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Federal Employees News Digest : Jan. 14, 2013
the-board cuts under sequestration, which he said would have had "devastat- ing" effects on the Defense Department. "Had Congress not acted, the Department of Defense---along with other federal agencies---would have been forced to begin taking dramatic steps that would have severely impacted our civilian personnel and disrupted our mission," Panetta said in a Jan. 2 state- ment. "Hopefully, this will allow addi- tional time to develop a balanced deficit reduction plan that would permanently prevent these arbitrary cuts." Panetta said that if sequestration had proceeded on schedule, he would have been required to notify DOD's 800,000 civilian employees that they could be subject to furloughs. The secretary noted that threat of sequestration has not disappeared, and expressed hopes that Congress can come to an agreement over the next two months on a plan to achieve deficit reduction. "The responsibility now is to eliminate it as a threat by enacting balanced deficit reduction," he stated. "Congress cannot continue to just kick the can down the road." To see more, go to: www.defense.gov/ releases/release.aspx?releaseid=15763. Mileage reimbursement rate rises The General Services Administration has boosted privately owned vehicle mileage reimbursement rates slightly for calendar year 2013, effective Jan.1. The mileage reimbursement rate when the use of a privately owned automobile is authorized or if no government-owned automobile is available is now $0.565. In the event a government-owned vehicle is available, the new rate is $0.24 per mile, up one cent from the previous rate. The motorcycle rate increased to $0.535 per mile, up from $0.525. The rate for airplanes is now $1.33 per mile, up from the prior rate of $1.31. GSA notes that the new rates may dif- fer from IRS rates. To see more, go to: www.gsa.gov/por- tal/content/100715. January 14, 2013 Vol. 62, No. 24 8 Visit us on the Internet at www.FederalDaily.com Thrift SavingsPlanSharePrices FunDS Jan. 7 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 14.0262 14.0096 13.8230 15.9763 16.0305 15.3314 18.4811 17.9000 15.7897 25.1491 23.7610 20.8654 21.1290 20.2866 17.5743 15.7932 15.6611 15.0412 19.0083 18.6054 17.1134 19.8167 19.2915 17.4652 20.3050 19.8780 17.7858 11.3604 10.9709 9.7089 Federal Benefits Q&A Question: "I have a Voluntary Contribution Program (VCP) account with significant funds and am thinking of moving it to my outside account now that I am 60. What is the current VCP interest rate? Also, can I roll VCP contributions into my existing Roth IRA, and roll VCP interest into my traditional IRA? Finally, can I do this now, a year before I retire?" answer: The VCP interest rate decreases from 2.25 percent to 1.625 percent during 2013. You can roll over your VCP con- tributions to your existing Roth IRA and your accrued VCP interest can be rolled over to your traditional TSP account. You can do these rollovers now, the year before you retire. However, in doing so you will in effect shut down your VCP account. Readers are encouraged to ask questions related to general employee benefits---such as CSRS, FERS, the Thrift Savings Plan, tax and estate planning, insurance, Social Security and Medicare---at the "Federal Benefits Q&A" at www.FederalSoup.com. continued from page 5
Dec. 17, 2012
Jan. 21, 2013