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Financial Planning and Retirement News

OPM puts small dent in claims backlog in September

The Office of Personnel Management last month put a small dent in its claims backlog after it reached a high in recent months.

Fed retirees get 2 percent COLA in 2018

Federal retirees will get a 2 percent cost-of-living adjustment for 2018, which is in accordance with the latest consumer price data released by the Bureau of Labor Statistics.

House passes budget that targets feds’ retirement, health benefits

The House on Thursday passed a fiscal year 2018 budget resolution that will make cuts to federal employees’ and retirees’ retirement and health benefits.

Federal Benefits Q&A

Question: My agency is trying to force me out. I will be 61 in October and have 31 years in December. If I retire on January 1 how much can I expect to receive? Can I apply for disability retirement at the same time and would my benefit go up when I reach full retirement? Do I have to take a survivor annuity if I want my husband to be able to keep his insurance should I pass away?

Employees need to understand the rules for inherited IRAs - Part III

In the third of four columns discussing the rules for “inherited” IRAs, this week’s column discusses the rules for non-spousal beneficiaries of “inherited” IRAs such as children and siblings. The column will present the withdrawal options for a non-spousal beneficiary of an “inherited” IRA that differ significantly compared to the withdrawal options for a spousal beneficiary.

Committee to review bill aimed at increasing buyout payments

The Senate Homeland Security and Governmental Affairs Committee is scheduled to mark up the legislation this week that aims to raise the maximum buyout payment officials can offer federal employees.

Lawmaker wants increased oversight of early out, buyout programs

After some agencies have failed to properly implement separation incentives as part of an effort to reduce their workforces, one Republican lawmaker is asking that the Office of Personnel Management strengthen its oversight of the programs.

Federal Benefits Q&A

Question: I retired under CSRS in 2009 at age 55. I currently receive social security benefit of $120/month. I plan on signing up for Medicare A&B in 2019. My income is such that I would qualify for the lowest Part B premium. Will it be possible to have my Medicare premium withheld from my Social Security benefit? And if so, will the SS benefit be adequate to pay for Medicare in perpetuity?

OPM taking longer to process retirement claims

There was little movement in processing retirement claims by the Office of Personnel Management last month, and most claims took more than 60 days to process.

OPM supporting Harvey relief effort

The Office of Personnel Management approved a special solicitation of federal employees, allowing requests for donations at the workplace to support the disaster relief effort for Hurricane Harvey.

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