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US Government indebted more than you think
We might think we know the extent to which our country is indebted but we might be wrong. Some critics of the spending that the government ends up doing believe that the government owes more than the total GDP or the gross domestic product of the country; approximately 103 percent. The same measurement is employed by the people who are responsible for the running of the debt clock of the country and is also present on the House financial Services committee website that’s run by the Republicans.
US government indebted more than you know:
Some people are naïve and they believe that the indebtedness is not that scary. They refer to a figure around 74 which is the total debt that’s in the responsibility of the public. This definitely is not inclusive of the debt that is owned by the federal government itself. Social security trust fund is one example of such debt. This is because many people believe that if the government owes the money to itself, then it’s not really indebted but that’s certainly not the case.
The Federal Reserve Bank of Chicago recently made an analysis which indicated that people regardless of their school of thoughts need to be worried about the way the government is continually spending more than it generates. They have released reports that indicate that there is gloom. A final result from their findings after taking into account different debts including the Medicare and pension funds, we get a staggering 288 percent of GDP.
While these figures are really eye-openers for every American dweller, as concerned citizens all we can really do is hope that the government realizes that this continuous overspending is not going to bode well for the economy in the longer run and serious steps need to be taken in this regard.
Federal court declares new pension plan not a church plan
A recent pension plan that was set up by New Brunswick, N.J.- based healthcare system is not capable of qualifying as a plan for the church that can be excluded from the Income Security Act of Employee retirement. This was announced by an appeals court of the federal government.
Pension plan deemed unfit to be called a church plan:
ERISA is the name of the law that these plans need to abide by. According to it, the plans need to be fully funded and should also provide employees with some rights and facilities regarding their benefit awarding.
This pension plan decision was unanimous and was written by Thomas Ambro who is a judge of the U.S court of appeals in the third circuit on the eve of December 29th. It stated “The health care system of Saint Peter is incapable to be considered qualified for the church-plan exemption because its roots weren’t set by a church”.
This healthcare system is creating a new wave of uncertainty in the minds of people regarding the exempt status of other plans. The retirement plan was established in 1974 and at the time operated a plan that abided with ERISA completely.
The employees of the church are more than happy for their request finally getting granted because they had been trying to achieve this for quite some time now. It motivates them to work with a zealous attitude and satisfies their needs of getting attention. It’s hoped that things end up the right way in the longer run as well.
The American Retirement Saving Crisis
It’s no news that the Americans of the modern age are facing a severe retirement crisis. We are already in the early-million stage and the stats are expected to get tripled by 2050 and we could be seeing around 25 million poor (or near-poor) retirees. Not to mention that this poverty rate hasn’t been seen or observed since the country faced the Great Depression.
The retirement crisis:
This is not a matter that can be taken lightly. This retirement crisis will lead to poor population and that will create a social safety strain that can completely rattle the federal, state and local budgets for the coming decades. Many surveys reveal that people consider their retirement security as the biggest financial concern.
Americans that fall in the age group between 40 and 55 have an average retirement balance of around 14 thousand dollars. Having said that, experts claim that they will require around 20 times that to maintain the standard of living after they hang up their boots. The savings rates can be blamed but the real culprits are the expenses and the meager wages. The student loan debts also play a huge role in making this crisis a legitimate concern for the American government and the workers.
There is a stark need of more employer-based retirement plans as well. Around 50 percent of the employers don’t offer retirement plans and this has a huge effect to the overall development of the crisis. Apart from this, many employees don’t consider it wise to save for retirement until its too late. So, if you are nearing your retirement and you still haven’t saved up for retirement, start doing so. If you are still a decade or two away, you need to start retirement planning as soon as possible as well because it’s never too early.
More employers offering student loans
Student loans and the employer-aided benefit reimbursement story have been in the news for quite a while now. The society of Human Resource Management’s report indicates that only 3 percent of the total employers of the state are offering this perk to their employees at the moment. This is expected to get better. How?
Student loans and how they can tone up:
Recently some big companies have been announcing their own student loan repayment benefit plans. High-profile enterprises like Pricewaterhouse Coopers and Fidelity are among those who recently made the declarations. Add this to the fact that almost all of the presidential applicants are pitching their solutions to deal with the 1.3 trillion dollar student loan debt, it all can make a lot more employers make the decision sooner rather than later too.
