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Contract Expires for 200K Postal Workers, Negotiations Extended a Month By Eric Katz September 21, 2018 The U.S. Postal Service’s contract with a union representing 200,000 employees expired on Thursday, but both sides agreed to extend their talks one more month to reach a new agreement. The clerks, mechanics, drivers, custodians and other workers represented by the American Postal Workers Union will remain covered during the extension under the benefits and protections of the existingcollective bargaining agreement, which went into effect in 2016. The two sides began negotiating in June and did not give an indication as to whether they were closing in
TSP Board Approves 16 Percent Increase in Budget By Erich Wagner September 17, 2018 The board overseeing the federal government’s 401(k)-style retirement savings program voted unanimously Monday to approve a $360.6 million budget for fiscal 2019, a 16 percent increase over current spending. There are a number of drivers behind the plan to increase spending on the Thrift Savings Plan from fiscal 2018’s level of $309.7 million, chief among them a significant influx of participants from the uniformed services following the launch of the Blended Retirement System. Since that system went live in January, more than 250,000 service members have enrolled in
Changes to the TSP, the Latest on a Pay Raise, and More By Erich Wagner September 19, 2018 The agency that administers the federal government’s 401(k)-style retirement savings program issued a rule Wednesday that would remove what officials call “duplicative” regulations on how court-ordered payments are taxed. According to a document in the Federal Register, the Federal Retirement Thrift Investment Board, which administers the Thrift Savings Plan, will remove language outlining the federal income tax withholding rates for court order payments, like alimony and child support, from participants’ accounts, in 30 days, unless there are significant comments opposed to the change. In
Federal Employees Happier, More Engaged for Third Year in a Row ERICH WAGNER | OCTOBER 12, 2017 The happiness and engagement of federal employees inched higher for the third straight year in 2017, according to a new governmentwide survey measuring attitudes on jobs, management and compensation. The Office of Personnel Management announced Thursday that this year’s iteration of the Federal Employee Viewpoint Survey saw a 3-point increase in its “global satisfaction index,” rising from a score of 61 last year to 64 in 2017. The score measures employees’ happiness with compensation, their work and the overall organization. Employee engagement also continued its gains
80 Percent Rule for Retirement Published: August 21, 2017More in: TSP How do you determine how much money you will need in retirement? A lot depends on the retirement lifestyle that you desire. A person who wants to travel and has a large “bucket list” will need more money than one who has simpler needs. There are many schools of thought about how much money is necessary and we will look at one of them here. The “80% Rule” is a good guideline for those a long way from retiring who want to, at a minimum, retain the standard of living