Federal retirement tends to stand like a three-legged stool: the FERS annuity, the Thrift Savings Plan and Social Security. But a fourth leg could make for an even sturdier retirement. Good old fashioned Savings Bonds are another instrument federal employees can invest in for their personal savings.
It varies with the stock market, but about 1% of Thrift Savings Plans have more than a million dollars in them. Most so-called TSP millionaires have been working for decades.
Many retired federal employees feel they are being unfairly denied benefits, due to the Social Security provisions known as the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). We know how those retirees feel, thanks to a recent survey conducted by the office of Rep. Abigail Spanberger (D-Va.), who plans to use the survey results to push through legislation that would get rid of the WEP and GPO.
Part of what defines us as Americans is our independent spirit. When a job needs doing, we do it ourselves, owning it as our responsibility to get it done. In many ways this is a positive thing.
After 33 years of working for the National Treasury Employees Union, its president, Tony Reardon, is calling it a career. He'll retire in August, when his term as president concludes.
In today's Federal Newscast, bicameral lawmakers are urging the Office of Personnel Management to share its plan to reduce wait times for processing federal employees’ retirement claims.
Bank stocks might look like dicey propositions these days. There's nothing to focus investors' minds like the possibility of a run on the banks. It's not 2008 though, and we probably won't see the failure of hundreds of banks like we did back then. For more on the state of money and investments, big and small, the Federal Drive with Tom Temin spoke with Certified Investment Planner Art Stein.
If you wonder why federal employees worry, along with everyone else, consider: mini financial crises, a stubbornly bear stock market, no breakthroughs on Social Security solvency, and the debt-ceiling debate dragging out.
This week marks a significant milestone for the Technology Modernization Fund (TMF) — the five-year anniversary. The TMF, an innovative funding model for federal technology modernization projects, has grown and expanded significantly since its humble beginnings.
Federal employees continue to express frustration with the Thrift Savings Plan (TSP) website, the portal through which millions access their accounts. At its recent monthly meeting, the Federal Retirement Thrift Investment Board (FRTIB) revisited its IT modernization project, which deployed in May of last year.
A host of bills lawmakers reintroduced this week would impact retirement savings for federal fighters and federal law enforcement officers, as well as offer feds a grace period for payment obligations during a government shutdown or debt default.
Employee retention is a hot topic for many agencies. Agencies have made positive steps toward keeping people, but there are a few things they could still do.
Two Social Security provisions have long rankled federal employees and others in public service. One is called the Windfall Elimination Provision (WEP). The other is the Government Pension Offset (GPO).
Congress may yet upend an enduring wrinkle in Social Security benefits, a disparity long resented by certain federal employees and public servants at the state and local levels.