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     The Effects of the Financial Crisis on Your Retirement Pension and TSP.           

 PURPOSE & OBJECTIVE

The purpose and objective of the F.E.A., which is owned by its members and operated by current and former government employees is to promote the social and financial welfare of all government employees. We strive to improve the “IMAGE” of the government employee both locally and nationally by supporting governmental and community projects and programs. We publish and distribute a national newspaper, the “F.E.A. Eagle” which contains articles and newsworthy items that reflect the professionalism of the government worker and his/her contributions toward accomplishment of the function of the respective government agency.    We are currently in support of OPM's Retirement Financial Literacy and Education Program (RFLEP) 

 
                                         
FEA Benefits Counselors

                       From the Federal Daily www.FederalDaily.com                         

Earlier Retirements Tailing Off

If the careers of older feds track what’s happening in the overall U.S. workforce, the predicted wave of agency retirements could be less than expected.

According to recently released report by the Carsey Institute at the University of New Hampshire, the proportion of older Americans working for pay has been growing in the past decade after years of decline. For example, 17 percent of men and 9 percent of women age 65 and over were in the labor force in 1995, but by 2009, that had increased to 22 percent of men and 13 percent of women, the study said.

The study found that workers with college degrees, men, and divorced urban women are more likely to work past traditional retirement age, and that women with college degrees have shown the most rapid increase in working at older ages—22 percent were working in 2009, up from 14 percent in 1995.

The study noted that a lot of these older workers work on a part-time basis, but nearly half of working men and more than one-third of working women 65 and over work full-time, year-round.

It’s not clear whether this trend is temporary, or a reversal of the decades-long decline in work at older ages. Labor force participation changed significantly in latter part of 20th Century. The participation rates of men age 70 and over fell from 21 percent in 1963 to 11 percent in 1990. The rate for women age 70 and older decreased from 5.9 percent in 1963 to 4.7 percent in 1990, the report said.

To see more, go to:
 
www.carseyinstitute.unh.edu/publications/IB_Shattuck
_Older_Workers.pdf
.

                                                                                                                             


                       From the Federal Daily www.FederalDaily.com                         

"Do you have enough insurance?

The government's insurance package, while attractive and valuable in many ways, does have holes in it.   Federal employees must be aware of those holes and understand how to fill them.
-----------------------------------
Protect yourself from gaps in coverage!
-----------------------------------
-  Know the strengths and weaknesses of the government's major insurance programs.

 -  Learn when and why you may want to supplement that insurance

There are two common misconceptions about the insurance benefit package for federal and postal employees. The first is that it is a "cradle to grave" program.

The second is that it never changes. Both these misconceptions can be extremely costly to those who hold to them, both in terms of dollars and in lost opportunity.

The "cradle to grave" concept arises
because coverage begins virtually
immediately upon hiring and in most 
cases continues- although often on a
modified basis- until the employee's 
death. By some reckonings, benefits go beyond the grave through continued
coverage of surviving family members 
after the covered individual's death.
-------------------------------------
False Sense of Security
-------------------------------------
While there's a great deal of truth in 
that view of the insurance package, it
unfortunately has given too many 
employees a false sense of security 
through their working careers and into
retirement. They pass up opportunities 
to purchase additional coverage either through the government's 
offerings or on the outside market  that 
might serve  them well. Too many have
gone along thinking they have coverage
in some area when in truth they don't.
For some, it turns out to make no
difference. But others pay the price?" potentially a high” one."  

Stay up-to-date for  important changes
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Federal Daily.

 Edward L Chappell
FEA National SaverAct Coordinator,
FEA Certified Benefits Counselors

 

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