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Federal Employees News Digest : July 15, 2013
July 15, 2013 Vol. 62, No. 50 8 Visit us on the Internet at www.FederalDaily.com Thrift SavingsPlanSharePrices FUNDS JULY 9 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 14.1361 14.1133 13.9335 15.5707 15.8381 15.8283 21.1216 20.9705 16.9082 29.2279 28.4907 22.5114 22.0947 22.3621 17.9652 16.2339 16.2110 15.3503 20.2023 20.1602 17.7785 21.3703 21.3125 18.2684 22.3448 22.2733 18.6993 12.4984 12.4559 10.2450 Federal Benefits Q&A Question: "If I have an outstanding Thrift Savings Plan loan for $40,000 (the total depends upon my actual retirement date), how is repayment handled? I am full retirement age, so I would not expect tax penalties, however I am sure I would be required to pay taxes on the amount still owed ... am I still able to take the number of years the loan was set up for to repay the loan?" Answer: Any unpaid balance of your TSP loan at the time of your retirement must be paid back within 90 days following your retirement date. Otherwise, you will pay federal and (if you live in a state with a state income tax) state income taxes on your unpaid TSP loan balance. There will be no 10 percent early withdrawal penalty because you are older than age 59.5. 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. responsive to the needs of the American people." To see more, go to: www.whitehouse. gov/the-press-office/2013/07/08/remarks- president-presenting-new-management- agenda. ••• In Brief Retirement claims backlog persists The Office of Personnel Management last month took in almost exactly the number of new retirement claims it had forecast---8,015 received versus 8,000 predicted---but the agency processed far fewer than it had originally projected. OPM had forecast that it would pro- cess 11,500 retirement claims in June, but in fact it processed only 8,683---nearly 3,000 fewer than expected. June was the second consecutive month in which the agency lagged behind its process- ing goals. The results came in OPM's monthly retirement claims processing progress report. OPM traced the shortfall to the April 28 elimination of all overtime for the rest of fiscal 2013 at OPM Retirement Services because of budget reductions the agency said were caused by the sequester. In May, the first month after the elimination of overtime, OPM pro- cessed 10,954 claims, 546 fewer than originally anticipated. The agency originally had expected to have trimmed its inventory of claims to 16,078 by the end of June. However, remaining claims at the end of the month stood at 25,542, only 668 fewer claims than at the end of the prior month. The current count would have been much lower had claims in the first quar- ter of the calendar year not far outpaced predictions. OPM received 52,744 retire- ment claims over the first three months of 2013, far more than the 31,600 it had expected to receive during the period. As a result, the 25,542 claims remain- ing in OPM's inventory at the end of June is only slightly less than the 26,402 claims the agency counted at the end of 2012. To see the update, go to: www.opm.gov/ about-us/budget-performance/strategic- plans/retirement-processing-status.pdf. continued from page 4
July 8, 2013
July 22, 2013