FedImpact: Candid Insights for Your Federal Retirement

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

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/

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

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

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

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

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  

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

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  

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

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  

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  

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

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

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  

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

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  

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

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

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

ProFeds Founder, Chris Kowalik, makes some observations about what we've learned so far about the original Deferred Resignation offer to help federal employees better navigate this next round of downsizing through the looming Reduction-in-Force (RIF).      KEY TAKEAWAYS: Federal employees have felt undervalued and unappreciated HR's inability to respond to overwhelming number of inquiries Widespread panic and indecisiveness among federal workforce Very few extensions and little court delay   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

ProFeds Founder, Chris Kowalik, introduces the Reduction in Force training series that she developed exclusively for federal employees facing a monumental government-wide downsizing.  She describes the various types of topics covered in the video series to help as many federal employees be prepared as they go through the RIF process.   KEY TAKEAWAYS: Tools available to agencies during a Reduction-in-Force Timelines expected for RIF actions  Importance of knowing your numbers during a downsize A guide to the videos available to federal employees   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

ProFeds Founder, Chris Kowalik, reviews the IRS rules which allow you to take from your TSP at various ages (and if you're allowed to access TSP between now and 9/30).   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 OPM announcement: OPM.gov/fork Link to OPM FAQs: OPM.gov/fork/faq  Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, highlights what federal employees need to do to keep their government health insurance (FEHB) and government life insurance (FEGLI). KEY TAKEAWAYS: What requirements must be met to keep FEHB after leaving federal service What types of retirement allow FEHB to continue What to do if you don't meet these requirements Additional resources: Link to OPM announcement: OPM.gov/fork Link to OPM FAQs: OPM.gov/fork/faq  Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, addresses federal employees who are on the younger side with only a few years of service to see what opportunities may exist with the deferred resignation offer. KEY TAKEAWAYS: Who falls into this category What are the consequences of taking this resignation offer How are other benefits like FEHB, FEGLI, the Supplement & TSP affected Additional resources: Link to OPM announcement: OPM.gov/fork Link to OPM FAQs: OPM.gov/fork/faq  Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, addresses federal employees who are close to being eligible to retire, but don't meet the requirements for an Early Out (VERA).   KEY TAKEAWAYS: Who falls into this category What are the consequences of taking this resignation offer How are other benefits like FEHB, FEGLI, the Supplement & TSP affected   Additional resources: Link to OPM announcement: OPM.gov/fork Link to OPM FAQs: OPM.gov/fork/faq  Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, discusses how the Deferred Resignation applies to federal employees who are already fully-eligible to retire (and what to do if you've already filed for retirement)!   KEY TAKEAWAYS: How to know if you are fully-eligible to retire What steps need to be taken to accept the resignation offer How to change your retirement date to reflect 9/30 How your pension will change   Additional resources: Link to OPM announcement: OPM.gov/fork Link to OPM FAQs: OPM.gov/fork/faq  Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, discusses how the Deferred Resignation applies to federal employees who have met their Minimum Retirement Age, but don't have the years of service necessary to be fully-eligible to retire.   KEY TAKEAWAYS: Who qualifies for an MRA+10 retirement What effect does this have on your pension  How can you avoid penalties to your pension How are other benefits like FEHB, FEGLI, the Supplement & TSP affected   Additional resources: Link to OPM announcement: OPM.gov/fork Link to OPM FAQs: OPM.gov/fork/faq  Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, discusses the new twist added by OPM just days before federal employees decide if they stay or go.  This change includes relaxed eligibility standards through the Early Out (VERA) option for those who qualify. KEY TAKEAWAYS: Who qualifies for an Early Out  How does it change this decision for many people What effect does this have on your pension How are other benefits like FEHB, FEGLI, the Supplement & TSP affected Additional resources: Link to OPM announcement: OPM.gov/fork Link to OPM FAQs: OPM.gov/fork/faq  Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, identifies 10 important questions that federal employees should ask of their agency's HR department before they resign.   KEY TAKEAWAYS: Documents you need to get Actions that need to be taken Expectations moving forward   Additional resources: Link to OPM announcement: OPM.gov/fork Link to OPM FAQs: OPM.gov/fork/faq  Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, discusses the concerns of the legitimacy of the “Deferred Resignation” offer that expires on February 6th – and why distrust and uncertainty are running high among federal workers.    KEY TAKEAWAYS: The unorthodox method in which this offer was made The uncertainty of many important details The general distrust among the federal workforce The concerns about “what's next”   Additional resources: Link to OPM announcement: OPM.gov/fork Link to OPM FAQs: OPM.gov/fork/faq  Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, unpacks why most New Year's resolutions fail and how federal employees can reframe their mindset to get what they really want.    KEY TAKEAWAYS: The key behind why most New Year's resolutions fail The power of incremental changes  The breakdown of effective goal-setting The reward of meaningful resolutions Additional resources: Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet Book mentioned, Atomic Habits by James Clear: https://jamesclear.com/atomic-habits

