If you happen to be a federal employee, congratulate yourself once again on an excellent choice of professions. Life may have just gotten better.

Under new proposed federal rules hot off the presses Wednesday, federal employees eligible for retirement may be able to extend their careers through part-time work, and receive half of their accrued benefits while working.

This radical break with pension tradition, known as "phased retirement," has been proposed by the federal Office of Personnel Management. The OPM describes the rules as "a new human resources tool that allows full-time employees to work a part-time schedule while beginning to draw retirement benefits."

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Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.

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