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 […]
USPS Still Contending with Staggering Deficit, Despite Revenue Gains
May 27, 2015
The United States Postal Service posted impressive revenue gains in the second quarter of 2015, though the agency is still losing money and contending with a Congressional mandate that forces it to prefund retiree healthcare benefits. According to the USPS, the agency finished its second quarter of fiscal year 2015 (January 1 – March 31) […]
Retirement 101 for Federal Workers MyFEDBenefits Style
May 26, 2015
Are you ready for retirement? That’s a question many of us think we know the answer to. But what we think we know doesn’t always align with reality — attaining the style of retirement you desire. Surely that isn’t pinching pennies and having to be worried about how much you spent on a cup of […]
Federal Worker Benefits Spared in Recent Budget Agreement
May 26, 2015
After much saber-rattling in Congress over the cost of the federal workforce, including retirement benefits, Republican lawmakers appear to be backing away from several proposals that would have adversely impacted federal workers. Republicans in the House and Senate recently agreed to a budget framework that apparently does not touch federal worker benefits or suggest that […]
Major Changes Proposed to Federal Worker Pensions
May 11, 2015
Congress is proposing some major changes to your federal benefits, which could impact your short and long-term financial situation. A recent House Budget Committee report suggested hiking your pension contribution. If passed, this would immediately impact your bottom line, in effect, resulting in an estimate pay cut of 2 to 5 percent for federal workers. […]
