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February 28, 2020
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Make Sure Retirement Protection Is In Your Future

By | Benefits, Federal Pay, Retirement, TSP | No Comments

WHEN YOU REACH RETIREMENT OR CLOSE TO RETIREMENT, you expect to reap the rewards for decades of hard work and diligent saving so you can live happily ever after.

Well, as many Americans are finding out, it’s not always a fairy-tale ending. Even a big pile of money does not guarantee a secure retirement. In fact, one of the biggest concerns people have about retirement is that they won’t have the income to sustain their current lifestyle or, even worse, that they could run out of money altogether.

These concerns can often lead to a less enjoyable retirement because people are afraid they might spend too much of their savings in the early years and not have enough later when their health is declining and inflation has driven up healthcare costs.

The good news is that there is a way to improve your chances of achieving a more secure and satisfying retirement through retirement income planning. Studies show that people who have a protected lifetime income stream are generally more secure financially than those who don’t. Additionally, people with protected lifetime income have a higher level of satisfaction in retirement, which is a key factor in enjoying your retirement years.

A 2018 GUARANTEED LIFETIME INCOME STUDY conducted by Greenwald & Associates and CANNEX gathered information from 1,003 individuals between the ages of 55 and 75 and whose household assets were at least $100,000. Respondents said the greatest benefits of having a protected lifetime income are protection against longevity risk, peace of mind, and being better able to budget – all of which can make for a less stressful and happier overall retirement.

The study also found that the perceived value of protected lifetime income continues to grow. More respondents now considered protected income “a highly-valuable addition to Social Security” compared to one year earlier. Of these individuals, nearly three-quarters said protected lifetime income is “extremely important” to their financial security.

While both Social Security and pensions can provide this kind of income stream, they don’t always cover your retirement income needs. You may also be one of the many Americans who doesn’t receive a pension. In that case, putting money into an annuity can supplement your protected lifetime income, helping you maintain your lifestyle for life

The study found that concerns about long-term health care, losing money in a market downturn, and fear of outliving retirement savings were among the factors that respondents said increased their interest in protected lifetime income.

Higher satisfaction scores for those with protected lifetime income
Between 1998 and 2010, the University of Michigan conducted the Health and Retirement Study, which gathered data from approximately 26,000 Americans over the age of 50 on an array of retirement issues, such as wealth, income, job security, health, and cognition.

The results revealed that satisfaction scores for all of these retirement issues were significantly higher for people who had more than 30% of their assets invested in protected lifetime income products. For example, when it comes to nursing home expenses, individuals with at least 30% of their retirement portfolio made up of protected lifetime income products were more confident that they’d be able to afford it.

While the study did not indicate a “magic number,” it did find that when people have more protected lifetime income, their overall satisfaction levels rose accordingly. And even though retirement satisfaction has been declining over time, satisfaction rates remain higher for people with a guaranteed monthly income stream, according to the study.

There’s no question that financial uncertainty can impact your happiness in retirement. That is why protected lifetime income products as a portion of your retirement portfolio can help ease a lot of that worry. So you should schedule a retirement review with a our Federal Retirement Consultants, and see how an annuity could help protect your retirement income and pave the road to a less stressful and happier lifestyle. Visit our contact us page today or call us at (877) 733-3877 to schedule your review.

February 3, 2020
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Postal Service Agrees to Convert 5,000 Letter Carriers to Career Positions

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Employees previously served in non-permanent jobs with less generous benefits. The U.S. Postal Service has agreed to convert nearly 5,000 non-permanent employees to career roles, resolving a labor dispute with its largest union.

The agreement will convert any employee in the city carrier assistant position with at least 30 months of experience to a career job, giving those workers a more generous suite of benefits as well as more stable positions. USPS reached the settlement with the National Association of Letter Carriers after the union filed a national-level grievance.

Non-career employees can be more easily laid off, face less certainty in their schedules and receive less generous benefits. They now make up 20% of the USPS workforce—or about 126,000 workers—double the share allowed under previous collective bargaining agreements. NALC filed its grievance after suggesting the Postal Service violated its contractual caps on city carrier assistants.