Student loan programs or the tuition reimbursement programs are those in which an employer covers and predominantly reimburses the education costs for those employees who have stayed with the company for quite some time. Federal companies and public interest organizations have already got loan repayment assistance plans but we believe many other companies will soon follow including the private sector employers.
These plans aren’t very cumbersome to understand or get your head around either. They don’t even have a set doctrine of rules to follow-as of yet. In simple words, what happens is that your employer agrees to cover some of your tuition or academic fee or reimburses you after a specific period of time. They can agree to paying off your student loans or just provide you with the money to deal with the fee yourself.
This is something that we all look forward to because with the ever-increasing student loan debt, the economy is getting affected for the worse; let’s hope we hear good results soon.
Understanding the Federal Employees Retirement System by Jeff Boettcher
Federal Employees Retirement System information by Jeff Boettcher
Jeff BoettcherFERS, or the Federal Employees Retirement System, is the retirement program that is set up specifically for those who work within the United States civil service. This system has been in place since 1987, when it replaced CSRS, or Civil Service Retirement System.
The FERS retirement system actually provides benefits from three primary sources. These include the:
- Basic Benefit Plan – The Basic Benefit Plan is typically referred to as the FERS (Federal Employee Retirement System) plan, or simply as a FERS annuity. This pension, or “defined benefit” plan, will provide a set amount of retirement income to the employee upon his or her retirement, no matter how much the employee contributes into the plan. The employee will receive this income benefit for the remainder of their life. A Minimum Retirement Age, or MRA, must often be met in order to start receiving this income.
- Social Security – Just as with civilian employees, federal employees contribute a percentage of their pay to the Social Security program, and may begin receiving retirement benefits as early as age 62. The amount that is received in retirement benefits from Social Security will ultimately be dependent upon how much the employee has earned throughout the years, as well as how long he or she was employed in a job that made contributions into the Social Security system.
- Thrift Savings Plan (TSP) – TSP accounts are automatically set up for federal civilian employees by their particular agencies. Every pay period, the agency deposits an amount that is equal to 1% of the employee’s basic pay. Employees may also make additional contributions on their own. In addition, the employee’s agency may make a matching contribution amount. The TSP plan provides six different investment funds in which participants may choose to place their contributions. These include the following:
- G Fund – The G Fund is managed by the Federal Retirement Thrift Investment Board. This fund provides a conservative option as it purchases U.S. Treasury securities that are guaranteed by the U.S. government.
- F, C, S, and I Funds – The F, C, S, and I Funds are different types of index funds. Each of these are invested with the intent of taking on the various risk and return characteristics of the specific underlying indexes that they are benchmarking.
- L Funds – The L funds, also referred to as lifecycle funds, will automatically shift investors’ money from a mix of more risk options to a mix of more conservative options as they become older and closer to retirement.
Employee contributions are withheld for both the Basic Benefit Plan and for Social Security. These amounts are automatically taken from the individual’s paycheck via the agency that he or she works through as payroll deductions. If an employee leaves their federal employment, they are eligible to take with them their Social Security and TSP to their next employer, if they choose to do so.
About the Jeff Boettcher, AIF®: Helping clients grow and protect their wealth has been Jeff Boettcher’s passion since the 1990’s. Mr. Boettcher is also the owner and Co-Chief Investment Officer for BWM Advisory, LLC / Bedrock Investment Advisors, as well as owns and manages the Insurance Brokerage firm (IMO) of Bedrock Financial Services, LLC.
Specializing in Federal Retirees and small business owner retirement planning strategies along with being an expert in retirement income generation, Jeff Boettcher’s knowledge has been incredibly important to both his clients and the hundred-plus independent financial professionals who rely upon Mr. Boettcher’s various companies for the services and advice they need to help their own clients.
To Contact Jeff Boettcher you can visit www.BedrockIA.com or call 800-779-4183.
Who is Eligible for the TSP Retirement Plan?
