TSP Fund Still Invested in Dubious Chinese Communist Affiliated Companies

"...Controversial decision for federal government Thrift Savings Plan’s International Fund to invest in an index including Chinese state-owned companies yet to be derailed by COVID-19-mired Congress..."

Read more at 401K Specialist

How CARES Act RMD Payment Waiver Affects Federal Retirees

"...On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While the CARES Act provides a number of benefits for those individuals affected by the coronavirus, one is the suspension of required minimum distributions (RMDs) for defined contribution plans including the Thrift Savings Plan (TSP) and traditional IRAs during calendar year 2020.

This column discusses how the waiver of RMDs during calendar year 2020 affects federal employees and annuitants...."

Read more at My Federal Retirement

Retiree COLAs vs Federal Workers Pay Raise

"...Federal workers this month are getting a 3.1% total pay and federal-postal retirees are getting a 1.6% cost of living adjustment. Both the raise and the COLA are the largest in years, yet why the difference?

Short answer: Different yardsticks — fed pay raises are a political/financial decision made each year by Congress and the White House. COLAs are based on the rate of inflation as measured by the Consumer Price Index-W. While it’s been that way for decades, many people, many of them retirees, think it’s the wrong measurement...."

Read more at the Federal News Network

The FERS Special Retirement Supplement

"...The Special Retirement Supplement is a bridge given to FERS employees who retire before the age of 62 when they become eligible for Social Security. This money is provided by the federal government automatically at retirement and is used as supplemental monthly income.

To qualify you must have completed at least 30 years of service with your Minimum Retirement Age or with at least 20 years of service at age 60. Minimum Retirement Age is based on the year that you were born ..."

Read more at fedsmith.com

Legislation Introduced to Protect Federal Retirees from Benefits Fraud

"...Senators James Lankford (R-OK), Gary Peters (D-MI), and Kyrsten Sinema (D-AZ) introduced this month the Representative Payee Fraud Prevention Act (S 1430), a bill that would crack down on federal retirement benefit fraud and misuse.

“Most Americans work toward their retirement and count on their retirement funds. We should ensure federal employee’s retirement funds are secure by protecting them from the embezzlement of their benefits,” said Lankford. “Currently, the misuse of funds by a representative payee is punishable if the Social Security Administration or Veterans Affairs issues the payments, but not if those payments are issued by the Office of Personnel Management. This is a straightforward, commonsense bill that closes this loophole.”

If passed, the legislation would give US Attorneys the statutory authority to prosecute retiree representatives who misuse funds from the Federal Employees Retirement System (FERS) and the Civil Service Retirement System (CSRS)...."
Read more at My Federal Retirement