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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 […]