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Federal Employees News Digest : Aug 12, 2013
August 12, 2013 Vol. 63, No. 4 8 Visit us on the Internet at www.FederalDaily.com thrift savingsPlansharePrices FuNDs Aug 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 14.1592 14.1328 13.9478 15.6463 15.4800 15.9153 21.7203 20.8540 17.4493 30.3155 28.8782 22.5591 23.3580 21.7919 18.7869 16.3774 16.1833 15.4639 20.6323 20.0534 18.0953 21.9357 21.1743 18.6555 23.0193 22.1111 19.1394 12.9256 12.3524 10.5154 Federal Benefits Q&A Question: “I anticipate that to have about 1,900 hours of sick leave and I plan to retire on Dec. 31, 2015. How do I calculate unused sick leave toward my FERS retirement?" Answer: According to the OPM sick leave conversion table, 1,900 hours of unused sick leave converts to 10 months and 28 days of service time for your FERS annuity computation. Added to your period of FERS service (including "bought back" military ser- vice and temporary (nondeduction) service prior to Jan. 1, 1989), this will be the total time used in your FERS annuity time. For example, if as of Dec. 31, 2015, you have 30 years, 2 months and 15 days of service (and assuming you are minimum retirement age or older as of Dec. 31, 2015), then your total service time for FERS annuity computation purposes will be 31 years and 1 month (the leftover 13 days are eliminated). 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 health plan for postal employees, either within or outside of the Federal Employees Health Benefits Program---a move largely opposed by postal groups. The bill also incorporates the Workers' Compensation Act of 2013, which would reform that compensation program to remove incentives that currently encourage some long-term disabled beneficiaries to stay in program after they have reached retire- ment age rather than enter regular retire- ment. Some employees earn more under Workers' Compensation than they would as normal retirees. Postal workers comprise a large share of those employees. Those reforms also are opposed by labor groups. As far as services go, the legislation would place a moratorium on service stan- dard changes and plant closings for two years after enactment, keep Saturday mail deliver for at least a year, and codify the current USPS plan to find savings in retail operations without closing post offices. As the same time, the bill would require USPS to use the most cost effective means of mail delivery, requiring centralized or curbside delivery for new addresses and business addresses. It also would require USPS to work on converting residential addresses from door delivery to centralized or curbside delivery on a voluntary basis. Initial reaction from postal unions has been negative. While the American Postal Workers Union said it continued to exam- ine the bill, APWU President Cliff Guffey said the bill was "fatally flawed." "It betrays the working men and women of the United States Postal Service; it slashes service to the American people, and it fails to protect the USPS from the impending financial disaster Congress set in motion in 2006 with the passage of the [Postal Accountability and Enhancement Act]," he said in a statement. The National Association of Letter Carriers said it also was reviewing the bill, and that its initial reading revealed "major problems.” NALC said it would soon release "a more formal review" of the bill. See the bill at http://thomas.loc.gov/cgi- bin/bdquery/z?d113:s.1486:, and sponsor statements at www.hsgac.senate.gov/media/ majority-media/chairman-carper-ranking- member-coburn-introduce-bipartisan-post- al-reform-bill.
Aug 5, 2013
Aug 19, 2013