July TSP Returns

How did the TSP funds perform last month? See the latest returns at TSPDataCenter.com.

President Issues Memo Explaining Pay Freeze

President Obama has issued a memo explaining the rationale for a federal pay freeze and advising agency heads with discretion on federal pay “should not provide any upward adjustments in Federal employees’ pay schedules or rates during the two-year period covered by the statutory pay freeze.”

Extension of Locality Payments to Non-General Schedule Employees

The President’s Pay Agent has decided to extend the 2011 locality payments to the same Governmentwide and single-agency categories of employees authorized to receive the 2010 locality payments. If a pay freeze is enacted for 2011, these employees will be entitled to continue to receive locality payments at the 2010 level. Here is the OPM announcement.

FLRA’s Christmas Present to a Union?

Groucho Marx said “Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly, and applying the wrong remedies.” In a recent arbitration appeal, the FLRA reversed itself over an issue involving an agreement made by political direction with the union in the waning days of the Clinton Administration. The current Chairman, a member when the original case was decided did not dissent then but now gives the union not only a second bite of the apple but, arguably, the whole bushel. Is it a holiday gift? You decide.