OPM Reduces Retirement Claims Backlog by Almost 16% in May
The Office of Personnel Management reported that its outstanding backlog of retirement claims was reduced by 15.6% in May.
Federal employee retirement news: news about retirement-related topics as it pertains to employees of the federal government. Topics include FERS, CSRS, the latest TSP performance, annual COLA updates, and more.
The Office of Personnel Management reported that its outstanding backlog of retirement claims was reduced by 15.6% in May.
A recent study conducted by the Government Accountability Office found that roughly half of households age 55 and over have no retirement savings. Senator Bernie Sanders (I-VT) says that the study results are evidence that Social Security needs to be expanded. Some might disagree with the Senator, however.
Senator Lindsey Graham (R-SC) reportedly said, “You could [design a plan to fix Social Security] on the back of a napkin.” The author says that this statement is absurd and says the problems with Social Security are far more complex than what Graham’s statement would lead one to believe.
The Federal Reserve has released a new study gauging Americans’ overall financial health. The results show that while Americans have become more optimistic about their financial situations, many remain unprepared for retirement or an emergency situation.
Changing your TSP contribution election to add the Roth option can be a little tricky. If done wrong, this could cause a FERS participant to lose out on thousands of dollars. The author explains by way of a real life example how this can happen and how to avoid making the mistake yourself.
The author addresses some common misconceptions that federal employees have when it comes to investing in the Thrift Savings Plan and penalties they might incur for early withdrawals from their accounts. He provides details on some different strategies federal workers can use to avoid these extra taxes.
I am 56 years old and will retire under FERS after 24 years. Can I withdraw a partial amount from the TSP without penalties?
Before you can obtain disability retirement benefits, you must provide documentation to the Office of Personnel Management that shows you meet these eight criteria. The author provides details about each and what forms you must submit to OPM.
Spring Cleaning is basically just trimming away the excess, updating, and even evolving. It’s a great idea to do this with many areas of your life, including your retirement portfolio. The authors outline three simple steps you can take to put your spring cleaning plan for your retirement savings into action.
The House has passed legislation that would allow Federal law enforcement officers, firefighters, and air traffic controllers to make penalty-free withdrawals from governmental plans after age 50.