Q A
How do I know if I am on track for contributing the maximum amount allowable into the TSP?
The TSP has several calculators on their website at www.tsp.gov/ calculators/. The “How much can I contribute?” calculator can help you determine the specific dollar amount to be deducted each pay period to maximize your contributions and ensure that you do not miss out on government matching contributions. The annual contribution limit does not include matching contributions that you receive from your agency or service, so you’re saving more. To compute how much you can contribute for the remainder of the year, subtract the year-to-date amount that you’ve contributed from the annual limitation (be sure to include the amount that you will contribute during the pay period(s) before the change could take place). Then, divide the remaining amount of contributions by the number of remaining pay periods to determine your new contribution amount for each pay period going forward. Most agencies require that you elect changes to your TSP contributions on your agency online system, such as Employee Express, myPay, Direct Access, EBIS, LiteBlue, and NFC EPP.
Q
I want to contribute more to the TSP, but I’m not sure how it would impact my net paycheck amount. Is there an easy way to determine the impact of increasing my contributions?
A
The TSP has a calculator that helps you estimate what your take-home pay is based on the amount you want to contribute to
the TSP. It will help to have a current pay statement when using this calculator: www.tsp.gov/calculators/ paycheck-estimator/#top.
NOTIFICATION OF PERSONNEL ACTION
Q
As a federal employee, I have been receiving emails from my agency informing me of a “personnel action.” Should I do anything when I receive these notices?
A
Yes. Documents such as SF-50 - “Notification of Personnel Action” statements in your electronic Official Personnel Folder (eOPF) serve as an official record of your federal employment. Your eOPF should include documentation of all your civilian service as well as any military service. There are a few agencies that maintain your Official Personnel Folder in an actual cardboard folder; however, in most cases these records are
maintained electronically. A few agencies, such as the CIA or TVA as well as congressional staff, use a “transcript of service.” Be sure to keep a personal record of any changes in your work schedule and retirement system and the beginning/ending dates of your federal appointments. Employees should review their eOPF to ensure it contains all your civilian federal service. Notify your human resources office if anything is missing—the staff can request missing records from your prior agency or from the National Personnel Records Center. This process can take months, so it is best to start early. Make sure that a copy of DD 214 - “Certificate of Release or Discharge From Active Duty,” is included in your eOPF for each period of military service. These records are used to determine your retirement eligibility and the computation of your CSRS or FERS retirement benefit. The service computation date (SCD) on
COUNTDOWN TO COLA The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 0.96 percent in February 2022. To calculate the 2023 cost-of-living adjustment (COLA), the 2022 thirdMonthly % % Change quarter indices will MONTH CPI-W Change from 268.421 be averaged and OCTOBER 2021 271.552 0.92 1.17 compared with the 2021 third-quarter NOVEMBER 273.042 0.55 1.72 average of 268.421. DECEMBER 273.925 0.32 2.05 The percentage JANUARY 2022 276.296 0.87 2.93 increase determines the FEBRUARY 278.943 0.96 3.92 COLA. February’s index, MARCH 278.943 is up 3.92 percent from the base. APRIL The CPI represents purchases of food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services.
MAY JUNE JULY AUGUST SEPTEMBER
For the latest information and for FECA COLA updates, visit www.narfe.org/cola.
NARFE MAGAZINE www.NARFE.org
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