Financial Planning and Retirement News

OPM pushing through retirement claim backlog

The Office of Personnel Management is steadily reducing its federal retirement claim backlog since reaching its seasonal surge of applications at the beginning of the year.

VA continues nationwide campaign to prevent suicide

VA expands its fight to prevent suicides by veterans and is enlisting towns and cities in a nationwide campaign.

New 2020 budget calls for eliminating pensions for some new feds

A senior administration official has confirmed that the Trump administration’s fiscal year 2020 budget request would establish a new retirement program for some federal workers that would bring federal benefits more aligned with the private sector, which often does not offer pensions to employees.

Employees Have Until Tax Filing Deadline to “Recharacterize” 2018 IRA Contributions

This week’s column discusses the “recharacterization” of IRA contributions. Under the Tax Cuts and Jobs Acts of 2017, the new tax that became effective Jan. 1, 2018, those individuals who made the wrong type of IRA contributions may still undo their contributions through recharacterization. The column explains the recharacterization process, including IRS required forms and deadlines.

OPM puts dent in retirement claim backlog

The Office of Personnel Management’s retirement claim backlog fell in the month of November, after several months of increases.

14 percent of feds eligible to retire now

The long expected “retirement wave” of federal employees is beginning to materialize, with roughly 14 percent of feds eligible to retire today.

Lawmakers take another stab at increasing early out payments

The maximum buyout for federal employees to leave government service has not increased since it was first authorized in 2002, and Senate lawmakers are trying to change that.

Federal employee union sues president

The largest union representing federal employees has filed a lawsuit against President Trump alleging that his recent executive orders deny workers their legal right to representation in the workplace.

Air Force asks retirees to return to active duty

The U.S. Air Force said it will ask as many as 1,000 retirees to come back to work in pilot staff, combat system officer and air battle manager positions.

Pon defends retirement proposals at hearing

Rep. Elijah Cummings, D-Md., calls recent retirement cut proposals, “draconian,” but OPM Director Jeff Pon contends that he is bringing federal retirement benefits into the 21st century with his plan.

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