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March 29, 2024

Federal Employee Retirement and Benefits News

Tag: tsp.gov

tsp.gov

 

TSP.gov Catch-up Contributions

tspThere are many ways to manage your TSP.gov account and understanding your ‘Catch Up’ contributions and how they work can have a big impact.  It pays to be very knowledgeable about what is potentially the trajectory of your life in retirement.  The more you know about your TSP.gov account the better you are equipped to deal with the challenges that will inevitably arise in retirement.

A few TSP.gov tips might help you to be better prepared to live in retirement on your own terms.  Did you know?

Your TSP.gov account balance is updated each business day.  So if you want to know what is going on in your account and desire to have your hand on the pulse of your business, you can check on your TSP.gov account as often as you wish.

You can view historical interest rates.  The annuity interest rate for annuities purchased in June of this year,  2014, will be 2.750% and 2.875% for annuities purchased in the month of May of 2014.

Catch-up contributions limits for ‘Qualified Plans’ (like 401k plans) and your TSP.gov account for 2014 is $5,500 the same as it was for 2013.

If you are age 50 or will reach that age during the calendar year and you have made the maximum employee contribution ($17,500) to your TSP.gov account which remains the same in 2014 as it was in 2013, you can make catch-up contributions to your TSP.gov account which allows people over 50 to contribute a combined total of $23,000 ($17,500 + $5,500 for catch-up).

Your total contributions (both that you contribute and that which is matched by your employer – or what is called the I.R.C. Section 415(c) limit) for 2014 is $52,000 increasing by $1,000 from 2013.

Take good care of what is yours because how well you take care of what you worked so hard to build will determine your level of comfort and security in retirement.

P. S.  Always Remember to Share What You Know.

RELATED TSP ARTICLES

Thrift Savings Plan (TSP) Withdrawal Options

For Postal Employees – LiteBlue and the TSP

Federal and Postal Employees – Choosing a Financial Professional

The Thrift Savings Plan (TSP)

Is All ‘Your’ TSP Money Actually Yours?

Federal Retirement Benefit Analysis

How To Best Fund Your TSP

TSP Loan – A Good Idea?

tsp loanThrift Savings Plan Loans – If you are thinking about taking out a loan here are some items to consider about possible a TSP Loan.  TSP loan interest rates, for new loans, can be as low as 2.375%.  I don’t think the rates can get much better.  However, if you are thinking about taking out a TSP loan, you need to make sure you are exercising and implementing what you have learned about financial literacy.

There are a number of questions you need to ask yourself before you take out a TSP loan even if the rates are as good as they are.  Interest rates are down and if you are thinking about getting a loan, making a house purchase or any other major purchase, the low interest rates we are currently enjoying is certainly a huge draw.

However, what if you are thinking about retiring soon, is it wise to take out a TSP loan from your TSP account?  Consider this.  Your TSP is a way to help you save for retirement while realizing matching funds from your agency if you are under the Federal Employees Retirement System (FERS).  The TSP acts as a tax deferment for those employees under the Civil Service Retirement System (CSRS), because there are no matching funds from the agency.

If you take money from your TSP even via a TSP loan, you are impacting the value of your TSP account designed to enhance your finances in retirement.  Also remember that a TSP loan is a loan and loans must be paid back.  Even when opportunities sound good, be sure to evaluate your own individual situation and circumstances to determine what is the best fit for your retirement future.

P.S.  Always Remember to Share What You Know.

RELATED TSP ARTICLES

Thrift Savings Plan (TSP) Withdrawal Options

For Postal Employees – LiteBlue and the TSP

Federal and Postal Employees – Choosing a Financial Professional

The Thrift Savings Plan (TSP)

Is All ‘Your’ TSP Money Actually Yours?

Federal Retirement Benefit Analysis

How To Best Fund Your TSP

Thrift Savings Plan – Take Five

thrift savings planFor the Thrift Savings Plan (TSP) do April showers bring May flowers? – pretty catchy phrase, and often very true when forecasting the ebbs and tides of nature.  But April also brought us something else other than soaking showers that made my back yard look like a jungle, it brought us Financial Literacy month and that means more focus on the Thrift Savings Plan for federal and postal employees.

