Proposed Legislative Changes to Civil Service Pay/Benefits

Civil Service Discussion.

Moderator: Aitrus

Post Reply
User avatar
evilanne
Posts: 2067
Joined: Thu May 14, 2015 6:52 pm

Proposed Legislative Changes to Civil Service Pay/Benefits

Post by evilanne »

Current legislative news that addresses proposed reduction in benefits (increase cost of health care & retirement benefits; phasing out FERS Supplement & defined benefit portion of FERS) and also lowering interest on G Fund in TSP:

The G Fund currently offers interest based on a riskier, long-term security, according to the report, and decreasing it would better align the G Fund “with an appropriate risk profile.” The committee said in its fiscal 2016 budget the change would save $32 billion.


House GOP Doubles Down on $300B in Federal Workforce, Pay Cuts
http://www.govexec.com/pay-benefits/201 ... ts/126690/

House Republican Budget Would Revive Cuts to Feds’ Pay and Benefits
http://www.govexec.com/pay-benefits/201 ... ts/126690/

crondanet5
Posts: 4330
Joined: Tue Aug 19, 2008 8:51 pm

Re: Proposed Legislative Changes to Civil Service Pay/Benefi

Post by crondanet5 »

If this happens everyone eligible to roll their TSP Account into a Rollover 401k should do so.

User avatar
evilanne
Posts: 2067
Joined: Thu May 14, 2015 6:52 pm

Re: Proposed Legislative Changes to Civil Service Pay/Benefi

Post by evilanne »

I love my TSP account and plan on staying. Rlinehan is right on the other thread, you can roll over your TSP into an IRA when you retire. If you are employed somewhere that has a 401k after you leave government service or retire, you may be able to roll over your TSP funds into a qualified 401k, depending on their rules, just as you can now transfer other retirement accounts into TSP. But whether it is desirable to do so is another question and would require evaluation of each plan.

I posted this for awareness. I think it would have a huge impact on whether or not people would even consider public service. It could impact when someone who is eligible to retire might chose to retire (sooner rather than later) if proposal ever gets out of committee, passed by both the House & Senate and passed into law.

We all have Representatives that are influenced by their constituency, so if you disagree, you should let your representatives know.

Jankadank
Posts: 19
Joined: Fri Dec 11, 2015 11:53 am

Re: Proposed Legislative Changes to Civil Service Pay/Benefi

Post by Jankadank »

Well, hopefully congress implements similar cuts to all government programs and we can finally get this country's spending under control..

Post Reply

Fund Prices2024-03-28

FundPriceDayYTD
G $18.15 0.05% 1.05%
F $19.08 -0.06% -0.74%
C $82.21 0.11% 10.55%
S $82.43 0.30% 6.92%
I $42.57 -0.24% 5.95%
L2065 $16.38 0.02% 8.37%
L2060 $16.39 0.02% 8.38%
L2055 $16.39 0.02% 8.38%
L2050 $32.73 0.01% 6.95%
L2045 $14.91 0.02% 6.58%
L2040 $54.38 0.02% 6.22%
L2035 $14.34 0.02% 5.79%
L2030 $47.67 0.02% 5.38%
L2025 $13.15 0.03% 3.43%
Linc $25.61 0.03% 2.82%

Live Charts

Pending Allocations

Under development. For now, you may view Pending Allocations by going to "fantasy TSP" and selecting "Leaderboard sort" of "Pending Allocations".