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Federal Employees News Digest : Nov. 12, 2012
"Many federal employees have expressed a desire to assist those in need in the region affected by this storm," OPM Director John Berry stated in a message to top officials. "As such, I am authorizing department and agency heads to allow a special solicitation of federal employees at the workplace to support the victims of this disaster." Special solicitation exemptions allow federal, postal and military personnel to provide a one-time cash or check donation outside the Combined Federal Campaign, which is the only authorized channel for federal charitable donations. The solicitations, which must end by Nov. 21, can be approved or not at the discretion of the head of the department or agency. A solicitation must identify the charities that receive the funds. Agencies, which are responsible for the administration of any such effort, are required to make it clear that the program is independent of the CFC. To see more, go to: http://tinyurl.com/buarshz. Paper check deadline looms The Defense Finance and Accounting Service reminded those who continue to receive paper pay checks that they soon will have to get their pay electronically to comply with new Treasury Department requirements. The Treasury Department set a March 1, 2013, deadline for all federal government pay- ments to be delivered by electronic funds trans- fer, which includes direct deposit. According to David McDermott, DFAS deputy director of operations, the Treasury Department estimates that the federal gov- ernment currently spends about $130 million a year to print and mail paper checks. DFAS alone spends $2 million per year to print and mail paper checks to the 1 percent of DFAS payees---military service members, mili- tary retirees, annuitants and federal civilian employees---who continue to receive those checks. "While we've always encouraged our cus- tomers to use direct deposit or some other form of EFT, federal law and the resulting Treasury rules are taking away the option to receive checks in the mail," McDermott said. The Treasury directive affects the entire federal government. Other departments and agencies, such as the Social Security Administration, have similar online resources for making the switch to EFT. See more at: www.dfas.mil/pressroom/dfas- newsreleasearchive/Release1012002.html and www.godirect.org. November 12, 2012 Vol. 62, No. 18 9 visit us on the Internet at www.FederalDaily.com Thrift SavingsPlanSharePrices FUNDS Nov. 6 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 13.9933 13.9765 13.7813 15.9664 15.9414 15.2537 17.9701 18.3644 15.4072 23.7240 23.8895 20.8357 19.7159 19.9278 18.2563 15.6256 15.6608 14.9768 18.5196 18.6659 17.0489 19.1899 19.3834 17.4031 19.7633 19.9931 17.7302 10.8988 11.0432 9.6891 Federal Benefits Q&A Question: "If I contribute the maximum per year to the Thrift Savings Plan, what are my other options for saving, such as a traditional or Roth IRA? What is the maximum per year allowed?" Answer: For the year 2012, you are eligible to contribute a maximum of $5,000 ($6,000 if you are age 50 or older as of Dec. 31, 2012) to a traditional IRA and/or Roth IRA (if your adjusted gross income does not exceed the annual maximum). You could contribute to both the traditional and the Roth IRA provided your total contribution to both does not exceed $5,000/$6,000. The deadline for making your 2012 IRA contribution is Apr. 16, 2013. 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 6
Nov. 5, 2012
Nov. 19, 2012