Nov 3, 2014

Increased TSP Contributions Cap for 2015

"...The Internal Revenue Service has increased the cap on annual individual contributions to employer-sponsored retirement savings plans, including the Thrift Savings Plan, to $18,000 for 2015.

The increase, which tracks changes in the cost-of-living index, is the first since 2013, when the cap rose to $17,500 from $17,000. The limit applies to the combined total of contributions to traditional and Roth accounts..."

Read more at GovExec.com

Oct 22, 2014

Federal retirees to Get 1.7% COLA

"...Federal retirees will receive a cost-of-living adjustment to their annuities of 1.7 percent in January, which translates into an increase of about $50 a month on average for those who retired under the older of the two main federal retirement systems, and about $20 a month on average for those retired under the newer system.

According to the latest Office of Personnel Management data, as of last October 1, there were just under 2 million federal retirees, about three-fourths of them drawing benefits from the Civil Service Retirement System and the rest having retired under the Federal Employees Retirement System...."

Read more at The Washington Post

Sep 26, 2014

2015 COLA to be Set Soon

"...Federal retirees will know their 2015 cost-of-living adjustment soon, and it’s expected to be somewhere between 1.6 percent and 1.8 percent.

The Bureau of Labor Statistics announced that it will publish September’s Consumer Price Index figure on Oct. 22. That number is the final data point needed to calculate the 2015 COLA for federal and military retirees, as well as Social Security beneficiaries and those receiving veterans’ benefits...."

Read more at GovExec.com

Sep 16, 2014

Agencies drag feet on phased retirement programs

"...Federal employees across government may have to wait longer for phased retirement as agencies struggle to set up their own systems.

The Office of Personnel Management released the final phased-retirement rules Aug. 7, which would allow eligible employees to work half-time while receiving half a pension. OPM said agencies could start accepting applicants as soon as Nov. 6.

But agencies are short on details when it comes to when their own employees can apply, with some saying early 2015 and some unable to offer any details at all..."

Read more at Federal Times

Sep 4, 2014

Making Early Retirement a Reality

"...The economy today is much different from that of our grandparents’ time. People are no longer retiring at the age of 65, nor are many people capable of retiring that early. The cost of living and healthcare expenses have risen, and Social Security benefits are decreasing. The average retirement age is 62, and the average number of years people spend in retirement before passing away is 18..."

Read more at FedSmith.com

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