Jul 23, 2015

Changes Coming to Federal Retirement Calculations?



"...Will the amount a federal employee must contribute to a future pension go up in the near future? Will the computation for calculating the amount of the pension contribution change from a “high three” to a “high five”?

No one knows with any certainty what will emerge from Congress on these issues. But, with the massive federal deficit that is still increasing by hundreds of billions per year, the bruising budget battles looming in Congress in the near future, and the wide divide between Republicans that generally want to reduce the deficit and decrease government spending and Democrats that generally want to increase spending and continue deficit spending, anything is possible..."

Read more at FedSmith.com

Mar 6, 2015

Getting Full Credit Towards Your Retirement

"...When planning for retirement, one crucial step is to make sure you’re getting service credit for all your working time that counts toward your calculation. This includes not just credit for federal employment that obviously is creditable but also for certain types of employment that you otherwise might rule out or forget about—such as part-time or temporary work years ago while a student.

Creditable service applies to more types of employment than you might think. For example, it covers work such as service with the Peace Corps and Vista, volunteer service under the Economic Opportunity Act of 1964, employment as a United States Capitol Guide, and work as a substitute letter carrier..."

Read more at fedweek.com

Mar 5, 2015

Retiree Benefits When Living Abroad

"...There are a wide variety of benefits that may be paid to federal retirees and their survivors. However, there are specific laws that govern whether you can receive those benefits if you live outside the United States or its territories and possessions. These laws control your entitlement to CSRS and FERS annuities, Social Security and Medicare.

If you are a U.S. citizen, with one exception you can receive your CSRS or FERS benefits no matter where you live. Here’s the exception..."

Read more at FEDweek

Feb 11, 2015

Peace Corps Credit Towards Retirement

"...Employees who are covered under the Federal Employees Retirement System (FERS) or the Civil Service Retirement System (CSRS) are eligible to receive credit towards retirement for their Peace Corps Volunteer service.

To do so, you must make a deposit for this period of service. While you are a Peace Corps Volunteer, no money is deducted from your monthly readjustment allowance for retirement. Your deposit is an amount equal to the money that would have been deducted and put into the retirement fund, plus any accrued interest..."

Read more at peacecorps.gov

Feb 10, 2015

Obama Calls for Major USPS Reforms

"...President Obama renewed his longstanding call to overhaul the U.S. Postal Service in his fiscal 2016 budget, saying the agency must be reformed to ensure its future viability.

Just one day after the Postal Service swore in its new postmaster general -- Megan Brennan -- Obama called for sweeping changes to modernize the cash-strapped agency, which the White House said would save a total of $36 billion over 11 years.

Obama’s recommendations borrowed from recent legislative proposals that have failed to make their way through Congress, pulling no punches on the most controversial elements of postal reform..."

Read more at GovExec.com

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