Survey: Most TSP Participants Lack Outside Savings But Confidence Ticks Up

/in /by

Survey: Most TSP Participants Lack Outside Savings But Confidence Ticks Up

Close to 40% of survey participants report having private savings/investments to provide additional retirement income. 

Earlier this year we looked at the results of the Federal Retirement Thrift Investment Board’s 2023 financial wellness survey and some key findings.

The survey was of TSP participants, both employed and retired, and had a relatively anemic 13% overall response rate.  What was interesting was that, among the TSP participants who were still employed, the participation rate climbed the closer the respondents were to retirement.  It ranged from 6% for those under 35 to 20% for those 50 and older.  I guess that the closer we are to retirement, the more it is on our mind. Follow link to read more. Survey: Most TSP Participants Lack Outside Savings But Confidence Ticks Up (fedweek.com)

Source: FRTIB 2023 Financial Wellness Survey  https://www.frtib.gov/pdf/reading-room/SurveysPart/wellness/2023_Financial_Wellness_Survey.pdf

What Went Wrong with the Launch of Thrift Savings Plan’s New Online System?

/in /by

What Went Wrong with the Launch of Thrift Savings Plan’s New Online System?

Just over two years ago, the Thrift Savings Plan launched a new online system meant to modernize and improve users’ access to their federal retirement savings. But almost immediately after the system launched, users reported widespread problems accessing their retirement savings and account information. By the end of that first day, TSP’s hotline had received 120,644 calls—with many users waiting hours to get help with accessing their accounts.

Here, at GAO, we received pleas for help from some users, many of whom told us that they were unable to access funds to pay bills or time sensitive information needed to get loans and mortgages.

Congress heard the complaints too and asked that GAO look into what caused the widespread problems and what is being done to prevent future issues. Today’s WatchBlog post looks at our new report on what we found.

Please click HERE to read more from the GAO.

 

 

 

 

 

Pay Raise for Federal Employees Seems to be All But Ensured

/in /by

Pay Raise for Federal Employees Seems to be All But Ensured

In today’s Federal Newscast, federal employees are one step closer to receiving the 2% pay raise the Biden administration proposed for fiscal 2025.

Federal employees are one step closer to receiving the 2% pay raise the Biden administration proposed for fiscal 2025. The Senate Appropriations Committee remained silent about the proposed increase when it passed the Financial Services and General Government appropriations bill last Thursday. With the House also remaining silent when it passed its version of the spending bill earlier this summer, the pay raise is all but a done deal. Federal unions and other employee organizations have pushed for a larger pay raise for feds in 2025, calling for a 7.4% boost rather than the 2% proposal. Nothing is set in stone, however, until President Joe Biden signs an executive order to enact the pay increase, which usually happens in December. (Full committee markup of 2025 spending bills – Senate Appropriations Committee). Follow link to read more. https://bit.ly/46DxY49