As a civilian Federal employee, you have access to what the Government calls a Thrift Savings Plan or TSP. The TSP bears a striking similarity to some privately held retirement vehicles, like the 401k. In the same way, many companies contribute to employee 401k plans, the Government makes contributions and matches to your TSP. Maximizing [...]
Many Federal employees choose to retire on December 31st. This is primarily to optimize the conversion of paid time off. Unfortunately, this tendency causes a severe backlog in the ability of the Office of Personnel Management or OPM to process retirement requests promptly. Because of this delay, many employees have had to live on reduced [...]
As a US Government employee under the Federal Employee Retirement System, or FERS, you have at least three income streams in your retirement: The Thrift Savings Program, Social Security, and your government pension annuity. Understanding the income streams from each is key to retirement planning. The formula for determining your annuity is: 1% (or 1.1%) [...]
In 1987 the Office of Personnel Management for the Federal Government rolled out a new retirement plan for Federal employees in the Civil Service Retirement System (CSRS). The new Federal Employee Retirement System (FERS) was very different from the existing program and is now the most commonly held retirement program for Federal employees. The government [...]
For Federal government retirees, time in service is one of the most critical elements in determining when they can retire and how large their annuity payments could be. The good news is that a few situations can improve those numbers and make your retirement outlook a bit rosier. Military Time Buyback Many federal employees have [...]
Beginning in June 2022, the Thrift Savings Plan (TSP) is making several changes to how its service operates. If you are a government employee, it is crucial to understand these changes and how they will impact your retirement plan. Upgrades in how you contact TSP While the TSP contact center will still be available by [...]
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