Blog

OPM-GSA Merger Blocked

The House of Representatives fiscal year 2020 National Defense Authorization Act (NDAA) was passed by that included an amendment that would block the proposed reorganization of OPM. So it appears that the Office of Personnel Management (OPM) and General Services Administration ( GSA) merger is not going to happen.
An amendment was introduced by US Representative Gerry Connolly designed to prevent the Trump administration from going forward with a proposed plan to merge the GSA into OPM.
Stakeholders and Congressional Members […]

Long-Term Disability – Is There A Need?

Recently, we wrote a post about the need for short term disability in the federal workforce. A need which is very important and is not available as a core or supplemental benefit.
Today, let’s explore federal long term disability. A good place to start is what is long-term disability? In short it is an insurance policy which will protect a federal employee for a long period of time. The long period of time may be between two and five years. […]

Government Furloughs ARE NOT expected in October

Despite recent chatter about agency employees’ jobs, OPM (Office of Personnel Management) Director, Margaret Weichert, has assured agency employees their jobs are safe. This comes from concerns about potential consolidation of the OPM and the General Services Administration (GSA).
The most recent discussions placed about 150 workers at risk. This action means the workers may be laid off later this year. Weichert informed Congress that the process to move job functions from OPM to GSA would need to begin by […]

Short-term Disability and Government Employees

In a world where potential for sickness, accidents, and injury are high, federal employee short term disability insurance plan becomes very important. Most people think this cannot happen as it’s hard to imagine having short term disability issues when you are a healthy individual. However, the importance is of having short term disability plan is evident when the situation occurs. Many employees are left feeling “I should have enrolled in short-term disability!”
Government employees as well as non-government employees need […]

What is Longevity Risk?

What the heck is Longevity Risk?
Why does it affect me? To put it simply, Longevity Risk is a new concept that addresses the issue of ensuring people do not outlive their money. Many financial professionals have made it a practice to ensure clients do not outlast their retirement investments, but now this NEW term has come to the surface. But with the average life span on the rise, this can certainly be a concern.
To help with the Longevity Risk, […]

Federal Employees Continue to Retire in Greater Numbers Than in Previous Years

The trend that began over a year ago of Federal employees continue to file for retirement at an increased pace compared with recent years is ongoing.
According to statistics from the Office of Personnel Management, 7,510 federal workers filed for retirement in November. That figure is a 34 percent increase over the same month in 2017, when 5,572 employees retired.
Statistics show that for the last two months there seems to be a continuation of increasing numbers of workers leaving the […]

TSP Unveils Plans for Expanding Withdrawal Options

The federal government’s 401(K)-style retirement savings program officials announced in December that they are planning to make it easier for participants to manage their investments.
The Thrift Savings Plan has implemented the 2017 TSP Modernization Act. That law allows federal employees and retirees to make multiple age-based withdrawals from their TSP accounts and remain eligible for partial withdrawals after they leave government. Those who have left government are able to make multiple partial post-separation withdrawals, and retirees will be able […]

Federal Retirement Claims Increase 24 Percent in Fiscal 2018

The Office of Personnel Management has released new data regarding the number of federal employees who filed for retirement. The number of retirees increased 24 percent in 2018 over the previous year.
OPM published retirement statistics earlier that showed that 7,142 employees filed for retirement in September 2018. That brought the total federal retirement claims in fiscal 2018 to 105,298, marking a 24.1 percent increase over the number of claims from the federal workforce in fiscal 2017, which totaled 84,807.
Federal […]

An Increase In Take-Home Pay Is Coming – How Will You Use It?

Within the next two months, the average American worker will likely see an estimated increase in their take home pay of $70 a paycheck, or $2,000 a year, due to the 2017 Tax Reform Act.
It’s anticipated that most Americans will immediately absorb the extra money as part of their normal budget spending; $70 per pay period could easily justify a nice dinner out or a new phone or cable upgrade for many individuals.

Think about how you can use this […]

Thrift Savings Plan Board Approves Five-Year Lifecycle Fund Increments

Lifecycle funds that have been targeted within the 10 years before the participant’s retirement date have now been approved to within five-year increments. The panel that oversees the retirement savings plan for federal employees on Wednesday approved this unanimously.
Investors can move to a more conservative portfolio as they near their anticipated retirement date — on a five-year basis as recommended by consultants at Aon Hewitt following a trend in private 401(k) providers to offer lifecycle funds.
“Most have been moving […]