Most people who are employees of the U.S. Government are eligible to participate in the TSP. For example, you would be considered an eligible participant if you are a:
- Federal Employees’ Retirement System (FERS) employee – typically if you were hired either on or after January 1st, 1984, or
- Civil Service Retirement System (CSRS) employee – generally if you were hired before January 1st, 1984, and you did not convert over to FERS, or
- Member of the uniformed services (regardless of whether you are an active duty or a ready reserve), or
- Civilian who works in various other qualified categories of the government service.1
In addition, you must also be actively working either on a full- or a part-time basis, as well as be able to contribute to the plan.2
In some cases, an employee may have left their employment at a government agency or in the armed services and then returned to a position within government employment at a later date in the future.
If you have had a break in your federal service, then your participation in the Thrift Savings Plan will be based on two key factors. These will include the length of your break in service, as well as whether or not you were a participant in the TSP prior to your break.
How Retirement Benefits are Determined
When the time comes to retire, the amount of benefit that you will receive will depend upon a number of different factors. These will include your age, as well as the amount of salary that you were earning throughout your time of employment. It will also include how many years of service that you put in.
As a FERS retiree, the amount of your benefit, based on the type of annuity that you receive, can be determined as follows:
Immediate Unreduced Annuity
If you are retiring with an immediate, unreduced annuity, then you can multiply 0.01 X your high-3 X all years and full months of your service. If, however, you have put in a minimum of 20 years of service and you will be retiring at age 62 or older, then you should substitute a 0.011 for the 0.01 in your equation.
MRA + 10 Annuity
If you are retiring at MRA (Minimum Retirement Age), and you have more than 10 years of service, but less than 30, then you will have a reduction of 5% per year for each year that you are retiring before you turn age 62.
Voluntary Early Retirement Authority (VERA)
If you have accepted a Voluntary Early Retirement Authority, or VERA, then you will be able to retire at age 50, provided that you have a minimum of 20 years of service. Or, you can retire at any age if you have a minimum of 25 years of service. In this situation, the amount of your retirement benefit would be determined by using the same FERS standard formula. However, in this case, you would not be penalized by the 5% reduction per year for each year under age 62.
Special Category Employees
There are some employees such as law enforcement officers, firefighters, and air traffic controllers, who are considered as Special Category Employees. If you fall into this particular category and you have a minimum of 20 years of service, then you would be eligible to retire. In this case, then your benefit amount would be determined by taking (0.017 X the high-3 X 20 years of service) + (0.01 X the high-3) X all additional years and full months of service.
When a FERS Employee Can Retire
Retirement eligibility for FERS employees is determined by an employee’s age, as well as the number of years of creditable service that they have put in with their agency. In certain instances, an employee may need to have reached a Minimum Requirement Age, or MRA, in order to receive their annuity benefits.
For the FERS Basic Benefit Plan, there are four different categories of benefits that an employee may qualify for. These include the following:
- Immediate Retirement Benefits – If an employee retires at his or her MRA (Minimum Retirement Age) and he or she has between 10 and 30 years of service, then their benefit will be reduced by 5% for each year that they are younger than age 62. The employee can also qualify for immediate benefits if they are age 60 or over and they have at least 20 years of service.
- Early Retirement Benefits – A FERS employee may qualify for early retirement benefits in certain situations of involuntary separation, as well as in cases of voluntary separation from service such as during a RIF (reduction in force) or a major reorganization.
- Deferred Retirement Benefits – If an employee is age 60 or over and they have at least 20 years of service, they will be eligible for deferred retirement benefits. An employee may also be eligible for deferred benefits if they reach their MRA and they have between 10 and 30 years of service. However, the amount of the benefit will be reduced by 5% per year for every year that they are under the age of 62.
- Disability Benefits – If an individual has not yet reached retirement age, but they have become disabled, then they may be eligible for disability income benefits. In this case, the employee must have become disabled while they were actively employed in a FERS position. In addition, the disability that they sustained must be anticipated to last for at least a period of one year or longer. The employee must also be unable to perform the work that is required in his or her present position – as certified by their agency – and their agency must also have considered the employee for any other vacant position within that same agency (at the same grade / pay level) in which the individual is qualified to perform.
How is MRA Determined?
