2% COLA (Cost of Living Adjustment) Increase Starts This Month
January 4, 2018
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 […]
What The 2018 IRA Contribution Cap Means for Federal Employees
December 26, 2017
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 […]
Treasury Suspends Investment Into TSP Federal Employee Retirement Funds to Avoid Hitting Debt Ceiling
December 22, 2017
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 […]
OPM Retirement Claims Backlog Continues to Grow
December 14, 2017
The Office of Personnel Management (OPM) has struggled to fill the retirement backlog most of the year, but it continues to rise as the office is overwhelmed with new submissions. The retirement claims backlog has the potential to delay the retirement of federal employees, preventing organizations from balancing their budgets and reaching their staffing goals. […]
Congress Approves 2.4% Pay Raise for Service Members
December 6, 2017
Members of Congress and the President are working together to finalize the federal budget and approve a pay raise for service members and federal employees. Within the budget, pay increases for military personnel, in particular, were recently discussed and a substantial increase was approved. The proposed increase can significantly change the federal budget as well […]
Congress Proposes Buyout Increases for Federal Employees
December 5, 2017
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 […]
Changes to TSP Hardship Withdrawal Rules for Natural Disaster Victims
November 28, 2017
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 […]
TSP Bill Passes House and Senate, Eliminates Restrictions for Federal Employees
November 21, 2017
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 […]
Congress Passes 2018 Federal Retirement Budget Without Benefits Cuts
November 14, 2017
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 […]
How The PSLF Program Erases Student Debt for Federal Employees
November 7, 2017
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 […]
