A TSP participant can designate whomever they want as a beneficiary to their TSP account, however, only a spousal beneficiary can choose to leave the funds in TSP. Read more
Archive for month: August, 2017
A topic of interest to many current and soon-to-be retired federal employees is the annual cost of living adjustment (COLA) for Social Security recipients and federal retirees. The annual increase has averaged about 1% since 2012. This average includes Social Security and federal retirees not receiving any increase in 2016.
The latest monthly inflation figures have been released by the Bureau of Labor Statistics. Insofar as this impacts the annual cost-of-living-adjustment to civil service annuities and Social Security recipients, the news may be disappointing.
More members of Congress are voicing their concerns for recent fiscal 2018 budget proposals that could make significant changes to the federal retirement system for current and future employees and retirees.
Ten House Republicans are appealing to House Oversight and Government Reform Committee Chairman Trey Gowdy (R-S.C.), the leader of the committee that’s been tasked to develop legislative proposals that would reduce the federal deficit by $32 billion over 10 years through reforms to civil service pensions.
“No one needs to remind us of the deficit and debt problem our nation faces, but federal employees are an easy political target,” the 10 members wrote in a July 26 letter. “In more ways than one, they have already repeatedly given at the office. Therefore, we respectfully request that reject any further legislative changes to the federal employee retirement system at this time.”