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Guide to the Federal Thrift Savings Plan

A good overview of the kinds of investment funds being made available by the federal government to participants in its self-directed Thrift Savings Plan. The guide is prepared by GovExec.com (not the Federal Retirement Thrift Investment Board, which administers the TSP).

OPM Proposes Extending Federal Employees' Health Benefits to Same-Sex and Opposite-Sex Domestic Partners

"The Obama administration has proposed to expand the Federal Employees Health Benefits Program to domestic partners -- including both opposite- and same-sex couples -- as part of sweeping changes to the program. The Office of Personnel Management announced its proposals at a congressional hearing ... saying the initiatives would improve efficiency and help recruit a better workforce while saving $8.4 billion over ten years."

Obama Budget Would Increase Federal Employees' Pension Contributions

"President Obama wants federal employees to contribute 1.2 percent more of their pay, phased in over the next three years, toward their pensions ... Right now, most enrollees in the Federal Employees Retirement System contribute 0.8 percent of their pay to their pensions[.]"

Federal Employee Retirement Applications Continue to Surge

"OPM received 10,183 new claims in March, more than double the 5,000 applications the agency expected to come in last month. Still, OPM managed to reduce the claims backlog by 11 percent between February and March, processing 14,683 claims during that time. The backlog now stands at 36,603 retirement claims -- a 40 percent reduction since January 2012, but a 1.5 percent increase from January 2013."

Obama's Budget Targets COLAs, Federal Retirement Benefits

"President Obama's 2014 budget proposal will include a less generous formula for calculating federal retirees' cost of living adjustments, and ask federal employees to make higher contributions to their retirement pensions, a senior Obama administration official has informed members of Congress.... Advocates for federal retirees warned against accepting arguments in favor of the chained CPI."

The Commuter Benefit Chase at Federal Agencies

"The sequester is squeezing nearly every agency's budget. Managers are scouring the books to find all available savings, and that could include less generous public transit and parking benefits for federal employees. The Labor Department, for instance, has already decided to provide a maximum monthly transit subsidy of $125 to employees in 2013 -- $120 less than the maximum that agencies can give feds this year under the law."

Bill Aims to Curb Rising Prescription Drug Costs of Federal Employees Health Plan

"Rep. Stephen Lynch, D-Mass., has proposed a bill to ... [cap] prescription drug prices paid by the [Federal Employees Health Benefits Program (FEHBP)] and [provide] stronger guidance for negotiators. Currently, individual health plans contract with pharmacy benefit managers, who negotiate with drug manufacturers and pharmacies on behalf of their enrollees. Lynch said FEHBP participants are paying 15 percent to 45 percent more for their prescription drugs than participants in other federal programs, including the Veterans Affairs Department's, and Medicare and Medicaid."

Lawmaker Proposes Bill to Give Surplus Pension Funds to Postal Service

"Rep. Stephen Lynch, D-Mass., has proposed a bill to return surplus pension funds to the U.S. Postal Service, saying the move will help the cash-strapped agency meet its financial obligations.... A report commissioned by the USPS inspector general estimated USPS' Federal Employees Retirement System surplus has reached $11.4 billion due to a growing gap between the salary of the average postal worker and the salaries of other federal employees."

GOP Budget Calls for Smaller Federal Workforce, Less Generous Benefits

"Rep. Paul Ryan, R-Wis., unveiled his fiscal 2014 budget blueprint ... which proposes increasing the amount [that federal government employees] contribute to their pensions and changing pay and benefits to 'better align' with the private sector. Reforming federal compensation would save an estimated $132 billion over the next decade, claimed Ryan[.]"

GOP Sequester Alternative Targets Federal Employees' Pay and Benefits

"[T]he 2013 Sequester Replacement and Spending Reduction Act ... includes provisions to extend the federal pay freeze through 2014 and increase current employees' pension contributions by 2.3 percent over three years. The bill ends the government's Federal Employees Retirement System annuity supplement for anyone hired after Dec. 31, 2013.... The legislation is similar to several attempts by lawmakers in both chambers to decrease the pay and benefits of federal employees in the name of deficit reduction."