Meeting an employee’s Minimum Retirement Age, or MRA, can be based upon the year that an employee was born. The following chart outlines what your MRA would be, based upon your year of birth:
| If you were born: | Your MRA is: |
| Before 1948 | 55 |
| In 1948 | 55 and 2 months |
| In 1949 | 55 and 4 months |
| In 1950 | 55 and 6 months |
| In 1951 | 55 and 8 months |
| In 1952 | 55 and 10 months |
| In 1953 – 1964 | 56 |
| In 1965 | 56 and 2 months |
| In 1966 | 56 and 4 months |
| In 1967 | 56 and 6 months |
| In 1968 | 56 and 8 months |
| In 1969 | 56 and 10 months |
| In 1970 and after | 57 |
Source: OPM.gov
FERS Survivor Benefits
In addition to retirement benefits for the individual FERS employee / retiree, there are other benefits of participating in this program. For example, should a former federal employee pass away prior to collecting his or her deferred annuity income, then their surviving spouse will be eligible to receive 50% of the annuity payout, beginning on the date that the employee attained the age and service requirements for that annuity.3
If, however, the surviving spouse chooses to collect their benefits from the annuity at an even earlier time, then they will be allowed to do so. The amount of the income benefit will simply be less.
The Bottom Line on the FERS Retirement System
The FERS retirement system can provide federal employees with an income that they can count on in the future. Yet, this particular source may or may not be ample enough to provide what is necessary for covering all of their living expenses in the future.
With that in mind, it will still be important to get an accurate assessment of just how much it may take to live in retirement, and then to plan for any potential income “gaps” that you may have. These may be filled in with personal savings and other investment options.
About the Jeff Boettcher, AIF®: Helping clients grow and protect their wealth has been Jeff Boettcher’s passion since the 1990’s. Mr. Boettcher is also the owner of Bedrock Financial Services, LLC an Insurance Brokerage and Marketing company and also the Owner and Co-Chief Investment Officer for BWM Advisory, LLC / Bedrock Investment Advisors.
Specializing in Federal Retirees and being an expert in retirement income generation, Mr. Boettcher has helped hundreds of Federal employees grow and protect their wealth through a consistent commitment to educating the Federal Employee about their benefits. Jeff Boettcher has also demonstrated a phenomenal expertise in the retirement planning strategies necessary to maximize federal retirement benefits and has served as a trainer to some of the most successful Federal Employee Retirement Experts in the Country. Jeff Boettcher is also a consistent contributor to GovLoop.com, PSRetirement.com and RetirementPlanningNews.com.
To Contact Jeff Boettcher you can visit www.BedrockIA.com or call 800-779-4183.
Sources
- TSP.gov (https://www.tsp.gov/PlanParticipation/EligibilityAndContributions/index.html)
- TSP.gov (https://www.tsp.gov/PlanParticipation/EligibilityAndContributions/index.html)
- Federal Retirement Planning (http://www.psretirement.com/fers-retirement/fers-eligibility/)
Disclosure. All opinions represent the judgment of the author on the date of the post and are subject to change. Content should not be viewed as personalized investment advice or as an offer to buy or sell any of the investments discussed. Legal and tax information is general in nature. Always consult an attorney or tax professional regarding your specific legal or tax situation. BWM Advisory, LLC reserves the right to edit blog entries and delete those that contain offensive or inappropriate language. Content will also be deleted that potentially violates securities laws and regulations. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor’s portfolio. All investment strategies have the potential for profit or loss. Hyperlinks on this website are provided as a convenience. We cannot be held responsible for information, services or products found on websites linked to ours.BWM Advisory, LLC is registered as an investment adviser with the SEC and only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.
Is TSP all that good?
The TSP is the Federal Government’s retirement accountTSP or the Thrift Savings Plan is one of the well-reputed retirement plans in the country at the moment. With a very low administrative fee that charges only .029 percent of the balances (which is much lesser than that charged by other 401(k)-type plans), it’s a great investment. But is there a catch? Or is it just too good? Let’s see.
Analyzing TSP:
TSP was established in 1986 by the federal government of the US in the bid to provide traditional pension benefits to its employees. The idea was to make the transition from CSRS or the Civil Service Retirement System to a more pragmatic system where the income will be directed from the social security of the employees. The federal employees in the beginning didn’t consider TSP as worth their time but gradually it gained accolades.
