2% COLA (Cost of Living Adjustment) Increase Starts This Month

After months of debate and concerns about the federal budget, retired employees are set to see a  2% cost of living adjustment (COLA) to their benefits payments starting in January. This raise applies to CSRS retirees and FERS retirees who are eligible for a COLA. Social security recipients, military beneficiaries, and people who receive survivor […]

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Treasury Suspends Investment Into TSP Federal Employee Retirement Funds to Avoid Hitting Debt Ceiling

Federal employees checking their pensions this month might notice a change in the government’s contribution. In early December, The Treasury Department, led by Treasury Secretary Steven Mnuchin announced that the government would no longer pay into Federal employee retirement funds and thrift savings plans (TSP) in order to avoid hitting the debt ceiling. The contribution […]

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Congress Proposes Buyout Increases for Federal Employees

Almost immediately after the inauguration in January, the Trump administration made its intentions to streamline operations clear. Federal agencies across all levels of government will be reviewed, and instances of unnecessary positions or overstaffed teams will be adjusted. While this “trimming of the fat,” is good news for citizens who want their government to be […]

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Changes to TSP Hardship Withdrawal Rules for Natural Disaster Victims

Following the devastating hurricanes, floods, and forest fires of 2017, the Office of Personnel Management is rapidly approving Financial Hardship In-Service Withdrawal Requests (Form TSP-76) in Thrift Savings Plans. Depending on your employment and natural disaster impact, you may qualify for a hardship payment. The goal of these loosened approval processes is to help employees […]

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TSP Bill Passes House and Senate, Eliminates Restrictions for Federal Employees

Federal Employees are about to see major changes to their Thrift Savings Plan (TSP) options next year. The TSP Modernization Act (H.R. 3031) recently passed to help federal employees better manage their Thrift Savings Plans, a 401(k) style savings plans used by more than five million participants. The TSP bill is good news for current […]

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Congress Passes 2018 Federal Retirement Budget Without Benefits Cuts

Over the past few months, MyFEDBenefits has covered proposed benefits cuts and changes to retirement options for employees. With the proposed 2018 budget, significant changes were on the table for federal employees and their potential income levels. Discussions about the types of benefits that employees should receive and the best plans for recruiting top talent […]

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How The PSLF Program Erases Student Debt for Federal Employees

There are many worker benefits that federal employees aren’t aware of. Even if you have worked for the federal government for several years, you might not realize that there are certain programs, options, and opportunities to take advantage of. Time and again, one of the most often overlooked options for students is the Public Service […]

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4 Factors That Affected the 2018 COLA (Cost of Living Adjustment)

The government annually reviews the cost of living for retired federal employees and Social Security recipients to determine whether it needs to increase payment amounts. This cost of living adjustment (COLA) takes into consideration the costs associated with basic amenities like food, housing payments, gas, communication, and medical care. If one of these aspects has […]

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How Proposed Changes to Paid Benefits Can Change Your Retirement Plans

Over the past few weeks, both President Trump and Congressional leaders have considered cutting paid benefits and retirement plans for federal employees. This has lead to considerable uncertainty for current employees who are planning to retire in the next few years as well as for younger employees who want to start saving for retirement but […]

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Proposed Cuts to Retirement Benefits: What You Need to Know

The first half of 2017 was tumultuous for many retired Americans who closely followed the proposed healthcare reform bills. Along with changes to premiums (particularly for seniors) and rolled back coverage of pre-existing conditions, there were talks about cutting Medicare and Medicaid benefits that are presently offered in the Affordable Care Act. This would have […]

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