Latest news with #FERS
Yahoo
10-07-2025
- Business
- Yahoo
Independence Benefits Helps Federal Employees Navigate Retirement Amid VSIP Offers, TSP Volatility, and FEGLI Cost Increases
FLORENCE, S.C., July 10, 2025 /PRNewswire/ -- As early retirement incentives and agency budget shifts continue across federal departments in 2025, Independence Benefits has announced expanded support for federal employees evaluating complex benefit decisions. The Alabama-based firm provides personalized retirement consultations for employees covered under the Federal Employees Retirement System (FERS), with sessions focused on helping workers assess their options related to pensions, Thrift Savings Plan (TSP) withdrawals, Social Security timing, and life insurance coverage. "This year has created real uncertainty for many federal workers," said Christopher Lee, Founder and Retirement Planner at Independence Benefits. "From VERA and VSIP offers to adverse market conditions, employees are facing decisions they've never had to make before. We help them evaluate their options with clarity." The firm has seen a noticeable increase in demand from agencies such as the Department of Veterans Affairs (VA), Social Security Administration (SSA), U.S. Postal Service (USPS), and Department of Defense (DoD), where many employees are exploring early-out offers or preparing for standard retirement. Each consultation includes an individualized review of: FERS pension estimates and survivor benefit elections TSP withdrawal and rollover strategies tailored to income needs Social Security filing timelines and long-term impact FEGLI comparisons and alternative insurance options "We break it down step-by-step, without pressure," Lee added. "The goal is clarity, not sales." Unlike group-sponsored programs, Independence Benefits operates independently and is not affiliated with any specific insurance carrier or government agency. This allows for education-first support designed to help federal employees navigate benefit choices with confidence. The firm has also released a library of planning tools and content for those nearing their Minimum Retirement Age (MRA) or evaluating early-out programs such as VSIP and VERA. To learn more or request a retirement consultation, users can visit: About Independence Benefits Independence Benefits is an independent retirement services firm focused on the needs of federal employees. Based in Florence, Alabama, the firm offers one-on-one consultations that include pension reviews, insurance comparisons, TSP withdrawal strategies, and timeline planning. All services are delivered by licensed professionals and structured to provide educational, neutral guidance. Contact Founder & Retirement PlannerChristopher LeeIndependence Benefits LLCchris@ Photo: View original content to download multimedia: SOURCE Independence Benefits
Business Insider
10-07-2025
- Business
- Business Insider
Independence Benefits Helps Federal Employees Navigate Retirement Amid VSIP Offers, TSP Volatility, and FEGLI Cost Increases
Florence, United States, July 10th, 2025, FinanceWire As early retirement incentives and agency budget shifts continue across federal departments in 2025, Independence Benefits has announced expanded support for federal employees evaluating complex benefit decisions. The Alabama-based firm provides personalized retirement consultations for employees covered under the Federal Employees Retirement System (FERS), with sessions focused on helping workers assess their options related to pensions, Thrift Savings Plan (TSP) withdrawals, Social Security timing, and life insurance coverage. 'This year has created real uncertainty for many federal workers,' said Christopher Lee, Founder and Retirement Planner at Independence Benefits. 'From VERA and VSIP offers to adverse market conditions, employees are facing decisions they've never had to make before. We help them evaluate their options with clarity.' The firm has seen a noticeable increase in demand from agencies such as the Department of Veterans Affairs (VA), Social Security Administration (SSA), U.S. Postal Service (USPS), and Department of Defense (DoD), where many employees are exploring early-out offers or preparing for standard retirement. Each consultation includes an individualized review of: FERS pension estimates and survivor benefit elections TSP withdrawal and rollover strategies tailored to income needs Social Security filing timelines and long-term impact FEGLI comparisons and alternative insurance options 'We break it down step-by-step, without pressure,' Lee added. 'The goal is clarity, not sales.' Unlike group-sponsored programs, Independence Benefits operates independently and is not affiliated with any specific insurance carrier or government agency. This allows for education-first support designed to help federal employees navigate benefit choices with confidence. The firm has also released a library of planning tools and content for those nearing their Minimum Retirement Age (MRA) or evaluating early-out programs such as VSIP and VERA. To learn more or request a retirement consultation, users can visit: About Independence Benefits Independence Benefits is an independent retirement services firm focused on the needs of federal employees. Based in Florence, Alabama, the firm offers one-on-one consultations that include pension reviews, insurance comparisons, TSP withdrawal strategies, and timeline planning. All services are delivered by licensed professionals and structured to provide educational, neutral guidance. Contact Christopher Lee
