Oct 13, 2017

Federal Retirees will Receive 2% COLA for 2018

"...Millions of Social Security recipients and other retirees will get a 2 percent increase in benefits next year. It's the largest increase since 2012 but comes to only $25 a month for the average beneficiary.

The Social Security Administration announced the cost--of-living increase Friday.

The COLA affects benefits for more than 70 million U.S. residents, including Social Security recipients, disabled veterans and federal retirees..."

Read more at ABC News

Oct 11, 2017

Prepare for Your Retirement

"...Taking steps to stave off retirement failures is easier and more efficient than recognizing problems late in life and trying to figure out how to resolve them...

It’s difficult to think of many areas of life that take care of themselves when ignored. Federal retirement is no exception.

Much like physical health issues, our financial health can be augmented by early diagnosis and consistent application of preventative measures, such as:..."

Read more at FedSmith

Oct 7, 2017

USPS Defaults on Billions in Retirees’ Pension Payments

"...The U.S. Postal Service has yet again failed to make mandatory payments into accounts for its retirees’ pensions and health care, sparking a renewed call for legislative reform aimed at relieving the financial stress on the cash-strapped agency...

It is not the first time the Postal Service has missed its required payments to prefund retirees’ health benefits. From 2012 through 2016, the agency failed to deliver nearly $34 billion toward its pool for retirees’ health care.

The 2006 law requiring the prefunding scheduled the lump-sum payments to last 10 years, meaning they expired in 2017. USPS must still make its “normal costs” payments for the retiree health benefits, as well as an amortization of its future liabilities. It is now also facing amortized payments to cover its unfunded liabilities in the Civil Service Retirement System and the Federal Employees Retirement System. All told, USPS must pay out $6.9 billion by Sept. 30..."

Read more at Government Executive

Sep 26, 2017

6 Federal Retirement Myths

"...We all know how complex the federal retirement system is...

so it makes sense that many details are not fully grasped by the average civil servant.

These misunderstandings sort of take a life of their own, evolve and develop into myths. I’ve spoken to many federal workers contemplating retirement that have stated these myths as fact to me. These myths all have an element of truth to them which possibly causes people to believe them so readily.

Let’s take a look at these 6 common myths:..."

Read more at FedSmith

Sep 18, 2017

5 Proposed Changes to Federal Retirement

"...The Congressional Budget Office has issued a report on a range of potential changes to the federal retirement system that could give legislators a starting point when considering significant changes for federal retirees in the 2018 budget and beyond.

Both Republicans and the president have proposed their own ideas on ways to cut federal retirement benefits to achieve new cost savings.

Both are looking for aggressive savings, with the president’s 2018 budget request including four specific changes to the current federal retirement system to try to save more than $4.1 billion in 2018 and roughly $200 billion over the next 10 years.

The House Budget Committee, for its part, included similar recommendations in its 2018 request, albeit with a more modest estimate for cost savings...."

Read more at benefitspro.com

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