Your Federal Life

A million dollars isn't what it used to be. Nearly 24 million Americans have at least $1 million of net worth. Still, financial people often say so-called middle class people, like government employees, you need to accumulate a million or two to ensure a comfortable retirement. A new book called Middle Class Millionaire Government Employee discusses this very topic.

Plus, TSP investors seem are getting more aggressive, judging by the mix of funds they're investing in. The safe but slow-growing G-fund is no longer the favorite. For analysis of what's going on, I spoke with certified financial planner Art Stein of Arthur Stein Financial.

It’s been revoked for years, but Schedule F is still on the minds of many federal employees, especially as the nation nears a presidential election with former President Trump on the ballot. The Schedule F executive order tried to address what Trump officials saw as workforce accountability issues, by making certain career employees easier to fire and replace. Critics say Schedule F was the wrong approach to civil service reform. Now a new working group has laid out proposals for what members believes is a better vision for the future federal workforce. Federal News Network’s Drew Friedman got more from former dean of the University of Maryland’s School of Public Policy, Don Kettl.

Plus, do federal employees make more or less than people with similar jobs in the private sector. It's a question often asked, often answered, and never settled. The latest effort comes from the Congressional Budget Office, which looked at the question using 2022 wage data. It found federal pay and benefits superior for those with high school diplomas or less education. But the private sector paid better for those with doctorates or professional degrees. Joining FNN's Drew Friedman with his evaluation, the staff vice president at the National Active and Retired Federal Employees Association, John Hatton.

It’s been revoked for years, but Schedule F is still on the minds of many federal employees, especially as the nation nears a presidential election with former President Trump on the ballot. The Schedule F executive order tried to address what Trump officials saw as workforce accountability issues, by making certain career employees easier to fire and replace. Critics say Schedule F was the wrong approach to civil service reform. Now a new working group has laid out proposals for what members believes is a better vision for the future federal workforce. Federal News Network’s Drew Friedman got more from former dean of the University of Maryland’s School of Public Policy, Don Kettl.

Plus, do federal employees make more or less than people with similar jobs in the private sector? It's a question often asked, often answered, and never settled. The latest effort comes from the Congressional Budget Office, which looked at the question using 2022 wage data. It found federal pay and benefits superior for those with high school diplomas or less education. But the private sector paid better for those with doctorates or professional degrees. Joining me with his evaluation, the staff vice president at the National Active and Retired Federal Employees Association, John Hatton.

For a certain portion of the federal retiree population, and some others from non-federal government, one of the most frustrating features of Social Security is what they don't get. The Windfall Elimination Provision and the Government Pension Offset, WEP and GPO can be confusion for how they limit Social Security benefits for affected people. Federal News Network's Drew Friedman and I got a tutorial in WEP and GPO from certified Social Security advisor for the Association of Mature American Citizens Foundation, Russ Gloor.

The government might employ some two million people. But no two federal employees are alike. That's why career and retirement planning can be complicated. For instance, what if you're old enough to retire but have less than 30 years in. For insight into what's known as MRA plus 10, I spoke with long time federal retirement expert Tammy Flanagan.

Plus, agencies are well on their way to reaching the Biden administration’s in-office goals for federal employees. And the Office of Management and Budget plans to hold leaders accountable until they reach complete compliance. But House Republicans are growing impatient with the return-to-office timeline. For the latest, Federal News Network’s Drew Friedman filed this report.

Thrift Savings Plan participants than ever are contributing at least 5% of their pay to their TSP accounts. The Federal Retirement Thrift Investment Board always encourages more contributions, for stronger retirement savings. The board also got an update from BlackRock, one of the TSP fund managers. For more, Federal News Network’s Drew Friedman spoke with board's director of external affairs, Kim Weaver.

Plus, an Army financial counselor will spend years in prison after his conviction on defrauding gold star families. If nothing else, the story should alert member of the military and their families to use care in picking a financial advisor in the first place. My next guest has witnessed this sort of bad advice, and has some tips for avoiding it. I spoke with Thiago Glieger of RMG Advisors.

It’s been a year since the Biden administration first called for agencies to ramp up in-person work. Now after coming back to their offices, many federal employees are asking, "why are we here"? Well, we asked too. Our Federal News Network survey found that more than half of feds don't think their agency leadership has really explained the return-to-office rationale. Federal News Network's Drew Friedman joins me with those survey results.

Plus, hopefully in your career you won't need the Merit Systems Protection Board. Yet its nice to know there's a bulwark against prohibited personnal practices. The Merit Systems Protection Board has had a quorum for more than two years. When members were finally approved by the Senate in 2022, they faced a backlog of some 38 hundred appeals cases. They two members the board does have are within spitting distance of eliminating the backlog. For an update on this an other matters, I spoke with the MSPB chairman, Cathy Harris.

The Windfall Elimination Provision and Government Pension Offset have both been around for decades. The two provisions reduce and sometimes eliminate Social Security benefits for some federal retirees. But just in the last few months, a bill to repeal them has been gaining unprecedented traction. To go over the details, Federal News Network's Drew Friedman spoke with NARFE's staff vice president John Hatton.

Plus, agencies and unions have a September deadline to finalize their plans for recreating labor-management forums. The forums are a way for labor and management officials to collaborate and respond to employee concerns, before they escalate. To help agencies create their implementation plans for the forums, the Office of Personnel Management is offering guidance. Federal News Network's Drew Friedman got more from OPM's Deputy Associate Director for Accountability and Workforce Relations, Tim Curry.

The Thrift Savings Plan has been showing strong returns. And the Federal Retirement Thrift Investment Board has been making some updates and monitoring enrollment levels. Federal News Network's Drew Friedman went over all of it with the board's director of external affairs, Kim Weaver, including a way to access your account.

Plus, we talk a lot about the Thrift Savings Plan and how to get to that million dollar savings level. But what does it actually do for you, since you don't want to spend the principal. Some important reminders from retired federal manager Abe Grungold, owner of AG Financial Services.

With the era of near-zero inflation over, retirement planning has taken on some new urgency. Simply because a fixed income and rising prices don't make a good combination. Here with some of the latest thinking, from RMG Advisors of Rockville, Maryland, Thiago Glieger.

Plus, the spending agreement Congress passed for 2024 has some new deadlines for agencies on telework. Congress is calling for more details on returning federal employees to their offices. Lawmakers are also looking for information on federal office space. Here with more, Federal News Network’s Drew Friedman.