About 3,000 employees will be converted to “part-time flexible,” positions, while 1,800 in larger offices will now serve in regular, full-time roles. Impacted workers must have 30 months of experience by Feb. 15 to qualify.

The Postal Service’s increased use of non-career workers has served as a pillar of its efforts to reduce personnel costs as the agency has struggled to regain its financial footing. Postal management has estimated it garnered $8.2 billion in savings between fiscal years 2016 and 2018, though the Government Accountability Office recently found USPS exaggerated that figure.

Non-career employees generally work more hours than their career counterparts, the auditors said, including more overtime and premium pay hours like Sundays. USPS also compared the average pay for new non-career employees to median pay for career employees at all levels, rather than the career employees’ starting salaries. The agency therefore estimated a gap of $25 per hour between career and non-career employee pay, whereas GAO said the difference was actually closer to $8 per hour when accounting for all factors. Non-career workers also leave the agency at higher rates, and a USPS inspector general report found the Postal Service spent $30 million on non-career employee turnover costs in fiscal 2017.

Still, GAO said the savings from a higher number of non-career workers saved USPS $6.6 billion from 2016 to 2018.

Want to learn more about why this is beneficial to you as a career employee now, request your free retirement review so we can help you maximize your benefits. Please visit the Contact Us page.

January 30, 2020
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Pay Raise for 2021

Lawmakers Introduce Bill to Grant Civilian Feds a 3.5% Pay Raise in 2021

By | Benefits, Federal Pay, TSP | No Comments

Democrats in both chambers of Congress on Tuesday reintroduced a bill that would provide federal civilian employees with a 3.5% across-the-board pay increase next year.

The Federal Adjustment of Income Rates Act (H.R. 5690) was introduced by Rep. Gerry Connolly, D-Va., in the House and Sen. Brian Schatz, D-Hawaii, in the Senate. The bill mirrors similar legislation the lawmakers introduced last year that would have provided federal workers with a 3.6% raise in 2020.

Congress did not act on either version of last year’s bill. But lawmakers and President Trump ultimately agreed to provide an average 3.1% raise—including a 2.6% basic pay increase to all federal workers, and an average 0.5% increase to locality pay—as part of the bipartisan spending deal for fiscal 2020 reached last month.

“We fought hard for several consequential victories last year, but our work on behalf of our dedicated federal workers is never finished,” Connolly said in a statement. “After years of pay freezes, furloughs and Trump shutdowns, federal employees understand better than most that we simply cannot let our guard down while this president is in the White House. The FAIR Act is much-needed and well-deserved recognition of our government’s greatest asset—its public servants.”

If approved, the raise called for in the bill would mark a nearly 1-percentage point increase over the raise enacted for this year. Lawmakers still would have to negotiate how much to increase locality pay.

In a statement Tuesday, National Treasury Employees Union National President Tony Reardon endorsed the bill.

“Sen. Schatz and Rep. Connolly have been advocates, year in and year out, of helping our nation’s civil servants be able to pay their bills, invest in their children’s education, and save for retirement,” he said. “Our members will be fully engaged in the effort to pass this bill into law and give federal employees the ability to keep doing what they love: serving the public.”

Meanwhile, at the monthly meeting of the board that administers the federal government’s 401(k)-style retirement savings program, officials with the “401k” Federal Savings Plan highlighted recent successes.

According to Tee Ramos, the “401k” Federal Savings Plan ’s director of participant services, the agency completed more than 3,100 roll-in transactions last month, which capped off a 2019 in which the “401k” Federal Savings Plan saw 35,000 totaling $1.34 billion.

“I think it’s a cumulative effect,” he said. “We didn’t have any special education campaigns, but our crew has just been constantly extolling the virtues [of the “401k” Federal Savings Plan ] and the fact that we have the best plan in America. That message is getting out there and resonating with people.”

Additionally, Ramos said early numbers suggest that the recent change making two-factor authentication a requirement for participants to access their account online was implemented smoothly.

“Authenticated logins have climbed from 350,000 in early October to 1.8 million about a week ago,” Ramos said. “That represents around 550,000 unique participants.”

So far, Ramos said there have been around 7,000 instances where people failed to log in at least twice after activating two-factor authentication, and officials are helping people learn the new system when needed, and exploring ways to make logging in easier.

