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Federal Employees News Digest : Oct. 29, 2012
••• In Brief Coalition urges lowered DOD contractor pay A coalition of federal employee unions, good government groups and others is pressing Congress to lower the cap on the maximum allowable compensation the federal govern- ment pays to Defense Department contract employees. In an Oct. 18 letter to the chairmen of the Senate and House Armed Services Committees, Sen. Carl Levin (D-Mich.) and Rep. Buck McKeon (R-Calif.), and Ranking Members Sen. John McCain (R-Ariz.) and Rep Adam Smith (D-Wash.), the coalition urged Congress to pass a measure greatly lowering the cap from $763,029 to $230,700. "With budget cuts and sequestration loom- ing, it is fiscally irresponsible to allow private contractors to charge escalating and exorbitant rates to the government," the letter stated. The letter said such a move would result in savings of "at least $5 billion per year." The letter from the 10-member coalition was signed by top officials from labor organizations including the AFL-CIO, American Federation of Government Employees, National Treasury Employees Union, International Federation of Professional and Technical Engineers, and American Federation of State, County and Municipal Employees, as well as from the Project on Government Oversight, Economic Policy Institute, In the Public Interest, National Employment Law Project, OMB Watch and Project on Government Oversight. OPM releases guide for fellowship program The Office of Personnel Management has released a guide to help applicants navigate the new Presidential Management Fellows program application process. The program, which is for masters-level or professional degree candidates, is one of three new programs that went into effect in July under an executive order aimed at making federal internship hiring more transparent and stream- lined. The guide is specific to the 2013 PMF program assessment process and uses video tutorials and a step-by-step online checklist of what to expect from the two-phased process. It also complements a recently issued timeline specifying the necessary documents needed to apply for the program ahead of the Nov. 5 appli- cation acceptance date. The application process, including submission of all necessary docu- ments, will end Nov. 19. To view the guide go to: http://tinyurl.com/8v9cmle To see the timeline go to: http://www.pmf.gov/becomeapmf/index.aspx. October 29, 2012 Vol. 62, No. 16 8 Visit us on the Internet at www.FederalDaily.com Thrift SavingsPlanSharePrices FUNDS OCT. 23 ONE MONTH AGO ONE YEAR AGO G Fund F Fund C Fund S Fund I Fund Lifecycle Funds L Income L 2020 L 2030 L 2040 L 2050 Register free to get rates of return and other TSP info at: www.FederalDaily.com/pages/resources/thrift-savings-plan.aspx 13.9860 13.9697 13.7726 15.9643 15.9168 15.1018 17.7716 18.3356 15.1018 23.2856 24.0927 19.9420 19.5962 20.0214 18.2760 15.5849 15.6579 14.9110 18.4066 18.6805 16.8854 19.0430 19.4071 17.1951 19.5888 20.0253 17.4869 10.7917 11.0651 9.5478 Federal Benefits Q&A Question: "Do you have to move all of your money from the Thrift Savings Plan at age 70.5---or, if you have been taking monthly withdrawals, can you continue doing so?" Answer: At age 70.5 and every year thereafter, a TSP account owner can continue to receive monthly TSP payments, but the total annual amount of the monthly payments must be at least as much as the account owner's minimum required distribution (MRD), as determined by the TSP. Readers are encouraged to ask questions related to general employee benefits---such as CSRS, FERS, the Thrift Savings Plan, tax and estate plan- ning, insurance, Social Security and Medicare---at the "Federal Benefits Q&A" at www.FederalSoup.com. continued from page 4
Oct. 22, 2012
Nov. 5, 2012