USPS begins cash conservation plan | Temporarily suspends payments to Federal Employees Retirement System (FERS)

  USPS begins cash conservation plan

"USPS temporarily suspends payments to Federal Employees Retirement System (FERS)...“There will not be any immediate detrimental impact to our current or future retirees if normal FERS cost payments are temporarily withheld,” said Postal Service Chief Financial Officer Luke Grossmann. ..."

Reference: usps.com
*Emphasis Added




 

Does overtime count towards federal retirement?

  Does overtime count towards federal retirement?

"...not everything you receive in your paycheck counts toward your High-3. ...does not include COLA, overtime or bonuses."

Reference: plan-your-federal-retirement.com
 

FERS retirement Information as found on opm.gov

  FERS retirement Information as found on opm.gov

"...Congress created the Federal Employees Retirement System (FERS) in 1986, and it became effective on January 1, 1987. Since that time, new Federal civilian employees who have retirement coverage are covered by FERS. FERS is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security and the Thrift Savings Plan (TSP). Two of the three parts of FERS (Social Security and the TSP) can go with you to your next job if you leave the Federal Government before retirement. The Basic Benefit and Social Security parts of FERS require you to pay your share each pay period. Your agency withholds the cost of the Basic Benefit and Social Security from your pay as payroll deductions. Your agency pays its part too. Then, after you retire, you receive annuity payments each month for the rest of your life. The TSP part of FERS is an account that your agency automatically sets up for you. Each pay period your agency deposits into your account amount equal to 1% of the basic pay you earn for the pay period. You can also make your own contributions to your TSP account and your agency will also make a matching contribution. These contributions are tax-deferred. The Thrift Savings Plan is administered by the Federal Retirement Thrift Investment Board..."

Reference: www.opm.gov

This information, as found on OPM.GOV, is accurate as of this posting date: 10/28/2018

 

Office of Personnel Management proposes federal employees pay more for retirement

  Office of Personnel Management proposes federal employees pay more for retirement

"...Mr. Pon said the proposed changes would bring the federal government more in line with the private sector. "The employee retirement landscape continues to evolve as private companies are providing less compensation in the form of retirement benefits. The shift away from defined benefit programs and cost-of-living adjustments for annuitants is part of that evolution," Mr. Pon wrote..."

Reference: www.pionline.com  

House Budget is an attack on FERS employees more so than CSRS, cuts G Fund rate, ends SRS, raises employee contributions again

  House advances 2018 budget resolution with federal retirement cuts

"...elimination of supplemental payments (SRS) to employees who retire before age 62; A switch to a defined contribution pension plan for new federal employees; reduce the G fund’s rate of return ..."

Reference: federal-employees.blogspot.com  

USPS FINANCIAL CRISIS

 USPS FINANCIAL CRISIS: ENGAGING THE AMERICAN PUBLIC

"...On a matter related to retiree health benefits, and just as significant to the financial health of the Postal Service is that the USPS has massively overfunded both of its pension programs – for its workers covered under both the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS)...."

Reference: www.npmhu.org