The last 30 years have seen some stark advancements being made to the Thrift Savings Plan. It has been offering an ever changing income supplement to the Social security and the defined benefit components of the FERS. This slight variance is depended on the differences in the investment strategies of the participants and how much the employees are willing to put in the fund. A meager 1 percent is always put in as an investment after an employer match of the same figure. The maximum you can go is 10 percent with an employer match of 5 percent.
While there are aspects of the TSP that could be improved, we are pretty certain that it’s one of the retirement plans that is loved by most and will be loved by many who follow. But is it worthy of being extended to be available to the private employees of the state as well? This is a decision that the government has to take and we hope that they make the right one.
Federal workers that cost us money; BIG MONEY
You must have heard about the federal officers who don’t do their jobs but still take home a large sum of taxpayer money- up to 1.5 million dollars a year each? Yes, we are talking about more than 50 senators who refuse to live up to their employment contracts and routinely hold hearings to get a new Supreme Court justice. The startling figure of 174 thousand dollars a year will be put in to their bank accounts every year along with the other expenses amounting to around 1.3 million dollars year each despite their under-performance. Yes, you and I can’t do much to change that.
Federal workers not doing their job:
This past week Merrick Garland was nominated as the new chief judge of the US Court of Appeals of the District of Columbia Circuit, for the Supreme Court. All the Republican senators say that their not holding hearings is because they consider this a matter of principle. We would have not bothered bringing this to the spotlight if they would have also refused to get compensated while being on strike as well. The contract doesn’t have any ambiguities as such. The constitution dictates that the presidents should nominate the Supreme Court people and senators should only provide advice and permission. The senators still believe that there is a little more to it when there clearly isn’t.
The constitution also dictates that the president should stay in office for the complete four years term which finishes on the 20th of January 2017. If Obama’s term has concluded (as some Senators believe) then if you put some logic in place, their terms have ended too. We are not trying hard and it’s not hard to detect the hypocrisy in this situation, now is there? Let’s hope that these issues get resolved as soon as possible.
Federal Employees with Autistic Children to Benefit from New Policy
The OPM has directed the carriers to include Autism Spectrum Disorder in the healthcare and insurance plans for federal employees. It will allow the service men and women to take better care of an autistic child. This new policy also includes retirees and their dependents. This policy is expected to be implemented from 2017.
The Relief for the Federal Employees
This new change comes as a relief for the federal employees who have autistic children and had to spend hundreds of dollars in the therapy till now. In the near future, they won’t have to spend any money as the suppliers of applied behavior analysis therapy (ABA) have increased and the OPM has directed them to help the service men and women via the insurance and healthcare plans.
The Therapy
It is pertinent to add that ABA therapy helps the children with autism spectrum disorder (ASD) to improve their socially significant behaviors such as communication, social skills, living skills, reading, and academics. The therapy has garnered positive results in most cases.
The Hope
This change is said to be implemented from 2017 and the OPM expects all the carriers to provide medical and clinical assistance to the children of federal employees who are diagnosed with ASD. This step was taken by OPM after they thoroughly monitored research supporting the positive outcomes ABA may lead to for a period of 3 years. They also studied the data on the availability of ABA therapy providers who are qualified and skilled to make the therapy work.
The Opinion
Most of the advocates of Autism therapy have welcomed this effective step recently. This is a welcome move that helps the autistic children to make their own place in society and get help in solving their issues. This is not the first step taken in favor of autistic children. Autism speaks reports say that 43 states have already passed legislations that make it mandatory for at least some insurance plans to cover ABA therapy.
The Scope
The new policy, if implemented correctly would benefit more than 8 million people who fall under the category of FEHB plans. It is also being assumed that the step taken by nation’s largest employer may prompt private employers to ensure that their employees also receive the APA therapy for children with ASD disorder as part of the health insurance like the federal employees are soon to get.
Is your boss helping you prepare for retirement?
