Streamlining Federal Retirement Processing with FedHR Navigator
Mar 02, 2018 | By: Drew Lessard | Category: Retirement
HR retirement specialists in the Federal Government face many issues in optimizing and streamlining the retirement process for a quickly growing population of retirement eligible employees. From complicated rules and regulations that slow down the application process and cause potential errors, to inefficiencies in the system that reduce available resources for counseling and projection, it’s a growing issue faced by most agencies.
FedHR Navigator was designed to simplify and streamline workflows, reducing the paperwork associated with human resource tasks, including retirement and separation. Used by more than 100 federal agencies, the retirement annuity calculator helps employees better prepare for their retirement and streamlines the application process for HR specialists.
Improving Retirement Estimates
Several factors influence the retirement annuity packages offered to federal employees. Service time, age, and other eligibility factors all impact what the eventual retirement package looks like. Because of this, it’s important for employees to have a clear sense of what those options look like and how their decisions influence their future.
FedHR Navigator offers retirement estimates for federal employees to illustrate the impact of separation dates, additional sources of post-retirement income, and annuities and deductions. This helps employees better determine when they will retire and what plans they need to make.
Improved Processing of Retirement
Retirement processing is a laborious process for HR specialists. Because of the number of unique situations, diverse rules, and regulations, specialists are frequently required to reference materials as they process an application. The result is an inefficient process that uses up valuable HR resources and results in potential errors that can be even more time consuming.
FedHR Navigator offers integration with employee personnel systems and a range of pre-filled forms that ultimately reduce the time spent by specialists on creating retirement estimates by up to 75%.
Meeting Current Standards
Software used across the Federal Government needs to be flexible and agile, while meeting strict security standards. That means:
- Integration with Finance to ensure records are updated after each pay period and data is always current when calculating new estimates.
- Certification by OPM to provide accurate scenario calculations based on diverse criteria in a range of different situations.
- Meeting FedRAMP standards for protection of personal identifying information (PII).
FedHR Navigator is the only currently OPM-certified FERCCA calculator on the market, providing employees with the insight needed to make accurate retirement decisions. It is also capable of managing calculations for phased retirement and early retirements.
Learn More About Challenges in Retirement Calculation
There are several ways that agencies are working to streamline and improve retirement for both the specialists processing applications, and employees eagerly awaiting their retirement package details.
If you’re interested in learning more about the challenges faced by many agencies in federal retirement calculations, download our recently released eBook, Tips for Supporting Retirement Actions in the Federal Government. In it we discuss many of these challenges, recommended approaches to improving financial literacy for federal employees, the importance of FedRAMP authorization and much more.