Financial Planning and Retirement News

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OPM retirement claims backlog went up in June

After consecutive months of experiencing small declines in its retirement claims backlog, the Office of Personnel Management’s inventory shot back up last month.

TSP introduces new ‘spillover’ method for catch-up contributions

The Thrift Savings Plan, on July 24, announced its plans to change the “spillover” method for making catch-up contributions for certain active TSP participants.

Feds win standing to sue over OPM breach

The U.S. Court of Appeals has ruled that federal employees can sue the government for compensation for data breaches due to the government's failure to take adequate preventative measures.

Congressman Jody Hice

Newly introduced legislation would make feds’ bonuses, pensions public

A Georgia congressman has introduced legislation that aims to make federal employees’ bonuses and pensions transparent.

HHS: New contract blasted as 'unfair'

A top union is pushing back against the new contract coming down the pike for Department of Health and Human Services employees.

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.

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