Bosses are ideally not looked at with a lot of pure love and respect throughout the country. No matter how the employees might seem or behave from the outside, most of the times they don’t feel the same internally. The situation though never gets changed for an employee as whether they like their boss or not, they have to deal with them.
Bosses are not always that bad though; especially if they do one of the following things for you; read on to know how your bosses are helping you retire better:
Bosses help you prepare for retirement:
- Auto-enrolment in a 401(k): We don’t like to live on pensions anymore. This is the reason why at many places, 401(k) plans are preferred these days. Some workplaces in the recent years have decided to enrol all the employees in some 401(k) programs to help them ensure their future.
- Giving you 401(k) money: Some bosses also go the extra mile and they help you even more by putting their own money in your 401(k) accounts. This entices the employees to make contributions themselves.
- Giving you HAS money: We normally don’t care enough for our health savings and if your employer is actually putting money in your health savings accounts then you need to value and respect them a lot more.
- Insurance options provision: If your employer also provides you with insurance options that are wide enough for you to make a decision, then you are working under a true gem. Don’t let yourself lose them.
- Professional and insightful aid: Many employers spend thousands of dollars trying to get financial planning help. Many bosses are capable enough to provide them this insight free of cost. If your boss does this, then you can know that you are saving a lot of money.
Veterans Affairs policy altered after Vets falsely declared dead
The federal government has recently accepted that they make a mistake when they made the false declaration of around 100 dead veterans. Their benefits were also withheld and now this policy of declaring veterans dead is set to get altered.
Veterans Affairs policy changed:
A 69 year old Navy veteran, Mike Rieker was one of the people who were falsely considered and announced dead expressed his concerns about how his situation got a lot worse when he heard that his benefits are going to be taken away from him too. He said that he called many offices many times and argued with a lady for over 5 minutes about his death. He had a shy smile on his face when he further added that he had to sell stuff from his house in order to make some payments.
It was David Jolly who is a Republican representative who highlighted the issue and told the Department of Veterans Affairs about it through a letter. This was when the VA realized that they had wrongly stopped giving around 115 people their deserved benefits just because some people thought that they were dead.
This has led the VA to make some seriously sought after changes and are now going to have to update their process to retrieve a lot more information before just going ahead and declaring someone dead to stop the payments. The process is now simple and this: Whenever a veteran is sought to be dead, a letter will be sent to their address to confirm that they have actually died. This was indicated in a letter that was sent to Jolly from the VA on December 10th. This will completely remove the possibility of false termination of benefits as well.
This was certainly something that required attention and it appears as if it has got the kind it needed.
Federal Employees Get the Best Job Security
Job security has been an issue of serious concern for many Americans in the current global economic conditions. The solution to this problem comes in the form of a government job. A Government Accountability Office (GAO) report recently stated that firing a federal employee is not easy at the moment. If the firing happens it takes a lot of time and in most cases it doesn’t happen at all.
The Facts about Federal Employees Job Security
The report stated that it can take about six months or even a year in some cases to fire a federal worker. The average timeline to dismiss an employee was nearly 250 days in the year 2013. In many cases, the firing didn’t occur at all. The number of fired employees was one in 500 in the report.
Views of General Counsel for the U.S. Office of Personnel Management
A former general counsel for the U.S. Office of Personnel Management, Joseph Morris thinks that firing any of the federal employees is very difficult even when there is a solid reason to fire the employee. He worked in the 1980s and created a list of likely steps to terminate a federal employee. The list was about 30 feet long. He thinks that if was asked to create a list again, the length of it may be longer than ever before.
An Example of the Job Security
An example of the lengthy processes of firing a federal employee is that the Department of Veterans Affairs takes at least 270 days to fire a nurse even if she does a grave mistake like operating on a veteran after drinking 5 beers in a casino.
Appealing Against the Decision
Even when an employee is terminated, he or she can revoke the agency’s decision of termination if the agency violates any law in terminating the employment. The employee can even get the help of a lawyer who has specific experience in the rights of federal employees as the rights of a government employee are very different from an employee working in the private sector. The employee can take the case in front of the Merit Systems Protection Board (MSPB) if the employment termination is proved to be unjust. Hence, people looking for a stable job where job security is as strong as it can get may want to apply for a federal government job soon.