As the world is changing and becoming more automated with a greater responsibility for each of us to be in charge of our own lives, including our finances; being financially literate is one of the most important tools of survival needed today – the Thrift Savings Plan is no different.  To underscore the urgency of financial literacy, schools and civic organizations are beginning to teach children as young as pre-kindergarten age the merit of understanding appropriate and sound money management.

Just as these young children are learning new and different languages to communicate with a world whose diversity is immeasurable, becoming financially literate carries equality priority and importance.  The world has changed and we must be ready even earlier to meet its challenges as well as its opportunities.  Knowing the basics about the Thrift Savings Plan is a must for federal employees

During the monthly of April, the Thrift Savings Plan (TSP) invited participants to take FIVE for their future.  Take FIVE minutes to make changes in your Thrift Savings Plan account.  Contribute FIVE percent so that you will receive maximum matching contributions from your agency.  Choose from FIVE core funds and FIVE life cycle funds and assess them for changes to make your Thrift Saving Plan money work better for you.

For the Thrift Savings Plan, when it rains it pours.  Let the April showers that has brought some of the most beautiful flowers in May that I have seen in a long time, remind you to let your finances blossom as you make financial literacy is part of your plans to retire well.

P. S.  Always Remember to Share What You Know.

Is Your Thrift Savings Plan (TSP) Working For You?

Like all good providers of services and products

thrift savings planLike all good providers of services and products, the Thrift Savings Plan (TSP) wants to know from its customers how they are performing.  More than 5,500 civilian and uniformed service participants took part in a TSP survey in 2013 to provide feedback on a host of services provided by the Thrift Savings Plan.  The survey’s results were compared with a similar survey taken in 2011.

TSP Satisfaction Survey

The survey revealed that 87 percent of plan participants were satisfied overall with the performance of the TSP funds.  Another 10 percent were neither satisfied nor dissatisfied and 3% were dissatisfied or very dissatisfied, showing an overall increase in satisfaction of 1 percentage up from the 2011 TSP survey.

On the surface those numbers look pretty good on the TSP side.  However, the measure of how the TSP is doing is not solely in overall satisfaction or dissatisfaction, but those participants who were neither impacted or engaged enough to render an opinion either way.  Those participants perhaps speak louder than any other participants in the group surveyed, because they are saying – we need more of something.  The position of not expressing an opinion either way can speak volumes to an organization invested in providing top quality services to its customers such as the TSP.

I know in our MBA programs we are told to look at the satisfaction and dissatisfaction levels to gauge how an organization is doing when evaluating survey outcomes.  But in the real world the undecided population is a group worth of deep consideration and concern and in the TSP survey this is no different.

The TSP survey also asked the participants about how they were doing on administrative services such as ease of accessing accounts on line.  Once again 89 percent of those surveyed were very satisfied/satisfied with the information provided in the annual statement.  84 percent registered satisfaction with the ease of accessing their account on line.  Ability to take out a TSP loan received 69 percent with the ability to transfer money from IRAs or other retirement instruments receiving a 57% satisfaction rate.

Overall from the prospective of how an organization is performing, the TSP is doing remarkably well not just by their own standards, but by the watchful and discerning eye of plan participants.  The share what you know lesson here is to always participate in plan surveys when possible because it is one of the most important ways an organization can measure its performance and make improvements to the ultimate satisfaction of the TSP‘s customers.

P.S.  Always Remember to Share What You Know.

RELATED TSP ARTICLES

Thrift Savings Plan (TSP) Withdrawal Options

For Postal Employees – LiteBlue and the TSP

Federal and Postal Employees – Choosing a Financial Professional

The Thrift Savings Plan (TSP)

Is All ‘Your’ TSP Money Actually Yours?

Federal Retirement Benefit Analysis

How To Best Fund Your TSP

Law Enforcement Officer: Explanation of FERS Components for LEOs

Law Enforcement Officer FERS Explanation

law enforcement officerWe have focused on the Law Enforcement Officer, but let’s take a brief moment to explain the 3 legs of the Federal Employees Retirement System (FERS).  This post was prompted by an email question from a FERS employee.

