The Thrift Savings Plan’s new Roth option opened up to civilian Defense Department employees today, the Air Force said. Defense civilians can now elect to contribute all or parts of their TSP savings to the Roth option on an after-tax basis. The Air Force said that elections made on or before June 30 will be effective July 1, and will be reflected on employees’ July 20 leave and earnings statement. Under the Roth option, participants pay taxes when they make contributions into the TSP. Those contributions then grow over time, and are not taxed when they are withdrawn years later.…
Browsing: Pay & Benefits
The House Oversight and Government Reform Committee plans to vote on HR 626, the Federal Employees Paid Parental Leave Act, tomorrow at 1 p.m. The bill would allow new parents to take four weeks of paid leave after the birth or adoption of a child. The committee’s ranking Republican, Darrell Issa of California, opposes the bill. Issa sent letters to the committee members last night saying that “it is simply not the right time” to create a new $850 million benefit for federal employees during the tough economy: While our committee contemplates enhancing federal benefits packages, the rest of working…
Lawmakers have reintroduced a bill that would provide four weeks of paid leave for federal employees who give birth to or adopt a child. Similar bills have failed in the past, however. And though Democrats have a stronger position in this Congress than they did last year, it still remains to be seen whether this bill will become law. What do you think? Has the lack of paid parental leave hurt you when your family grew? We’d like to hear from you. Send an e-mail to Stephen Losey at slosey@federaltimes.com.
The widely anticipated pay raises for 2009 were just released this morning. In an executive order, President George W. Bush outlined how various pay schedules will be impacted by the 3.9 percent overall pay raise that Congress enacted. Also, the Office of Personnel Management released the new 2009 pay tables for the various localities. Among the highlights: Basic pay under the General Schedule will go up 2.9 percent. The remainder of the 3.9 percent overall pay raise enacted by Congress will go toward locality raises. Among the 30-plus locality pay zones, employees in the Washington D.C.-Baltimore-Northern Virginia region will see…