The American Postal Workers Union is working fervently to make certain that the Postal Service’s decision to suspend employer contributions to FERS does not negatively affect the nation’s postal employees, President Cliff Guffey said on June 22. “We will take every step necessary to ensure that retirement benefits are protected. We are currently evaluating the […]
U.S. Postal Service Institutes Cash Conservation Plan- FERS account surplus valued at $6.9 billion WASHINGTON — The U.S. Postal Service has informed the Office of Personnel Management (OPM) of its intention to suspend its employer’s contributions for the defined benefit portion of the Federal Employees Retirement System (FERS) to conserve cash and preserve liquidity. The […]
The following is a Memo released by the Office Of Personnel Management (OPM) Recredit of Sick Leave for Re-employed FERS Annuitants Who Retire Between October 28, 2009, and December 31, 2013 The U.S. Office of Personnel Management has been asked whether employees covered by the Federal Employees Retirement System (FERS) who retire between October 28, […]
Republican Senators Richard Burr, (R-NC) and Tom Coburn (R-Oklahoma), on Thursday introduced a bill (S. 644) that would eliminate the pension portion of the Federal Employees Retirement System (FERS) for all new federal employees hired after 2012. The legislation would not affect Thrift Savings Plan benefits and agency-matching contributions. It also will not affect FERS […]
The White House released the 2012 budget today. In the budget it proposes to reimburse USPS for $6.9 billion in overcharges for FERS retirees. But the repayment is spread over 30 years, including $550 million in 2011. Here is the summary from the White House 2012 Budget outlining provisions for USPS: The Administration recognizes the enormous […]
The tax cut President Obama was expected to sign Friday will not include a payroll tax deduction for all federal employees. Employees under the Federal Employees Retirement System will see their contributions into Social Security drop from 6.2 percent to 4.2 percent in 2011 as part of a payroll tax holiday. But Civil Service Retirement […]
My name is Lennis B. Reynolds I am a retired Postal employee who took a VER/Incentive offer in August 2009. I am taking OPM to MSPB about the FERS Annuity Supplement. The difference without the Supplement is $1000.00 per month in retirement income. To : Honorable Howard J. Ansorge Administrative Judge Central Regional Office 230 […]
A new audit report from the Office Of Inspector General says that the USPS over-funded its FERS retirement obligations by $6.8 billion. The OIG reported several months ago that USPS overfunded its CSRS retirement obligations by $75 billion. Excerpts: Consistent with other retiree benefit obligations, the Postal Service is being unfairly burdened for its share […]
In recent VERAs the Postal Service issued FERS annuity estimates that omitted the employee’s FERS annuity supplement. The FERS annuity supplement is often nearly equal the basic annuity amount. Was that to discourage early retirements so they can justify weakening the no-layoff clause in upcoming contract negotiations? The method of calculating the FERS annuity supplement […]
Former Alaska Senator Ted Stevens was a longtime advocate for federal employees. Stevens played a key role in the creation of the Thrift Savings Plan, a 401(k)-type retirement savings program. He also was one of the original sponsors of the 1993 Family Medical Leave Act, which provides 12 weeks of unpaid leave. A moderate Republican, […]