The question:  I would like a simple and clear explanation of the FERS retirement system.  Can you help?

The answer is – we are going to give it our best shot.  If more clarity is needed after the publication of this post, just tell us and we will use a different approach to get you to where you want to be.

The Federal Employees Retirement System (FERS) is made up of 3 parts:  A Basic Benefit, the Thrift Savings Plan (TSP) and Social Security.

The FERS Basic Benefit is a defined benefit plan determined by two factors; the average high-3 annual earnings of an employee that represent the highest earnings during 36 consecutive months of federal service that would produce the highest average.  In most cases, the highest average salary comes towards the end of the work career.  However, that is not always the case.

The second factor in the FERS Basic Benefit is the employee’s length of creditable service.  The calculation for the FERS Basic Benefit is different for LEOs than for regular FERS employees.  An explanation of the formula can be viewed in previous posts on LEOs (LEO-FERS Basic Annuity and LEO Component Computation).

The next component of the 3 leg stool representing FERS retirement is Social Security.  Earning 40 credits, approximately 4 per year over a 10 year period with a minimum age of 62 qualifies individuals for the Social Security benefit.

The last leg of the stool and potentially the largest component is the Thrift Savings Plan (TSP).  The TSP is structured to build financial stability in retirement.  TSP is portable and allows participants a wide-range of passive investment options.  The agency contributes 1% of salary automatically whether the employee makes a contribution or not.  The contributions become vested after 3 years of employment.  Your TSP balance is yours to keep when you leave service.

Additionally the government will contribute from 1% to 5% in matching funds based on your level of contributions.  The maximum TSP cap changes annually based on the rate of inflation.  If inflation is flat, then there will be no change in the cap.  It is important that employees maximize their contributions to the TSP in order to realize the greatest benefit from FERS retirement.  Instead of only drawing a pension, FERS employees have the combination of a Basic Benefit, Social Security and TSP contributions.

Make certain that you speak with the TSP representative in your Human Resources Office to ensure your contributions are spread out over the 26 pay periods in order to receive maximum contributions from the government.  If you max out contributions too quickly, you miss out on the government match.  FERS is structured to provide employees with a retirement profile that will help them retire well.

P. S.  Always Remember to Share What You Know.

To check your TSP balance check here

Which TSP Funds should you choose?

Related LEO Articles

What Is LEO Retirement

LEO Mandatory Retirement Age

Explanation of FERS Component for LEOs

LEO (Law Enforcement Officer) FERS Supplement

LEO Annuity Component Computations

Federal Law Enforcement (LEO) – Cost of Living Adjustments

Million Dollar LEO Question

USPS LiteBlue: Access to More Than Just Your Earnings Statement


usps liteblue
Image Credits

ePAYROLL 
is another www.LiteBlue.usps.gov feature available to you through USPS LiteBlue ‘MY HR.’

“Employee apps” such as “My HR” have been available for several years now through LiteBlue — your HR website on USPS LiteBlue. Among your self-service Employee apps is ePayroll, which is available to nearly all USPS employees (rural delivery employees are not included) who wish to use direct deposit.

The USPS LiteBlue ePayroll app is available to USPS employees 24 hours a day giving you immediate access to your earning statements.  Employees can review their earning statements for up to 40 consecutive previous pay periods.  (Don’t forget that your USPS LiteBlue access is removed once you separate from service).

 

Take the STAPLES® Survey – let your voice be heard.

 

Earnings statements on LiteBlue ePayroll is available the employee once new records are processed. The LiteBlue ePayroll statements provide more detail than traditional printed statements on processed allotments, benefit deductions, withholdings and leave balances.  In addition LiteBlue ePayroll also provides the user with online guides so employees can better understand their earnings statements and all of the information contained within them.

“Go Green” with ePayroll

Employees who wish can also store their records electronically on their computers without the need to print out the statements themselves.

How to Access ePayroll (you have 3 ways):

·      Go to www.LiteBlue.usps.gov

o   Select the Employee Apps ‘carousel’ at the center of the home page.

