How The TSP Modernization Act Impacts Your Retirement Options

In November 2017, President Trump signed the TSP Modernization Act into law. This TSP bill is meant to increase participation in the government’s 401(k)-style retirement plan and make it easier for current and retired employees to access their funds. Despite the ease of use of the new Thrift Savings Plans, many federal employees are left […]

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How The Holman Rule Affects Federal Employees

Congressional representatives voted to reinstate the Holman Rule this week, which allows members to propose amendments that reduce the pay of specific federal employees. Members of Congress would be able to reduce pay to one dollar for specific federal workers. This has left many political and economic experts wondering what the Holman Rule is and […]

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What’s the Impact of the Federal Retirement Fairness Act?

A new bill, The Federal Retirement Fairness Act, is working its way through the congressional process as elected officials look to help employees who were temporary contract workers before they were hired full-time. Temporary workers don’t receive the same federal retirement benefits as full-time employees, and a few years of contract work can set federal […]

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Federal Retirement Study: Most Employees Don’t Have Enough Saved

Only 18% of American workers say they will be able to fully retire and live a comfortable lifestyle, according to the Transamerica Center for Retirement Studies® (TCRS). The organization recently released their 18th Annual Survey on the state of American retirement, with some shocking findings especially related to federal retirement. Not only are Americans planning […]

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USPS VERA 2018 Q&A for Clerks and Mail Handlers

MyFEDBenefits Answers Common Questions About USPS VERA 2018 for Federal Employees MyFEDBenefits hosted a free Facebook Live Q&A event on Tuesday, February 27th for USPS federal employees to ask questions about early retirement and their VERA applications. The VERA (Voluntary Early Retirement Authority) is available to USPS employees with at least 20 years of eligible service. […]

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Federal Retirement Benefits on the Chopping Block in the FY19 Budget

There has been a lot of talk about federal retirement benefits lately. After months of debate and partisan fighting over benefits cuts, both sides passed a plan to protect federal benefits and avoid significant cuts to current and retired employees last November. Congress had finally reached an agreement for the 2018 proposed budget, and everyone employed […]

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OPM Retirement Backlog Exceeds 20,000 Applications in January

The Office of Personnel Management continues to struggle with its extensive retirement backlog, with more than 20,000 applications waiting to be processed for employees across the United States. According to FedSmith, the OPM received 14,590 new retirement applications in January, but it was only able to process 8,638. This deficit of 5,952 was added to […]

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OPM Approves Voluntary Early Retirement Offer for USPS Employees

In early January, the Office of Personnel Management sent a voluntary early retirement offer to the United States Postal Service. The USPS will be able to help older employees retire earlier with better financial benefits than they previously would have received with the early retirement buyout package. The goal of this Voluntary Early Retirement Authority […]

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What The 2018 IRA Contribution Cap Means for Federal Employees

Employees who enter the public sector often turn to an IRA for their retirement planning. They’re used to the concept of an individual retirement account and might have one already set up by an employer or on their own if they are self-employed. However, contribution caps to IRAs can affect how much employees save each […]

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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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