Reality Check
Doing a news round up this time of year is easier said than done. Senior Correspondent Mike Causey pulls it off by looking at changes in your federal benefits.
If you are just back after some badly needed R & R, welcome back.
Normally at the time of year it’s hard to do a roundup of news because there’s not much real news to round up. But this year is different. Very.
Congress has already made major changes to the federal Thrift Savings Plan. Some are immediate. Others will come next year. But what they’ve done makes what experts say is the best 401(k) plan in the country even better.
We’re talking about a Roth option (coming in mid-2011), a soon-to-be-introduced new target date fund, immediate enrollment for new hires, and possibly the option to do some outside investing via the TSP. If you need to play catch up on any of those changes, or want to pass them along to a friend or coworker, here’s how:
Coming up this week Congress will consider several major items (as part of the Defense Authorization Act) that would benefit feds under the CSRS retirement plan, workers under the newer FERS plan, mean larger annuities for feds in Alaska, Hawaii and Puerto Rico.
The House has approved four of the items. The Senate has okayed one. It will be up to a Senate-House conference committee to say which items become law along with the must-pass Defense bill. To bring you up to speed on those items, check out this check list:
For more on the pay raise, the future of the National Performance Pay System, and the pro-fed items Congress takes up this week checkout our Your Turn with Mike Causey radio show tomorrow (10 a.m. EDT). Jacqueline Simon, director of Public Policy for the American Federation of Government Employees will bring us up to speed on what’s likely to happen to feds between now and the Oct. 30 targeted congressional adjournment date.
Also on Your Turn, benefits expert John Elliott crunches the numbers and finds that some working feds would be better off financially if they retired. He’ll also tell how to make the most of your benefits package, and highlight four things all government employees should know.
If you have questions about what’s happening on Capitol Hill, or on your benefits package you can call in, or e-mail them to me. I’ll ask Jacquie and John to comment.
Nearly Useless Factoid
by Suzanne Kubota
Thirty five years ago today, in 1974, President Gerald R. Ford granted an unconditional pardon to former President Richard Nixon.
To reach me: mcausey@federalnewsradio.com
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