Congressional Leaders Agree On Spending, Key Step To Averting Shutdown
Congressional leaders said they reached an agreement on overall spending levels for the current fiscal year that could help avoid a partial government shutdown later this month. Click HERE to read more.
Planning A Career Change In 2024?
If a new career outside of the federal workforce is on your list of resolutions, here are a few things you need to know about your benefits.
It’s a new year and for some federal employees, it is time for a career change. If you are planning to leave federal service, it is important to understand what benefits you will take with you and which ones you will leave behind. Click HERE to find out more.
New Rules for Rolling Over a 529 College Savings Plan to a Roth IRA
I’ve long been a fan of 529 college savings plans. The potential to tackle one of every family’s biggest financial challenges — getting your kids through school without accumulating a bunch of debt — combined with some amazing tax incentives and easy-to-use programs make them an attractive choice to save for college. Click HERE for more information.
One TSP Investment Limit Rising, Other Staying Same
Effective in 2024, Roth balances will no longer be subject to required minimum distributions prior to a participant’s death.
The standard investment limit for the TSP (and other 401(k) type retirement savings plans) is rising to $23,000 for 2024, from $22,500 in 2023. That “elective deferral limit” is the total investment allowed in traditional balances (pre-tax on investment, taxable on withdrawal), Roth balances (after-tax on investment, tax-free on withdrawal if certain conditions are met) or both, for those with both types of balance. Click HERE to read more.
Biden Signs Order Finalizing 5.2% Pay Raise For Feds in 2024
Source: Government Executive
The measure confirms that the federal workforce will see its largest pay increase in more than 40 years.
President Biden on Thursday issued an executive order implementing his plan to provide civilian federal workers with an average 5.2% pay raise next month. Click HERE to read the full article.