The Hill
23-06-2025
- Business
- The Hill
Senate parliamentarian rejects GOP attempt to authorize states to conduct immigration enforcement
The Senate parliamentarian has rejected several more provisions in the Republican megabill to enact President Trump's agenda, including language authorizing states to conduct border security and immigration enforcement, which traditionally have been duties of the federal government. Parliamentarian Elizabeth MacDonough also ruled against language in the bill that would increase the Federal Employees Retirement Systems (FERS) contribution rate for new civil servants if they do not agree to give up civil-service protections to become at-will employees. Additionally, the parliamentarian advised against a section of the bill that would allow the executive branch to reorganize federal government agencies — or eliminate whole agencies — without congressional oversight. The parliamentarian ruled these provisions violate the Byrd Rule and are not eligible to pass the Senate with a simple-majority vote on the procedural fast track known as budget reconciliation. Sen. Jeff Merkley (D-Ore.), the ranking member of the Senate Budget Committee, hailed the parliamentarian's rulings. 'There is no better way to define this Big Beautiful Betrayal of a bill than families lose, and billionaires win. Democrats are on the side of families and workers and are scrutinizing this bill piece by piece to ensure Republicans can't use the reconciliation process to force their anti-worker policies on the American people,' Merkley said in a statement. 'The Byrd Rule is enshrined in law for a reason, and Democrats are making sure it is enforced,' he said. The parliamentarian additionally rejected a provision granting authority to agencies to unilaterally rescind funds appropriated by Congress by establishing an incentive program for federal employees to identify 'unnecessary expenditures' and transfer savings back to the Treasury Department. And she ruled against language in the bill mandating the sale of all U.S. Postal Service electric vehicles and charging infrastructure.
Yahoo
25-05-2025
- Business
- Yahoo
Trump's 'Big, Beautiful' Bill Strips Key Retirement Benefits From Federal Workers In Razor-Thin House Vote
In a 215-214 vote, the House of Representatives passed President Donald Trump's "big, beautiful" budget reconciliation bill, including major proposed cuts to federal retirement benefits within the Federal Employees Retirement System (FERS). What Happened: The House's budget package, determined mainly along party lines, initially included multiple cost-saving reforms impacting federal employees. These measures were outlined to aid fund tax cuts and increased immigration enforcement. Notably, a proposal to move annuity calculations from a "high-3" to a "high-5" salary average was scratched on account of bipartisan pressure. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — this is your last chance to become an investor for $0.80 per share. Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000. However, the bill still seeks to remove the FERS supplement for most federal workers retiring before age 62. As per the Government Executive, this benefit is typically worth around a third of post-retirement income. Other provisions, such as a requirement for new recruits to either contribute nearly 10% of their basic pay toward retirement or work without civil service protections, remain in the bill. A few exemptions were included for law enforcement officers and others, subject to mandatory retirement ages. Why It Matters: If enacted in its current form after moving through the Senate, the bill would dissolve a crucial bridge benefit that supports early retirees until Social Security eligibility, which rises to 67 in 2025. The FERS supplement elimination is scheduled to begin January 1, 2028, but includes a safeguard for those already eligible by that date. The American Federation of Government Employees President Everett Kelley labelled the cuts "toxic," and said they could "drive out experienced and dedicated federal workers" while having only a nominal effect on overall spending. Bill Shackelford of the National Active and Retired Federal Employees Association highlighted that even retirees who accepted early separation packages were likely to be impacted retroactively. Read Next: Hasbro, MGM, and Skechers trust this AI marketing firm — Invest before it's too late. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share! Photo courtesy: Shutterstock Send To MSN: Send to MSN UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Trump's 'Big, Beautiful' Bill Strips Key Retirement Benefits From Federal Workers In Razor-Thin House Vote originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
A Sneaky Policy Buried In The GOP Tax Bill Could Blow Up The Civil Service
