When it comes time to start withdrawing money from your TSP will you be glad you invested pre-tax, or wish somebody had talked to you about the Roth option?
For military veterans, the option of blended retirement sparks a lot of questions, or at least it should. Service members have to make regular contributions to the Thrift Savings Plan.
In today’s Federal Newscast, the IRS changed the annual contribution limit for 401(k) style retirement plans and the Thrift Savings Plan for 2019.
Do you wish you could switch retirement plans with some of the younger or older people in your office. If so don’t worry about it. It’s probably safe to say that many if not most feds under the old Civil Service Retirement System envy their colleagues who are in the Federal Employees Retirement System.
Causey says President Donald Trump is keeping his promises to “drain the swamp” with a crackdown on federal unions, and aims to make the federal retirement plan more costly for workers and less valuable for retirees.
Rep. Donna Edwards (D-Md.) introduced a bill Thursday that would reduce the amount new federal employees must pay toward their government pensions. The National Treasury Employees Union and the National Active and Retired Federal Employees Association support the legislation, which would repeal the last two increases in retirement contributions.
The budget blueprint unveiled by Rep. Paul Ryan (R-Wis.) Tuesday includes a handful of proposals affecting the federal workforce that Ryan and House Republicans have championed in the past. Among them, the recommendation that federal employees contribute more of their salary toward their pensions and a proposal to shrink the federal workforce by 10 percent through attrition.
What do so many Washington-based politicians have in common with a firefighter with an arson problem? Both spend a lot of time solving problems they created, Senior Correspondent Mike Causey says.
Even as mystery surrounds the work of the House-Senate budget committee negotiating over fiscal 2014 funding levels and possible alternatives to devastating across-the-board budget cuts known as sequestration, there’s consensus emerging about some of the potential bargaining chips the committee is likely to use. That includes requiring federal workers to contribute more of their salaries toward their pensions.
Requiring federal employees to contribute more of their salary toward retirement is rumored to be among the proposals being considered by the House-Senate budget conference committee as an partial alternative to the sequestration budget cuts. The proposal, which the Congressional Budget Office has concluded would increase federal revenues by nearly $20 billion over 10 years, has criticism from federal-employee unions. But now, at least one think tank, known for its hawkish stance on reducing the deficit, says the proposal could end up not saving the government a dime.