Public Safety Officers are Extended a TSP Early Distribution Tax Break
July 6, 2015
Federal public safety employees will receive a substantial investment tax break thanks to a law recently signed by President Obama. On June 29, he approved the Defending Public Safety Employees’ Retirement Act. The act exempts federal public safety workers such as law enforcement officers and firefighters from being forced to pay a 10 percent penalty […]
Will Federal Retirees get a COLA in 2016?
July 2, 2015
The numbers are in, and so far, it’s not looking good for federal retirees in 2016. FedSmith determined that as of the most recently available data in May it appears as though retired federal workers will not receive a cost-of-living adjustment (COLA) next year. The publication crunched and evaluated the mind-numbing calculation, derived from the […]
Pay Raise Likely for Federal Workers Next Year
July 1, 2015
A pay raise for federal workers passed a key hurdle — Congress. A House committee in June passed a government funding appropriations bill that did not nix a proposed 1.3 percent across-the-board raise that was floated by the Obama Administration earlier this year. The president’s 2016 budget blueprint, which the Republican-controlled House and Senate is […]
Paid Administrative Leave Under Fire
June 29, 2015
Paid administrative leave is going under the microscope. After the Government Accountability Office discovered that federal agencies spent more than $3 billion on pay for administrative leave from FY 2011 through FY 2013, the Office of Personnel Management is developing a plan to keep a more watchful eye on paid leave. OPM Executive Director Katherine […]
Federal Workers in Select U.S. Cities Could Receive Pay Raise
June 29, 2015
Federal workers in select cities in the U.S. may receive a tidy bump in pay early next year. The U.S. Office of Personnel Management and the Federal Salary Council are adding 13 metropolitan areas to their existing list of cities where federal workers’ salaries are determined by local market conditions, such as comparable private sector […]
DoD Proposes Major Changes to Military Pension System
June 17, 2015
The Department of Defense is proposing a substantial revamp of its pension system for new service members. The DoD submitted a proposal to Congress this month that calls for the creation of a “blended defined benefit and defined contribution” retirement pay system for service members. That means service members would receive a reduced pension payout […]
OPM Falls Behind on Retirement Claim Processing
June 17, 2015
You may be in for a bit of a wait when you file your retirement papers. The sheer number of retirement claims received by the U.S. Office of Personnel Management is causing processing delays, which means federal workers may have to wait until they receive all of their retirement benefits. For example in May 2015, […]
OPM Creates Pension Oversight Board
June 12, 2015
Literally all eyes are on your pension plans. The Obama Administration, Congress, the U.S. Office of Personnel Management, the Congressional Budget Office, the White House’s Office of Management and Budget, and of course, everyone in the federal workforce wants to know whether it will be a smooth, or rocky, ride for the federal retirement system […]
Federal Police and Firefighters Could Receive Investment Tax Break
June 12, 2015
Federal law enforcement officers and firefighters on the cusp of retirement may be able to avoid an IRS early withdrawal penalty on their Thrift Savings Plan investments if a recently House passed bill becomes law. The Defending Public Safety Employees’ Retirement Act passed the House on May 12 by a wide margin, with only five […]
Bill Proposed to Reduce Federal Worker Healthcare Costs
June 3, 2015
Federal workers could get some healthcare cost relief if a House bill proposed by a Massachusetts congressman becomes law. Introduced in late April, the proposed law by Democratic U.S. Rep. Stephen F. Lynch claims it can reduce prescription drug and healthcare premium costs. Simply, the bill would remove a “middleman” — namely, pharmacy benefit managers […]