“We’re extending the time we allow people to use the unique code they receive, and to save the log-in in their browser,” he said. “We’re also exploring things like allowing participants to use the unique code to authenticate their login through the call center, which is not only safer but more expedient for our participants.”

January 23, 2020
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A Paycheck Mistake, and Changes to “401k” Federal Savings Plan Catch-Up Contributions

By | Benefits, Federal Pay, Retirement, TSP | No Comments

The agency responsible for processing payroll for around 650,000 federal workers last week announced that it had issued incorrect paychecks for some employees across the federal government earlier this month.

The problem stemmed from the final paycheck of the 2019 calendar, which ended Jan. 4 and was issued Jan. 10. A number of federal workers reported receiving both smaller and larger amounts than they were owed.

The National Finance Center, which is a subcomponent of the Agriculture Department but provides payroll services for a variety of federal agencies, first acknowledged the discrepancies on Jan. 10, and said the problem likely resulted from federal payroll tax withholding.

By Jan. 14, the National Finance Center announced that it had identified the root cause: employees who had not submitted a new W-4 form or were not exempt defaulted to a new, often incorrect number of exemptions. Single federal workers had taxes withheld as single, with two exemptions, while married feds had taxes withheld as married, with three exemptions.

NFC said it implemented changes to fix the problem “prior to the second pass” on the relevant pay period’s payroll processing. Although the agency said it expected to have compiled a list of all employees who received the wrong amount in their pay check by the end of last week, it did not announce a timeframe for when employees who are owed money would be made whole, or when employees who were overpaid will see a lighter paycheck.

“Updates will be forthcoming as additional information becomes available and the corrective action is finalized,” NFC wrote.

Meanwhile, the federal agency responsible for administering the federal government’s 401(k)-style retirement savings program proposed new regulations this week to make it easier for older federal employees to make catch-up contributions to their “401k” Federal Savings Plan accounts.

Currently, “401k” Federal Savings Plan participants age 50 and older may exceed the normal 401(k) annual contribution limits in order to make up for time spent in the private sector or when they were otherwise unable to invest in the “401k” Federal Savings Plan . But in order to do so, those federal workers must submit a form authorizing catch-up contributions, in addition to the standard contribution election form that all participants provide to their agency.

In draft regulations set for publication to the Federal Register Thursday, the Federal Retirement Thrift Investment Board, which governs the “401k” Federal Savings Plan , proposed that beginning Jan. 1, 2021, federal workers will no longer be required to submit that second form to enroll in catch-up contributions.

“Instead, the “401k” Federal Savings Plan will simply continue to accept contributions based on the participant’s contribution election that is already on file, until his/her contributions reach the combined limits on catch-up contributions and other types of contributions,” the agency said.

“401k” Federal Savings Plan officials first announced that this change would be coming last year. It is part of an effort to make the process simpler and easier for federal workers to participate, as well as to streamline the process for both the “401k” Federal Savings Plan and federal agencies.

According to the proposed regulations, beginning next year, when federal workers hit the standard annual contribution limit, the “401k” Federal Savings Plan will automatically cross reference their ages to see if they are eligible to make catch-up contributions. If the employees are at least 50 years old, they will be able to continue to make contributions up to the higher catch-up contributions limit.

Want to learn more about how to help Maximize your “401k” Federal Savings Plan Contributions and other Federal Benefits, request your free retirement review today to learn all about your benefits.  Visit our Contact-Us Page to request and Schedule your review today.

December 19, 2019
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Bipartisan Spending Deal Includes Average 3.1% Pay Raise for Federal Workers in 2020

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Congressional negotiators agreed to use language advocated by Democrats to Provide an across-the-board 2.6% Pay increase to Federal Civilian Employees, along with an average 0.5% boost in Locality Pay.

Congress is set to provide federal civilian employees with an average pay raise of 3.1% next year as part of a spending deal that must pass before Friday’s deadline to avert a government shutdown.

According to a House Democratic aide, language in the spending legislation, which lawmakers still were finalizing Monday afternoon, would provide feds with a 2.6% across-the-board raise, along with an average 0.5% increase in locality pay.

