Archive for month: September, 2024

What to Know About the New TSP I Fund

The TSP I Fund gets worldlier, though it bypasses China and Hong Kong as it steps into new markets.

With almost $900 billion and more than 7 million participants, the US Federal Government’s Thrift Savings Plan is the largest retirement plan in the world. This series of articles answers some of the most frequently asked questions about the TSP, and you can send your questions through Morningstar’s TSP feedback survey.

Questions: I’ve heard that the TSP I Fund will be changing benchmarks. What’s happening to the I Fund, and what does it mean for my portfolio?

Answer: The TSP I Fund is transitioning from exclusively owning non-US stocks in developed markets to adding emerging-markets companies to the portfolio. Follow link to read more from Morningstar. https://bit.ly/3N7AZAN

2023 OPM Federal Employee Benefits Survey (FEBS) Underscores Wide Satisfaction

Source: OPM

WASHINGTON, DC – The U.S. Office of Personnel Management (OPM) today released results from the 2023 OPM Federal Employee Benefits Survey (FEBS). Results from the 2023 FEBS underscore wide satisfaction federal employees have with available benefit programs, and an overwhelmingly positive assessment of those offered under the Biden-Harris Administration.

Overall, the survey showed a high level of satisfaction among enrollees – 90% or more of enrolled participants indicated core benefit programs (TSP and FEHB) meet their needs to a great or moderate extent. Over two thirds of participants reported that the availability of benefits through the Federal Employee Health Benefits (FEHB) Program, a retirement annuity, and the Thrift Savings Plan positively influenced their decision to join the federal government, and more than three-quarters reported that all three programs influenced their decision to stay.

“The federal workforce delivers key services to the American people every day. We must support the people who are doing that critical work. The Biden-Harris Administration has strengthened benefits for our employees and their families and this year’s FEBS is a positive sign we’re on the right track,” said Acting Director Rob Shriver. “At OPM, we will continue to support all of our workers, ensuring the federal government remains a model employer to attract and retain the nation’s top talent.”

Additionally, the 2023 FEBS demonstrated the importance of the Paid Parental Leave policy to employees. The report also shows the greatest impact of this benefit is on recruitment and retention among Millennial/Gen Z employees, around 70% of whom reported this benefit influenced their decision to take the job or their decision to stay in the job.

The Biden-Harris Administration has supported expanding health coverage for mental health needs, prevention and treatment of obesity, and treatment options for infertility. In its assessment of  improved benefits for federal employees, the 2023 FEBS demonstrated respondents’ positive opinions, and areas where more employees could take advantage of available benefits.

For example, OPM required FEHB Carriers to cover certain treatments for infertility starting in 2024. Seventy-six percent of respondents in the age group most likely to be using fertility treatments agreed such care should be available through FEHB plans.

OPM administered the most recent survey from October 17, 2023 through November 17, 2023 to approximately 100,000 federal employees, twice the sample size of the prior survey. The full 2023 FEBS results can be viewed here.