Entries by FedSavvy

Avoid Abandoning Your TSP

Required Minimum Distributions (RMD) must be taken from an employer retirement plan by April 1st following the year you turn age 70 1/2 (unless you are still employed by that employer), to avoid a 50% IRS penalty of the RMD that was not taken. If you don’t take the RMD by December 31st of the […]

WEBINAR: How Divorce Can Affect Federal Benefits

Join us on Tuesday, May 10th at 12:00 pm EST Nationally, over 50% of marriages end in divorce. For federal employees, that typically means awarding the former spouse a portion of their FERS annuity and TSP account balance. Carol Schmidlin will be accompanied by a special guest for this webinar, CPA Dan Jamison.

Fed’s Long-Term Care Just Got More Expensive

Long-term care premiums are expected to increase for federal employees around the end of 2016. The Office of Personnel Management agreed to terms on a new seven-year contract with John Hancock Life and Health Insurance Company this past Tuesday. OPM Secretary, Sam Schumach, said that the increase is due to longer lifespans and low returns […]

Senate Places Limit on Administrative Leave

Republicans and Democrats have come to a rare agreement concerning Federal Employees on Wednesday, passing a bill that will ultimately cut back the use of “Administrative Leave.” “Administrative Leave,” is paid time off that does not subtract from vacation days, sick days, or other forms of leave. While there are many reasons this leave can […]