What does PBP mean in US GOVERNMENT

The Postmasters Benefit Plan (PBP) is a qualified pension plan that was established by the U.S. Postal Service to provide postmasters with greater retirement security and estate planning benefits. It's designed to help protect postmasters' hard-earned retirement savings by providing them with an additional source of income, estate liquidity, and tax deferral opportunities.

To be eligible for enrollment in PBP, you must be a U.S. Postal Service postmaster who is actively employed or on extended leave of absence and who has completed at least five years as a postmaster grade at the time of enrollment.

To enroll in PBP, you must complete the online application form available through your employer's Office of Personnel Management website or contact their Human Resources department for assistance. Enrollment forms must be received no later than 60 days prior to your planned retirement date and may take up to 4-6 weeks to process after submission.

After initial enrollment, you are required to remain enrolled for at least five years before making any changes or withdrawing from the plan. Cancellations within 30 days of enrollment are allowed without penalty; thereafter, an early withdrawal fee may apply if canceled prior to completion of five years' participation.

Benefits from the PBP are paid out over five months following your planned retirement date once all contributions have been received and processed by the administrator of the plan. Payouts occur quarterly on July 1st, October 1st, January 1st, April 1st in advance from July-December 2020 payments preceding July 2021 payments distribution month end June 2021.

Your exact benefit payout will depend on your contribution amount, as well as applicable interest rates and other factors associated with calculating retirement benefits plans such as yours over time – including inflationary costs and changes in market values throughout your life expectancy ahead after retirement day until age 100th birthday - but projected values can range anywhere from about $100-$1,500 per month depending on these particulars.

Yes - You cannot be concurrently enrolled in multiple pension plans while participating in PBP; however you may make transfers between different qualified pension plans when certain conditions are met (e.g., eligibility requirements). Additionally, it's important to note that there may be tax implications related to transferring benefits between different plans.