FERS Hits the Big 4-0: Has it Been That Long?
Today, FERS accounts for all but several percent of the federal workforce. It also probably accounts for the majority of retirees today.
Since its beginning, the Federal Employees Retirement System has been known as the “new” system, in comparison with the “old” Civil Service Retirement System. Click HERE to find out more.
How Some People Escape The Steep Medicare Surcharge on Premiums Known as IRMAA
“Our federal health benefit program started in 1960 and Medicare didn’t start until 1965, so we always had lifetime coverage as federal retirees,” explained Tammy Flanagan, principal of the Retire Federal consulting firm in Bradenton, Fla. “The majority of federal retiree still don’t have to take Medicare.” Click HERE to read more.
Strong gains in the stock-based TSP funds in 2023 pushed the average account for federal employees and retirees back to roughly the levels before the losses of 2022, with the average $175,700 for those under FERS and $197,300 for those under CSRS at year-end 2023, according to figures released at the January meeting of the TSP governing board. Click HERE to read more.
Some 2024 changes that may benefit federal employees and retirees.
It’s a new year and there are new benefit amounts that take effect at the beginning of each year as well as basic pay adjustments for federal workers under the General Schedule and cost of living adjustments for retirees. For most feds, there are changes in the premiums paid for Federal Employees Health Benefits. For retirees who are working after retirement, there are also new earnings limits applied to their FERS Special Retirement Supplement and Social Security benefits. Click HERE to find out more.
The Postal Service Health Benefits (PSHB) Program is a new, separate program within the Federal Employees Health Benefits (FEHB) Program, administered by the Office of Personnel Management (OPM) which will provide health insurance to eligible Postal Service employees, Postal Service annuitants, and their eligible family members starting in 2025. The PSHB Program coverage will replace Federal Employees Health Benefit (FEHB) Program coverage for these groups.
USPS has issued fact sheets on the PSHB program – one for current Postal employees, and one for Postal annuitants. Visiting these links will bring you to a USPS-owned website.
The team at OPM, in conjunction with the United States Postal Service (Postal Service), is working tirelessly to help ensure a seamless transition and positive experience for Postal Service employees, Postal Service annuitants, and their families. Click HERE to find out more from OPM.gov