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Federal Employees News Digest : Sep 2, 2013
September 2, 2013 Vol. 63, No. 7 8 Visit us on the Internet at www.FederalDaily.com Thrift SavingsPlanSharePrices FUNDS AUG 27 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 14.1766 14.1501 13.9578 15.6013 15.6802 15.8930 20.9012 21.6359 17.6845 29.3335 30.0691 23.0048 22.8012 22.9950 19.1167 16.2795 16.3469 15.5197 20.2802 20.5408 18.2578 21.4568 21.8161 18.8638 22.4387 22.8722 19.3848 12.5584 12.8344 10.6675 Federal Benefits Q&A Question: "If I retire from federal service and request a series of monthly payments from TSP, does TSP automatically withhold 20 percent federal income tax?" Answer: If a TSP participant elects monthly payments and the payments are expected to be paid out over less than 120 months (10 years), the IRS considers these payments "eligible rollover distributions" (to an IRA or qualified retirement plan) and subject to mandatory 20 percent federal income tax withholding. If the payments are expected to be paid out over more than 120 months, the IRS considers the payments "periodic payments" and subject to federal income tax withholding based on "married with three dependents." The TSP account owner can change that withholding rate, however, by filling out and submitting a W4-P to the TSP Service Office. 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 The agency said its new Office of Integrity and Quality Oversight (IQO), which comes as part of a comprehensive reorganization of the OIG, will manage matters pertaining to the OIG hotline and whistleblower protection and ombuds- man programs, as well as oversee compli- ance and quality assurance, and audit and inspection report quality. According to the OIG announcement, the new unit "also be tasked with ensur- ing that these programs are transparent and function independently, internal and external quality assurance matters are exe- cuted timely and properly, and the quality requirements for investigative, audit, and inspections reports are fulfilled." Deputy IG Charles K. Edwards said the new office will "further assure our stakeholders that compromises to the integrity of DHS programs and opera- tions will be addressed in a manner that meets the highest ethical and professional standards." Edwards said the IQO will incorporate many duties now handled by various OIG divisions. IQO is organized into four divisions--- Investigations Quality Assurance, which will conduct quality reviews of investi- gative processes and case files to assure compliance; Audit Quality Assurance, which will review the quality of audit and inspections processes and work papers; Reports Quality Assurance, which will review investigative, audit and inspec- tions reports for adherence to standards; and Intake Quality Assurance, which will maintain the OIG hotline, act as the single point for taking in all external and internal complaints, and operate OIG's whistleblower protection and ombuds- man programs. The former assistant IG for the Office of Emergency Management Oversight, D. Michael Beard, heads up the new organi- zation. To see more, go to: www.oig.dhs.gov/ assets/pr/2013/oigpr_082013.pdf.
Aug 26, 2013
Sep 9, 2013