·      On LiteBlue;

o   Select the My HR tab and then the “Find Employee Apps” section.

·      On LiteBlue;

o   Select the employee apps button near the bottom of the ‘My HR’ pages.

What can you do on LiteBlue?

Payroll:  

Allotment and Net-to-Bank selections

e-Travel net-to-bank options

Make changes to your Federal W-4

Add, cancel or change your Savings Bond options

View up to 15 years of earnings W-2

 

Benefits:

Use PostalEase

Change your FEHB options

Enroll, change or cancel your Thrift Savings Plan contributions

You can only change, enroll or cancel your Thrift Savings Plan through LiteBlue.  To make Thrift Savings Plan fund transfers, request a Thrift Savings Plan Loan or withdrawal and also view periodic Thrift Savings Plan statements please access your TSP.gov account directly.

Add, change or cancel your Thrift Savings Plan Catch-up contributions

Enroll in a Flexible Spending Account (FSA)

Request an Annual Leave Exchange

NOTE: These selections are typically made during Open Season – You should verify the dates for Open Season.

 

USPS employees will need their Employee ID and USPS PIN number in order to access LiteBlue.  For further information on how to use LiteBlue click HERE.

 

 

Other LiteBlue Related Pages

What Is LiteBlue?

PostalEase / LiteBlue

What Postal Employees Should Do On LiteBlue Before Retirement

eRetire for Postal Employees – Retirement Applications on LiteBlue

Use LiteBlue to Manage your FEHB

You can use LiteBlue and PostalEase to manage your Allotments

Requesting Duplicate Postal Employee W-2 Forms Using LiteBlue

Basic Employee Death Benefit: Applying for BEDB

Applying for Basic Employee DeBasic Employee Death Benefitath Benefit

If you are a federal or postal employee part of your discussion for putting in place end of life provisions should include what your survivors need to know about applying for the basic employee death benefit.

Whether you are FERS or CSRS all applicants must complete the Standard Form (SF) 3104 – Application for Basic Employee Death Benefit.  There is no need to worry about what to do because the instructions are fully outlined on the form.  You may under certain circumstances have to complete additional forms.

If the deceased was retired at the time of death and you are the surviving spouse, you would be required to complete SF 3104A – Survivor Supplement which is an attachment to the SF 3104.  Here again, the instructions are found on the form.

If the deceased was still an active employee upon his/her death and you are a surviving spouse or the former spouse, you and the deceased’s agency of employment are required to complete SF 3104B – Documentation and Elections in Support of Application for Death Benefits when Deceased was an Employee at the Time of Death.  The 3104B can be acquired via the deceased federal employee’s former agency of employment.  Instructions for executing the 3104B are found on the form.

Once applicable application materials have been completed it should be submitted to the employee’s employing agency of record if the deceased was still an active employee at the time of death.  If the deceased was a former employee or a retiree, the completed application should be sent to the Office of Personnel Management’s Federal Employees Retirement System at P. O. Box 45, Boyers, PA  16017-0045.

Some of the small things we need to know can become an obstacle at a time when our emotions can least afford to be challenged.   Start putting the business of the end of your life in place now so that your heartache and sorrow will only be because you are saying goodbye to a loved one.

 

P.S.  Always Remember to Share What You Know.

 

The federal or postal employee may also have been covered by FEGLI.

Surviving spouse of postal employees may need to visit LiteBlue for information and forms

Estate Plan: Living Trusts

Living Trusts in an Estate Plan

Estate planUntil about 20-30 years ago Living Trusts were thought of as planning tool strictly for the wealthy.  Today that is no longer true as the Living Trust is becoming more popular with the because of the tax and privacy advantages offered.

Living Trusts are generally set up by an Estate Plan Attorney while you are alive.  Testamentary trusts are created after death.  The choices you make in your financial planning and life planning decisions are highly personal and you are in charge of the course you decide to take.