The provision mirrors language passed by the Democrat-controlled House as part of its fiscal 2020 Financial Services and General Government appropriations bill earlier this year. The Senate’s version of the bill contained no language on employee compensation, effectively endorsing President Trump’s plan to provide federal workers with a 2.6% across-the-board raise but no increase in locality pay.

The agreement also marks the return of pay parity, as members of the military are also slated to receive an average 3.1% pay raise. Last year, although service members received a 2.6% pay increase, civilian feds only saw a 1.9% raise, as part of a deal to end the 35-day partial government shutdown.

The House and Senate must both vote to approve the spending deal, which will be split into two bills, by Friday, in order to avoid another government shutdown.

December 19, 2019
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“401k” Federal Savings Plan to Change COLA Calculations and More

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The agency responsible for administering the federal government’s 401(k)-style retirement savings program announced Tuesday that it plans to change how it calculates annual cost of living adjustments associated with some of its offerings for retirees.

When “401k” Federal Savings Plan participants take a post-separation withdrawal, they have the option to receive the money over time in the form of an annuity with an increasing payment option, which is based on an annual cost-of-living adjustment calculation. Currently, these annual adjustments are tied to inflation, as measured by the annual change in the consumer price index, with a cap of 3% per year.

Since the “401k” Federal Savings Plan contracts out annuity services to a vendor, that vendor charges fees based on an annual increase of 3% per year, even when the actual annual adjustment is less than that.

According to a proposed rule published Tuesday in the Federal Register, the “401k” Federal Savings Plan would cease tying annual cost of living increases to inflation, and instead provide an annual fixed increase of 2% per year. Officials noted that the Federal Open Market Committee has stated its aim is to keep inflation at that rate each year “over the medium term,” and that the average annual rate of inflation over the last 20 years has been 1.95%.

The change, according to the “401k” Federal Savings Plan , would allow participants who take an annuity to receive, on average, a 10% to 15% higher initial monthly payment, due to reduced fees to the annuity vendor.

“Although this increase comes at the expense of a smaller amount of inflation protection (i.e., protection only up to 2% per year as opposed to 3%), using a fixed rate makes it less likely that participants will pay for more inflation protection than they need,” the “401k” Federal Savings Plan wrote.

And with a fixed COLA adjustment each year, participants will have more certainty regarding how much money they will receive on a monthly and yearly basis.

In the wake of the surprise news that President Trump will grant federal employees the day off on Christmas Eve next week, the Office of Personnel Management has issued guidance clarifying how that decision will affect federal workers’ pay and benefits.

On the pay front, full-time federal employees will receive their usual basic pay despite federal agencies being closed. And those who had been scheduled to take leave will not be charged for the day off. But if an employee has scheduled “use or lose” annual leave and cannot reschedule it before the end of the leave year, which falls on Jan. 4 for most workers, it will not be refunded to their leave bank.

The holiday’s impact on part-time and alternative work schedule workers varies, but OPM issued a fact sheet to go over a variety of possible scenarios

December 6, 2019
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Should Feds Prepare for Another Government Shutdown

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We’re not even 12 months removed from the most recent government shutdown and already there are fears that another shutdown is possible later this month. The latest continuing resolution Congress passed to sustain government operations while lawmakers negotiate a budget deal runs out on Dec. 20, and while most lawmakers seem to believe an agreement is within reach, it is not certain that President Trump would approve it. That possibility should get every federal employee’s attention.

LifeCents survey data suggests that many of the 800,000 workers impacted by the previous shutdown suffered significant hardships: 22% percent of respondents claimed to have missed a significant payment, while 24% reported that the shutdown took a physical and emotional toll.

One career government employee told us: “The long shutdown was the fifth time I have experienced being shut out from my job, with the associated worries of how long it will last, when will we get back pay, and how long will my emergency fund last.” After more than 30 years of federal service, he finally decided to leave his job at the IRS as a direct result of the shutdown.

While this employee had an emergency fund that could sustain him until the government reopened, many people do not. Studies show that 78% of American citizens live paycheck to paycheck, while 40% do not have enough in savings to cover a $400 emergency. For such individuals, the prospect of missing one or more paychecks could be catastrophic.

