To protect their annuities from the ups and downs of the stock market, many active and most retired federal-postal workers have a major chunk of their Thrift Savings Plan account in the Treasury securities G fund.
Many federal and postal workers live and work in high tax states, so many retire to low-or no-tax states to get more from their annuities.
If you feel totally confused on the subject of a 2020 federal pay raise, or inflation catch up for retirees, it doesn’t mean you haven’t been paying attention.
Benefits expert Tammy Flanagan, will be Mike Causey’s guest today on Your Turn, airing 10 a.m. EDT, streaming on www.federalnewsnetwork.com or on 1500 AM in the Washington, D.C., area.
Some politicians have been after the Federal Employees Retirement System since it replaced the more generous Civil Service Retirement System program during the Reagan administration.
For federal workers the good news is that Congress approved a 1.9 percent raise for them despite the fact that the president wanted to freeze pay in 2019.
But if you don’t appreciate politicians trying to eliminate long-promised features of your Federal Employees Retirement System or Civil Service Retirement System packages fasten your seat belts.
If Uncle Sam kept a list of endangered workers, folks under the old Civil Service Retirement System would be at the top. Less than six of every 100 workers still on the payroll are under the system that was phased out in the mid 1980s.
Folks under the old Civil Service Retirement System, like people who get Social Security benefits, are protected from inflation. But most people on the federal pay roll are under FERS.
The all-important pay and benefits package of federal and postal workers, and retirees, is under attack as never before. And while it is way too soon to panic, Senior Correspondent Mike Causey says you need to run down a checklist to see where things are. We’ve got a team of experts standing by.