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Federal Employees News Digest : March 11, 2013
Postal workers get cola Career postal employees covered by the American Postal Workers Union's 2010-2015 collective bargaining agree- ment will get a $207 annual pay increase beginning in March, the union said. The cost-of-living adjustment is effec- tive March 9 and will show up in pay- checks issued March 29, and reflects increases in the cost-of-living from July 2011 to January 2012, and from July 2012 to January 2013, an APWU news bulletin said. In September, those employees will receive an additional COLA, reflect- ing increases in the cost-of-living from January to July 2012, and from January to July 2013, APWU said. Under the contract, other COLAs will become effective in March and September 2014, and in March 2015. To see more, go to: http://apwu. org/news/nsb/2013/nsb02-130221-co- la-316-630.htm. agency travel drops $2 billion Agencies' travel expenses fell by $2 bil- lion over the last two years, according to the Office of Management and Budget. OMB Controller Danny Werfel informed lawmakers of the savings at a hearing of the House Oversight & Government Reform Committee. The cost-cutting came in the wake of a much-publicized 2010 Government Services Administration conference in Las Vegas, which cost taxpayers over $820,000. The massive savings over the ensuing months are in line with OMB guidance calling for 30 percent savings in federal travel costs. According to a document on the com- mittee's website, those savings also are in keeping with cuts recommended by the Simpson-Bowles budget commission. The same posting, authored by the chairman of the committee, Rep. Darrell Issa (R-Calif.), states that federal agen- cies spent approximately $4.6 billion on travel so far this fiscal year. To see more, go to: http://oversight.house. gov/hearing/the-road-less-traveled-reducing- federal-travel-conference-spending/. March 11, 2013 Vol. 62, No. 32 8 Visit us on the Internet at www.FederalDaily.com Thrift SavingsPlanSharePrices FuNDS March 5 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 14.0605 14.0431 13.8566 15.9966 15.9074 15.4746 19.5376 19.1302 16.9188 26.7079 26.2038 22.8287 21.7807 21.7097 19.4902 15.9830 15.9102 15.3242 19.5371 19.3568 17.9474 20.5028 20.2718 18.5165 21.3156 21.0437 19.0141 11.8627 11.6976 10.4660 Federal Benefits Q&A Question: "I just elected to contribute 6 percent of my paycheck into the Roth TSP and $40 per paycheck into the regular TSP. How does the 5 percent match work? Will taxes be deducted from my contributions or not?" Answer: Since you are contributing at least 5 percent of your gross pay each pay date into the TSP, your agency will con- tribute the maximum match of 4 percent of your gross pay each pay date. Your agency will also contribute 1 percent of your gross pay each pay date for a total agency contribution of 5 percent of your gross pay. Your 6 percent contribution into the Roth TSP will come from after-tax (after all taxes have been deducted - federal and state income taxes, and Social Security and Medicare Part A payroll taxes) salary dollars. Your agency contribution of 5 percent of gross pay will go into your tra- ditional TSP 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.
March 4, 2013
March 18, 2013