• Living trusts involve the individual (or a couple if you are married) who secures the Trust and is designated the Grantor or Trustor.
• The Trustee is the individual named by the Trust as the manager or the Trust’s assets and property.  The Trustee and Grantor may be the same individual or individuals.
• The third party is the Beneficiary(s).  The beneficiaries are the heirs that will receive the fruits of the Trust once the Grantors are deceased.
• Living Trusts are not subject to the laws and regulations of probate.  Therefore your wishes can be kept completely private and away from public scrutiny.
• A Trust is defined as a separate legal entity where distributions can be made from the Trustee without any involvement from the courts.
• With a Living Trust, the lengthy wait and cost of probate are avoided.
• As long as the assets have been placed in the Trust, distributions can be made to beneficiaries.
• There are few limitations, if any, once a Trust has been established as to what can become a part of the trust. i.e. stocks and bonds, savings accounts, real estate, personal property, life insurance.  Once the assets are placed In Trust, they are changed from your name to the name of the Trust.

It is important to invest some of your time in finding out more about Living Trusts and any other tools that might become a part of your planning process.  Doing your homework and learning as much about any tools and strategies you might be considering in the planning process are the best practices to see how they fit into your plan to Retire and Live Well.

P.S.  Always Remember to Share What You Know.

 

There are tax implications to your loved ones if you name your Trust as your beneficiary on your TSP.gov account.  Check on your beneficiary designations through TSP.gov or Liteblue.

 

 

Deferred Retirement – Early Separation

Deferred Retirement

Deferred RetirementWhen you separated from Federal Service under FERS, but did not retire, what steps did you take?  Are you still eligible to receive an annuity?

Employees covered under FERS with 5 years of creditable service may be eligible for deferred retirement at age 62 or if the employee completed 10 years of service, 5 years of civilian service, with eligibility upon reaching the Minimum Retirement Age (MRA).

When an employee reaches the MRA he or she may choose to postpone the date they receive their annuity so as to avoid the age reduction provision.  MRA depends on the year of your birth.  Persons born between 1953 and 1964 have a MRA of 56.  Those born after 1969, which represent a significant portion of the federal service, have a MRA of 57 years.

FERS employees are eligible for an immediate annuity the first day of the month after the MRA is reached given the creditable service requirements have been met.  When federal employees separate from service without retiring and with no plans to return to service, it is a good idea to contact the Retirement Division at OPM and speak with a specialist about your options.

Your situation is very much as if you had retired as far as who has jurisdiction over you as a separated federal employee.  You separated from your agency and the agency is no longer responsible for you, but OPM is.  As a separated employee, you do not have a CSA number because you have not retired. Nonetheless, all of your questions should be forward to OPM.

 

P. S.  Always Remember to Share What You Know.

 

RELATED ARTICLES

How To Best Fund Your TSP

What Postal employees should do on LiteBlue before Retirement

 

 

More TSP Tips

Additional TSP tips

TSPEach year the Internal Revenue Service (IRS) announces changes that might impact pension plans and other retirement accounts based on the change in the Consumer Price Index (CPI).  Because the CPI did not warrant or meet the statutory criteria for the adjustment, the Thrift Savings Plan (TSP) limitation remains at $17,500 for 2014.   For individuals over age 50, the catch-up contribution remains at $5,500.

PREPAYMENT OF A Thrift Savings Plan Loan

You can prepay your TSP loan without incurring a prepayment penalty.  You can find out about the amount of your loan (principal and Interest) by going on to the Thrift Savings Plan website or by calling the ThriftLine.
Once your loan has been paid in full, the TSP will notify you and your payroll office.  If payments continue to be deducted from your paycheck after you have been notified that the loan has been paid off, contact your payroll office immediately.

THRIFT SAVINGS PLAN LOANS AND WHEN PAYMENTS START

When you take out a Thrift Savings Plan loan, deductions for the monthly loan amount must start within 60 days of the funds being disbursed.  Once the funds have been disbursed the Thrift Savings Plan will notify your payroll office to begin deducting the loan amount immediately.

POSTAL EMPLOYEES AND THE THRIFT SAVINGS PLAN

Postal employees can access their Thrift Savings Plan through LiteBlue.usps.gov (liteblue).  Through LiteBlue postal employees can change, enroll or cancel their Thrift Savings Plan contributiosn.  However, if a postal employee would like to make a Thrift Savings Plan fund transfer they will need to access their Thrift Savings Plan directly through TSP.gov or by phone.

