconSys assisted the Women's Bureau of the Department of Labor (DOL) in developing new technology to more efficiently create, update, and share key monthly data updates from the Bureau of Labor Statistics (BLS). The widget replaces old methodologies of manually creating chart individually, proving to be a much more effective way to visualize and share labor statistics.
Retirement processing delays can occur for many reasons. Some of these delays can be sourced to HR’s use of inefficient and incomplete retirement software systems and an inability to clearly and rapidly communicate retirement information to employees using the most up-to-date technology.
Retirement information includes a lot of paperwork and frequent communication. Using the latest technology, most of this paperwork can be completed electronically, and will be instantaneously transmitted between HR and the employee.
Processing an employee’s retirement application from the time it is submitted to the Human Resources (HR) office until the employee receives their interim and then full annuity payments can seem to take a long time. The Office of Personnel Management (OPM) usually begins interim payments within four weeks while an employee’s full annuity check may take as long as 90-120 days.
Employee and labor relations processes can be drastically different from one agency to the next. The workflows used and the reporting required will be different depending on the makeup of the HR department, the headcount of the agency, and the collective bargaining agreement with the employees.
HR processes in the Federal Government are unique in many ways. Systems must be designed for federal use, in compliance with FedRAMP requirements for the specific agency in which they will be used, section 508 compliant to meet accessibility requirements, and flexible enough to connect with and sync data from financial centers to keep data up to date.
Federal HR processes are unique in many ways from the private sector. Not only due to the sheer size of some agencies and the diversity of the different types and structures of organizations in government, but specific requirements that apply to employees and the hiring and management of those employees in the Federal Government.
Preparing a retirement calculation and application can be a time-consuming process involving several manual steps that can be inefficient for federal HR specialists. Technology can significantly improve on this, reducing the time it takes to complete an application, eliminating several sources of common errors, and improving communications between HR and employees.
There are more people eligible and preparing for retirement in the Federal Government than at any time in history. While the recent retirement numbers have remained relatively stable year over year, more than a whopping 30% of federal employees are currently eligible for retirement.