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May 18, 2024
Federal Employee Retirement and Benefits News
We have focused on LEOs, 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.
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Do you have questions about the benefits and eligibility criteria of the Federal Employees Retirement System (FERS)?
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The rules for your Thrift Savings Plan are pretty straightforward while you are working, but they become increasingly more complex as you enter retirement and attempt to access the money that you have saved in your TSP.gov account.
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ePAYROLL is another www.LiteBlue.usps.gov feature available to you through LiteBlue ‘MY HR.’
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Although federal employees continue to retire, it is increasingly evident that they are not prepared to retire. The culprit is not only an economic one, but a lack of understanding of how their benefits really work.
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Currently both CSRS and FERS employees may use unused sick leave to add to their years of service, but not towards eligibility for retirement.
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Individuals under special retirement conditions such as mandatory retirement may not participate in the Phased Retirement program.
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The Phased Retirement program as it stands provides no survivor benefit based on the proposed Phased Retirement annuity.
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Phased retirement is a voluntary program where both employee and employer must mutually agree to be a part of the program.
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Should Phased Retirement be implemented, instead of a retiree entering into full-time retirement, the retiree opts to work a part-time basis while actually being retired on a part-time basis.
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The Office of Personnel Management (OPM) has proposed a “Phased Retirement” program. Although implementation has not been announced, it may be valuable to our readers to get a jump start on what Phased Retirement is all about.
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The ex-spouse can choose between receiving only the spouse’s benefits when applying and delay receiving benefits until a date in the future.
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The earnings limit may apply to your ex-spouse the same as you if they continue working while receiving benefits.
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Let’s discuss Social Security and what it means if you are a divorced spouse. Although there are certain requirements that must be met, divorcees or ex-spouses can receive Social Security benefits based on your record even if they remarry.
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When you take out a TSP loan, deductions for the monthly loan amount must start within 60 days of the funds being disbursed. Once the funds have been disbursed the TSP will notify your payroll office to begin deducting the loan amount immediately.
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Funding your account through TSP.gov, with the specifc goal of getting the maximum benefits, is a good goal to set.
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When Federal employees invest in the TSP, the TSP invests in them by way of agency contributions. It is a partnership of unparalleled financial planning benefits.
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Within your TSP.gov Account the money you invest in the Thrift Savings Plan (TSP) and the agency match is yours immediately and you are therefore vested. However…
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If you are owed money from the IRS, think about giving yourself even more next year in the form of additional TSP savings.
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The Thrift Savings Plan (TSP) is a program created to help federal employees save for retirement with an investment arm through payroll deduction.
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