P. S. Always Remember to Share What You Know.

 

 

Thrift Savings Plan and Investment Partners

Investment Partners: You and the Thrift Savings Plan

Thrift Savings PlanWhen federal employees invest in the Thrift Savings Plan, the Thrift Savings Plan invests in them by way of agency contributions.  It is a partnership of unparalleled financial planning benefits. The IRS maximum contribution remains at $17,500 for 2014.  Employees may contribute up that amount.    When employees contribute 5% to the Thrift Savings Plan (access your TSP.gov account), the agency matches their contribution at a rate of dollar-for-dollar on the first 3% and then 50 cents on the dollars for the next 2%.  So if you contribute 5% into your TSP.gov account, regardless of the Thrift Savings Plan Funds that you select, the agency will contribute 4% to the fund with an automatic contribution of 1% of your basic pay.

Employees may contribute more than 5% so as long as they do not make contributions over the IRS limit.  However, if employees contribute over 5%, the agency will only match the first 5% of the contribution.   Again, the 1% of basic pay automatic agency contribution is made to the Thrift Savings Plan account of each eligible employee, even if the employee is making no contributions.  The money is vested, the automatic 1%, when the employee has worked for 3 years under most circumstances in the federal service.

Mind you, the 3 year tenure requirement does not mean that you must participate in the Thrift Savings Plan for 3 years, but must be employed for that period of time.  All civilian service in the federal government counts towards the 3 year requirement.  Employees do not have to contribute any money to their Thrift Savings Plan account in order to receive the agency automatic 1% contribution.    The only requirement is the vesting requirement of 3 years.

I also think it is important to reiterate here that if you leave the federal service before meeting the vesting requirements, the automatic 1% and its earnings will be forfeited.  If, however, you die before leaving the service and have not met the vesting requirements, all of the monies in your TSP.gov account is considered vested.

Read the quarterly report newsletter of the Thrift Savings Plan, Highlight, to stay abreast of important information and details that can add to retiring with safety and security.

P. S.  Always Remember to Share What You Know
Dianna Tafazoli

 

 

 

 

Tax Season for the Federal and Postal Employee

Federal and Postal Employees during Tax Season

TaxThe tax season is upon us and federal and postal workers – active and retired – might want to take a very careful look at all of the tax savings options available to them.  Many of us get very excited around tax season because we think about big, fat, juicy refunds. 

If you have ever worked in retail sales, it is very cyclical with tax season being one of the high points.  The Retail Sales industry enjoys those refunds because they boost sales like crazy not to mention how they make commission checks look.  As a very young woman I sold furniture part-time.  I knew during the months of February through August I would make enough money to cover my tuition for the entire year with some left over to put away in my rainy-day fund.

A good scenario for retail sales, but a scenario that requires a strong evaluation for tax filers.  Receiving a big refund, barring some extenuating circumstances, is not a good tax management strategy.  It is nothing short of giving your money to the IRS without the ability to charge the IRS for using your money.

When you take out a loan you must pay the lender for the use of the money through interest and sometimes other fees.  So why would you give your money away for free?  The big refund may look good when you receive it, but in most cases, it is just the IRS returning your money they have used free-of-charge, with you gaining not a single cent in interest.

The IRS is not to blame; not understanding the refund myth is just one more important way to build wealth most of us missed out on.  People have been celebrating tax refunds for years, because we did not have our hands on the pulse of managing our money wisely.   Your refund is money that could have been working for you to increase your personal wealth.

You might say, that refund money whether I get it or not won’t make me wealthy.  Perhaps not, but giving your money away just to get it back after a year with no interest being added will not increase your bottom line.  If you are getting big refunds consider going to a financial advisor or tax professional to evaluate your tax situation.  You might need to adjust your exemptions or you filing status.  Maybe things have changed since you last filled out your W-4 (tax withholding form) at work.  Your financial advisor or tax professional can help you review your papers and tax situation and suggest ways to make necessary adjustments to protect your earnings.

