Retirement
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After the latest 5.2% federal pay raise, pay compression now applies to 60% of locality pay areas, with some senior-level feds in 35 of the 58 areas hitting an arbitrary pay ceiling.
January 08, 2024 -
Improper payments in retirement services have been gradually escalating for the last several years, but the Office of Personnel Management is taking steps to try to mitigate the problem.
January 05, 2024 -
In December, TSP returns continued a climb that brought continued positive returns for the year.
January 02, 2024 -
More than a million military service members participate in the so-called blended retirement system. It lets them make TSP-style savings contributions that are portable. The funds go with them when they leave the military. But there is more to financial readiness, something to think about in a high-spending season.
December 15, 2023 -
A few things Thrift Savings Plan participants should know about upcoming changes from the SECURE 2.0 Act, aiming to make it easier to save for retirement.
December 14, 2023 -
While still 2,826 claims higher than the steady state goal of 13,000, OPM hasn't seen backlog levels this low since December of 2017, when claims were below 15,000.
December 08, 2023 -
In 38 years at NASA, today's Federal Drive guest has done lots of things. As an astronaut, he flew three space missions, commanding two of them. He oversaw retirement of the Space Shuttle. He rose to associate administration, the number three ranking person at NASA.
December 08, 2023 -
After 3 months of mostly negative returns, Thrift Savings Plan funds bounced back with positive returns in November.
December 01, 2023 -
For Thrift Savings Plan investors, 2023 showed some positive signs. The year also brought some changes to the "I" Fund. For more, Federal News Network's workforce reporter and co-host of the podcast Fed Life, Drew Friedman, talked with certified financial planner Art Stein on the Federal Drive with Tom Temin.
November 29, 2023 -
Lots of people put a neatly tied ending to their federal careers by retiring on December 31. Next year New Year's Day is a Monday, so you could wake up and have a mimosa. But in the next several weeks, you've got some serious final planning to do.
November 27, 2023 -
Reliance on a paper-based system, insufficient staffing and incomplete applications remain the three top barriers to timely processing of federal employees’ retirement applications.
November 21, 2023 -
In today's Federal Newscast: The size of the U.S. military has dropped nearly 3%. FEMA and CISA publish a first-ever guide for emergency managers to prepare for attack. And the number of TSP millionaires jumps to nearly 100,000.
November 08, 2023 -
In a reversal from last month, the Office of Personnel Management’s retirement claims backlog headed upward in October. The 16,678 claims are an increase of 1,226 from September.
November 07, 2023 -
For the third month in a row most Thrift Savings Plan funds posted negative returns, with the exception of the government securities investment G fund, which posted returns of 0.40%. That's up from its 0.35% in September.
November 01, 2023 -
For the first time since the program's launch in 2018, the number of BRS participants surpassed the number of participants in the military’s legacy retirement system.
October 24, 2023