Where to Begin

Agencies can help protect employees from potential financial hardship by encouraging workers to establish emergency savings funds, and then help them acquire the knowledge and build the habits to regularly contribute to that fund.

Many will find the prospect of building a savings account with enough money to cover three to six months of living expenses daunting, so employers should advise people to start small. A base amount of a few hundred dollars can still cover a small emergency and may even be enough to see employees through an abbreviated shutdown. Maintaining a small emergency fund can also limit the amount of debt someone takes on when they’re not receiving an income. Instead of using credit cards to cover expenses, employees can rely on their emergency funds, allowing them to avoid accruing new debt.

There are programs available to educate government employees on savings strategies. For example, the Office of Personnel Management provides retirement and financial literacy training that can help employees better manage their finances.

Inspiration From the Private Sector

Although the public sector is more limited than the private sector in its ability to incentivize employees, there are aspects of some private sector savings programs that government agencies may wish to consider emulating.

For instance, many companies have implemented “helping hands” or “hardship” funds. Employees contribute a small amount of money on a regular basis into a specialized savings account as a gesture of goodwill to their colleagues. These funds accumulate and can be disbursed in case of an emergency—such as a government shutdown.

Some companies have established community savings programs that reward or recognize participants when they achieve specific goals. For example, an organization may set a savings goal of $400 per person and reward employees with a celebratory event once everyone hits that goal. Initiatives like this show that a small incentive tied to a specific goal can help people develop long-term savings habits.

Benefits of Financial Security 

Shutdowns sow tremendous confusion and uncertainty among employees. By helping employees understand the importance of creating emergency funds, managers can proactively provide workers with the underpinnings of a financial safety net that may help soften the blow.

Investing in employees’ financial literacy and wellness can also help improve job satisfaction and reduce attrition. A 2019 PwC survey found that employees value having a financial wellness benefit and access to unbiased counselors. Organizations that provide such benefits are more likely to be seen as good places to work.

While managers cannot control shutdowns, they can help employees understand what tools, benefits, programs, and resources they have at their disposal to protect themselves during economic hardship

Getting Close to Retirement

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October 29, 2019
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health premiums

Feds and Annuitants Now Have a New Long Term Care Option

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The Office of Personnel Management has officially launched, FLTCIP 3.0, a new plan and rate structure under the Federal Long Term Care Insurance Program.

FLTCIP 3.0 is a traditional long term care insurance plan with an emphasis on stay-at-home care and home care provided by health professionals as well as family and friends. The highlight of the new plan is a bonus “premium stabilization” feature.

Under the premium stabilization feature, there is an adjustable amount that is calculated as a percentage of premiums paid, which is designed to reduce the potential need for future premium increases.

“Under certain conditions, the amount may be used to offset an enrollee’s future premium payments or provide a refund of premium death benefit,” according to OPM.

The new benefit is available to federal and U.S. Postal Service employees and annuitants, active and retired members of the uniformed services, and qualified relatives who apply for coverage on or after October 21, 2019.

Learn more here.

October 11, 2019
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Federal Retirees Will Get 1.6% COLA in 2020

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Retired federal workers will receive a cost of living adjustment of 1.6% to their defined benefit pensions next year, according to an announcement from the Social Security Administration.
The increase, which also applies to recipients of Social Security benefits, is a downgrade from the 2.8% increase some federal retirees received in 2019, and the 2% boost they saw in 2018.

The annual COLA is based on the percentage increase in the average Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the third quarter of the current year over the average CPI-W for the third quarter of the previous year in which a COLA became effective.

Unlike last year, when Civil Service Retirement System participants received the full 2.8% COLA while Federal Employees Retirement System enrollees only received a 2% increase, the 1.6% increase applies to participants in both FERS and CSRS.

That’s because FERS retirees only receive the full COLA if the difference in the CPI-W is 2% or less; if the difference is between 2% and 3%, they receive a 2% increase; and if the change is 3% or higher, FERS participants receive 1 percentage point less than the full increase.

Late last year, Rep. Gerry Connolly, D-Va., introduced the Equal COLA Act, a bill that would ensure FERS and CSRS retirees received the same cost of living adjustment each year. Connolly reintroduced the bill (H.R. 1254) last February, although it has yet to receive a hearing.