Ideally, the tax situation you want is to break-even.  You don’t want to owe the IRS and you certainly don’t want them to owe you.  When you can reach that balance, then you are making your money work for you.  The IRS is not a savings depository, they are charged with collecting taxes from the nation’s citizens and businesses as a source of revenue to take care of the nation’s business.  The free money you are giving away earns interests for the IRS.

Make the adjustments you need so that your money can earn interest for you.

Instead of setting your heart on a big refund, consider contributing more to your Traditional Thrift Savings Plan.

Imagine the impact that would have; If, for example, you are due to receive $3,000 as a refund from the IRS and instead chose to use those funds as TSP contributions.

  • That would amount to roughly $250.00 per month that you could have saved in your TSP.gov account.
  • If you changed your Thrift Savings Plan contribution and added an additional $250.00 per month to your contributions you would also have $3,000 LESS in taxable income, because your Thrift Savings Plan contributions are not taxable in the year you make the contribution.
  • That would also mean you would likely be eligible to receive an additional refund at the end of the year based on the contributions you made (and reduced income and therefore taxes owed).
  • Moreover, if you are not yet taking full advantage of your employer’s TSP.gov account matching contribution then this is essentially giving yourself a raise.

You can’t go back in time and change last year’s Thrift Savings Plan contributions, but you can effect a change this year.  If you are owed money from the IRS, think about giving yourself even more money next year in the form of additional TSP savings.  You’d be amazed at how much of an impact that small amount can have on your future retirement comfort.

Because of the complexity of this topic we highly recommend that you work with a FERS, CSRSTSP expert so that you can make sure whatever plan you are implementing is best for your individual circumstances.
P. S.  Always Remember to Share What You Know.

 

 

Postal Retirement – Preparing the Workforce

Preparing for Postal Retirement

Postal RetirementThe Postal Service has several programs designed to secure upward mobility for its workforce.  There is an Advanced Leadership Program, an Associate Supervision Program, a National Center for Employee Development and a Managerial Leadership Program and an online platform to access your benefit information and make certain elections, LiteBlue.usps.gov.  All of these programs are designed to help the Postal Employees grow in their career and prepare for retirement.

Each program, from LiteBlue to the Thrift Savings Plan, is designed to help and to develop a workforce of excellence, equipped with the knowledge, skills and abilities to implement operations required by high-tech equipment and practices necessary to carry-out the complex work of the Postal Service and to retire comfortably.

In order to reach the Postal Service’s large and multi-jurisdictional workforce, the service uses a plethora of e-learning tools and other technology to train its employees.  The Postal Service’s training profile is designed to recruit and train program leaders and managers up to the executive level of operations.

An unfortunate reality, however, is the fact that the USPS has chosen to remove most HR functions from local Post Office with the creation of the Shared Services.  The need for direction, therefore, on HR and Retirement related questions often falls to potentially untrained individuals at your Station and word of mouth recommendations.  The need for financial professionals has never been more important to the Postal employees and soon to be retirees because of the demographic shift and the aging of the workforce, along with the ever increasing complexity in TSP funds and recommendations, FEGLI comparisons and ways for these employees to protect their lifestyle and financial well-being in retirement.

If you’re a Postal employee and have questions on your benefits and postal retirement, PSRetirement.com can provide you with introductions to local FERS, CSRS, TSP and FEGLI experts and may be able to facilitate a free Benefit Analysis for you and members of your office or Local Union looking for direction or help.  Regardless of where you turn, make sure that you are getting the information you rely upon from a competent expert in your complex benefit and retirement options.

Information on the unique benefits for Postal Employees is also important to understand

Other Postal Retirement and LiteBlue Related Pages

What Is LiteBlue?

PostalEase / LiteBlue

What Postal Employees Should Do On LiteBlue Before Retirement

Changing Your LiteBlue / PostalEase Password Through ssp.USPS.gov

eRetire for Postal Employees – Retirement Applications on LiteBlue

Use LiteBlue to Manage your FEHB

You can use LiteBlue and PostalEase to manage your Allotments

Requesting Duplicate Postal Employee W-2 Forms Using LiteBlue

Not affiliated with The United States Office of Personnel Management or any government agency

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