President Donald Trump's long-running dream to protect loyalists in the federal bureaucracy and fire any perceived enemy got even closer to reality Thursday, when House Republicans passed a massive tax and spending bill. The One Big Beautiful Bill Act, which passed 215-214, cuts $1 trillion in federal health and food programs while adding nearly $4 trillion in tax cuts steered primarily to the wealthy. But it also includes a little-noticed provision that would force new federal employees to either give up traditional job protections or take a significant cut to their compensation. If the measure survives in whatever package the GOP-controlled Senate passes, unions warn it could turn the federal workforce into an old-school spoils system. 'It's a huge policy change masquerading as a small budget provision,' said Daniel Horowitz, legislative director at the American Federation of Government Employees, a union representing more than 800,000 workers. 'It torches the civil service.' And it does so in a sneaky way. Federal workers receive retirement benefits through what's known as the Federal Employees Retirement System, or FERS. Retirees are paid an annuity based upon their length of service, funded through contributions from both employees and their agencies. Current workers chip in a certain percentage of their paycheck into FERS — either 0.8% or 4.4%, depending on when they were hired — and the government covers the rest. The GOP measure would force new federal employees to pay a whopping 5% surcharge — bringing their FERS contribution to 9.4% of their pay — unless they agree to become an 'at-will' employee. That means they would waive their right to appeal their termination except in particular cases like racial discrimination. The average salary of a new federal worker entering the FERS system is around $71,000, according to the Congressional Budget Office, the agency inside Congress that analyzed the GOP bill. So the typical worker would have to give up $3,500 a year just to have job protections that have long been standard. Steve Lenkart, executive director of the National Federation of Federal Employees, a union representing 100,000 workers, said the policy amounts to a 'bribe.' 'Another way to look at it is criminal extortion,' he said. 'They're saying, 'We will charge you more … if you choose to access the laws that are on the books.'' He suspects most workers would choose to have more money in their paychecks, even though 'you'd lose all your protections to report waste, fraud and abuse.' Indeed, the budget office estimates that only one-quarter of new hires would sacrifice 5% of their pay in order to keep their civil service rights. And therefore the budget savings from the measure — that is, the whole reason it's supposedly in a tax bill — would end up being quite small. CBO figures the policy would increase revenue by just $4.7 billion over 10 years. By comparison, the Republican bill cuts nearly $700 billion from Medicaid, the health care program for the poor, over the same period. Horowitz said the meager savings betray the policy's real intent: to turn the federal government into an at-will workforce in which employees can be fired for any reason at all. 'With a small provision here they're basically undoing all of Title 5,' he said, referring to the part of U.S. code that outlines federal job protections. 'It's 150 years of civil service rules that are being thrown out here and nullified.'While it may be tucked into a tax package, the policy fits neatly into the Trump administration's broader attacks on federal workers and labor groups. The White House has tried to unilaterally shut down federal agencies, terminate tens of thousands of probationary employees, carry out mass layoffs through 'reductions in force' and strip collective-bargaining rights from up to a million workers. It is also hoping to reclassify thousands of civil servants as 'at-will' political appointees through its Schedule F scheme. Federal unions are an obstacle to all those goals, and the GOP tax measure could be one way to weaken them for good. Unions in the federal sector cannot bargain directly over pay and benefits, but they can provide good job security by enabling workers to appeal what they believe are unfair terminations. If workers waive their right to such due process, there would be less reason for them to join a union in the first place. The at-will policy could therefore help with the long-sought GOP goal of shrinking the membership of federal unions. Matt Biggs, president of the International Federation of Professional and Technical Engineers, said the Trump administration seems determined to 'turn the federal sector into Walmart.' 'This idea of forcing federal workers to pay or be 'at will' is illegal and outrageous,' said Biggs, whose union represents workers at NASA and other agencies. But it's not clear the measure will make it through the Senate, where some Republicans have voiced concern about certain pieces of the House bill. Republicans hold 53 seats and have a narrow path to approving the tax overhaul. Winning over the more moderate members will be essential to getting the legislation to Trump's desk. Lenkart hopes the provision will die in the Senate, which tends to be 'a little calmer in the skull' than the House, he said. But he was reluctant to make any predictions. Sen. Lisa Murkowski is one of the few Republicans who've openly pushed back against Trump's attacks on federal employees. Her home state of Alaska is especially vulnerable to cuts to the federal workforce. Asked for her take on the at-will provision in the GOP bill, Murkowski said only that she'd been keeping an eye on it. 'I haven't looked to see how it actually landed,' she told HuffPost on Thursday, alluding to the last-minute changes House Republicans made to their bill. 'It is something that we were paying attention to. So I'm going to take a look at that one.' Arthur Delaney contributed reporting to this story.
