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Federal Employees News Digest : Nov 25, 2013
Federal Benefits Q&A Question: "When are contributions to the Voluntary Contribution Program for CSRS employees permitted to be rolled over into the employee's Roth TSP account at retirement?" Answer: VCP account owner can roll over his or her VCP contributions into a Roth IRA a few months before he or she retires. But the VCP owner is encouraged to do the following to effect this transfer: The account owner should request (via form RI 38-124) a direct transfer of the VCP contributions to an existing nondeductible traditional IRA and the accrued interest in the VCP to the VCP owner's traditional TSP account. Once in the nondeductible traditional IRA, the VCP contributions can be converted to a Roth IRA. The VCP account owner is highly encouraged to speak with a tax professional before doing any of this. 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. Thrift SavingsPlanSharePrices FUNDS NOV. 15 ONE MONTH AGO ONE YEAR AGO 1 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 14.2472 14.2206 13.9980 15.8251 15.7256 16.0303 23.1644 21.8319 17.0548 32.4607 31.1611 22.2726 24.9807 24.4267 19.1237 16.6871 16.4999 15.4837 21.4437 20.9121 18.0585 22.9929 22.2871 18.5848 24.2745 23.4298 19.0436 13.7109 13.1828 10.4529 November 25, 2013 Vol. 63, No. 19 8 Visit us on the Internet at www.FederalDaily.com continued from page 5 Administration as of Nov. 4 had com- pleted 93 percent of these older claims, and made more than 476,000 decisions since the initiative began. The proportion of claims decisions in which benefits are being granted hovers between 65 and 70 percent, which the department said is in line with historical averages. "Veterans shouldn't have to wait for the benefits they've earned," said Secretary of Veterans Affairs Eric Shinseki. "This has never been acceptable, but we are executing our plans and moving in the right direction to meet our 2015 goal of eliminating the backlog." VBA claims processors have been working 20 hours per month of manda- tory overtime to clear out the claims. VBA expects mandatory overtime to continue in 2014, provided funding is available. To see more, go to: www.va.gov/opa/ pressrel/pressrelease.cfm?id=2489. Commissaries will scan DOD IDs Military commissaries will begin to scan Defense Department ID cards at checkouts, DOD said. The Defense Commissary Agency on Nov. 10 began an agency-wide roll-out of the new scanning system, which was expected to be fully implemented in all stores by mid-January. The agency said that in addition to using the scans to verify authorized com- missary patrons, it would use informa- tion about commissary usage and gener- al user demographics collected through the scans, along with other DOD data, to help hone in on shopping needs and preferences to improve service. The agency noted that the demograph- ic information it will use will not include personal information such as names and addresses, but rather card ID number, rank, military status, branch of service, age, household size and ZIP codes of residence and duty station. To see more, go to: www.commissaries. com/documents/contact_deca/faqs/id_card_ scanning.cfm.
Nov 18, 2013
Dec 2, 2013