OPM Approves Voluntary Early Retirement Offer for USPS Employees
January 16, 2018
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 […]
What Tax Cuts Mean for Federal Employees in 2018
January 11, 2018
In late 2017, Congress passed a sweeping reform bill that gives tax cuts to many but leaves others uncertain. While both congressional representatives and the President have said this bill will benefit the majority of Americans, there may be changes ahead for federal employees, both in their income and employment. While it’s still unclear how […]
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 […]