ProFeds Founder, Chris Kowalik, reveals the real truth behind why so many federal employees take advice from the “self-appointed office experts” at the proverbial water cooler.    KEY TAKEAWAYS: Why water cooler experts can be dangerous (and sometimes helpful) What to do when you are getting advice about money from a co-worker Why you might feel compelled to take their advice What to do once you have the information (before you take action)!   Additional resources: Local workshop locations and dates: FedImpact.com/attend To be introduced to a local financial professional: FedImpact.com/request-to-meet

ProFeds Founder, Chris Kowalik, lays out the 8 planning principles that can help federal employees take control of their financial future Key takeaways: The timing of when you're taking action The decision making process (and what happens if you don't make decisions) Taking ownership of your future

ProFeds Founder, Chris Kowalik, shares a behind-the-scenes look at the recent updates ProFeds has made to its website and resources for federal employees. Key takeaways: We have a bigger message to share with federal employees preparing to retire, We embrace growth and change, so we continue to bring you helpful tools and resources, We want to give federal employees a first-class experience.

Federal retirement expert, Chris Kowalik, shares Super Bowl insights and what that has to do with your retirement from federal service. Key takeaways: What to do when you find yourself as the “underdog” How to keep your head in the game and be “In it to Win it?” When your play calling becomes a crucial element of your game strategy Who to rely on for guidance and leadership when the stakes are high Why to always keep your eye on the game clock & understand the rules of the game

Federal retirement expert, Chris Kowalik, shares how taking these steps early can help you to retire with financial confidence. Key takeaways: NUMBERS: what facts and figures need to be on your radar TIMELINE: what does your retirement countdown look like ADVANTAGES: what unique decisions are available to you to give you an unfair advantage over your peers MINDSET: what shifts may need to be made to your thinking about your big retirement plan

Federal retirement expert, Chris Kowalik, talks about three areas where federal employees need to pay special attention to when they're requesting and reviewing the retirement estimate from their agency: ACCURATE: are the numbers right? COMPLETE: are all the numbers and options there (even just for your federal benefits)? ENOUGH: is the information presented enough to make a full decision?

Federal retirement expert, Chris Kowalik, discusses how your mindset may shift on you when the TSP takes a tumble. Key takeaways: Different stages of your investment journey (and how it changes your perspective on loss) Assessing your risk tolerance as it relates to your TSP How long it takes to recoup your money after a down market Highlights the #1 problem with TSP once you are retired What to do now if your account has already taken a loss

Federal retirement expert, Chris Kowalik, discusses how playing both offense and defense can help federal employees to retire ready. OFFENSE: Increasing the money you have to live the retirement you want DEFENSE: Protecting that money from others who want to take it from you BIG QUESTION: Are you playing to win, or are you playing to not lose?

Federal retirement expert, Chris Kowalik, reveals 20 critical financial topics to get squared away before retiring from federal service. CURRENT SITUATION: an honest assessment of where you are today  PENDING DECISIONS: looking ahead to key decisions when you officially retire RED FLAGS: indicators of imminent threats to your retirement plans TIMELINE: a step-by-step countdown of action items to be ultra prepared BONUS: Instant access to ProFeds' Retirement Readiness Quiz

Federal retirement expert, Chris Kowalik, discusses the legitimate frustrations that federal employees have felt about the TSP's recent transition to its new platform – and how feds can protect themselves despite TSP's errors.

Federal retirement expert, Chris Kowalik, reveals the 3 key professionals federal employees should have in their corner as they prepare to retire – and how to get started.

Federal retirement expert, Chris Kowalik, reveals common "rules of thumb" and why federal employees are persuaded to follow them – and what to do instead.

Federal retirement expert, Chris Kowalik, offers insights into where federal employees  should not be seeking advice from – and where to go instead.

Federal retirement expert, Chris Kowalik, gives the simple formula to know if federal retirees might work themselves right out of the Special Retirement Supplement if they have a job after leaving federal service.

Federal retirement expert, Chris Kowalik, reveals why high COLAs actually mean less money in the pockets of federal retirees.

Federal retirement expert, Chris Kowalik, reviews FEGLI Option C coverage and what happens when you no longer have eligible family members who are covered.

Federal retirement expert, Chris Kowalik, covers the 3 rules that federal employees must follow to be allowed to keep their health benefits (FEHB) in retirement.  

Federal retirement expert, Chris Kowalik, reveals the rules of the early withdrawal penalty (and how to avoid it) when taking money out of the TSP prior to age 59 1/2.

Federal retirement expert, Chris Kowalik, discusses why goal setting can leave federal employees feeling frustrated and overwhelmed.  She gives real world examples of how to break down goals into manageable steps.