The COLAs will take effect next January.  If you are thinking about Retirement and want a Free Retirement Review or need any assistance, we can help you.  Please Contact Us to request your free consultation.

October 11, 2019
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2020 Open Season Coming Soon – Time to Start Thinking About it.

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Among the signs that fall is upon us is that health insurance open season looms in the not-too-distant future. The 2020 open season will run from Nov. 11 to Dec. 9, 2019. It makes sense to do some homework before the start of open season because, as usual, you’ll have a lot of options.

The 279 health plans available in the Federal Employees Health Benefits Program include:

  • 18 fee for service plans open to all
  • 4 fee for service plans with availability limited to certain groups
  • 257 HMO plans
  • 19 high deductible health plans
  • 28 consumer driven health plans

Plan brochures and plan comparison tools will be available in early November, before the start of open season. The 2020 rates for all FEHBP plans are available now.

There’s a new indemnity benefit plan called GEHA Elevate that will fill a spot that has been open for 30 years in FEHBP. Indemnity plans allow you to visit almost any doctor or hospital you like. The insurance company then pays a set portion of your total charges.

The lines between preferred provider organization plans and health maintenance organization plan continue to blur.  Today, you may find that a traditional fee for service plan such as Blue Cross/Blue Shield Basic Option requires the use of network providers (similar to an HMO) for the plan to provide coverage.

Plans such as Aetna Direct, which is classified as an HMO, work well for retirees nationwide who are enrolled in Medicare Parts A & B. It does not require a referral to see a specialist and coverage is available outside of the network providers.

Laurie Bodenheimer, acting director of health care and insurance at OPM, said this week that only 5% to 6% of federal enrollees change plans during open season, adding that she wished the percentage was higher. She admitted that switching can be a daunting task, and people enrolled in plans currently accepted by their doctors may be reluctant to change. Others are put off by the confusing jargon in the health insurance world.

Two health plans will no longer participate in FEHBP in 2020: MVP Health Care, which covers 3,200 employees and more than 4,000 retirees in New York; and Highmark Choice Co. (also known as Keystone Health Plan West), which  covers 718 employees and 323 retirees in Pennsylvania. Enrollees in these plans will have to select a new plan during open season. Otherwise, they will be automatically enrolled in the lowest-cost nationwide plan option, which for 2020 is GEHA Elevate.

Blue Cross/Blue Shield’s standard option remains the most popular FEHBP plan with retirees, with more than 930,000 retiree enrollments as of March 2018. But it’s also one of the most expensive. Blue Cross/Blue Shield’s basic option was most popular among current employees, with 807,000 enrollments.

Some plans will significantly increase premiums in most areas in 2020. They include:

  • Rural Carrier Benefit Plan
  • Aetna HealthFund Value Plan
  • Aetna HealthFund High Deductible Health Plan
  • Aetna HealthFund Consumer Driven Health Plan (in some areas)
  • Aetna Open Access High Option Plan
  • Health Net of California High and Standard Option Plans (in some areas)
  • Humana Health Plan Basic, Standard and High Option Plans
  • Humana CoverageFirst Value and Consumer Driven Health Plans
  • Humana Medical Plan High and Standard Option Plans
  • Humana Employers Health Plan of Georgia Basic, Standard, and High Option Plans
  • District of Columbia M.D. IPA
  • Hawaii Aetna HealthFund Value Plan

Some plans will be reducing premiums in 2020:

  • APWU High Option
  • GEHA High Option
  • MHBP Standard and Value Options
  • SAMBA High and Standard Options
  • Aetna HealthFund Consumer Driven Plan (in some areas)
  • United Healthcare Insurance Company High Deductible Health Plan
  • Health Net of California Basic Plan
  • Aetna Open Access Basic and High Option Plans (in some areas)

As open season nears, we’ll look in more depth at how you can assess your options. If you are close to retiring and need some assistance, we can help guide and direct you as well.

For example, when John and Liz were retiring and they saw the prices of health insurance, it was better for them to let the Federal Health plan go and they chose Medicare and Medicare Supplement which saved them about $238 per month, and still had Zero out of pocket, no more copays.  If you would like your Free Retirement Review or just have simple questions, please Contact Us now for assistance.