Author: Herb Casey, Federal Retirement Specialist
With recent policy changes within the Federal government, including the Deferred Resignation Program (DRP) and Voluntary Early Retirement Authority (VERA), thousands of Federal employees are unexpectedly facing career transitions. It can feel overwhelming to figure out next steps if you are impacted. Some might be separated immediately while others will be on administrative leave until separation. By leaving a career sooner than expected, there may not be an immediate retirement benefit. For those who are retiring earlier than planned, the retirement benefit will be reduced and may not cover current and future expenses. This article will provide important steps to help you move forward during this period of uncertainty.
Step 1: Process your emotions and take care of yourself. It’s normal to have a range of emotions like sadness, anger or frustration. Practice self-care by engaging in activities that help you manage stress and maintain a positive outlook. Get support from family, friends, and a professional therapist if necessary. No matter what happens, don’t forget your value. Your self-worth/value does not lie only in your Federal career.
Step 2: Take stock of who you are. Identify your purpose, values, strengths and desires. Create a master resume that highlights your career accomplishments. You bring a wealth of expertise that is valued in the private and nonprofit sectors. Translate your government experience into business language with relevant experience. Also, explore state and local government jobs. Use job websites such as “LinkedIn” and “Indeed” to create a profile and for networking purposes. Even if you plan to volunteer, a resume can come in handy. Network with your former colleagues, friends, and mentors to let them know you are looking for work and ask for referrals.
Step 3: Manage your finances. Determine your budget. Seek unemployment benefits. Jobless benefits for Federal workers are provided through a particular program, Unemployment Compensation for Federal Employees, which has distinct rules and paperwork. It can be a slower process of getting unemployment benefits. If you are on administrative leave, you will need to wait until you are separated. Others may need to wait until after receiving severance pay. It is critical to ensure your Federal health benefits don’t lapse before you are insured again. Consider obtaining coverage through the Health Insurance Marketplace, the Consolidated Ombudsman Budget Reconciliation Act (COBRA), or through your spouse’s health plan if you are not able to continue with your Federal Employees Health Benefit (FEHB) plan.
By following these steps, you can create a transition plan that you need NOW which will allow you to move forward with confidence and purpose.
Mr. Casey is a retired HR Director with the Federal Government domestically and abroad. He is knowledgeable in all aspects of Federal Retirement Benefits, including FERS, CSRS, insurances, Social Security and Medicare. He is a certified Retirement Coach in addition to providing retirement and mid-career planning seminars for civilian Federal employees. He has been a presenter for NITP since 2019.
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