Ed Zurndorfer Articles continued

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TSP Financial Hardship Withdrawals: The "Real" Cost
Edward A. Zurndorfer, Certified Financial Planner
Federal employees are making in-service financial hardship withdrawals from their Thrift Savings Plan (TSP) at a greater pace during 2010 compared to previous years. Federal benefits expert, Ed Zurndorfer, discourages federal employees from raiding their TSP accounts for this purpose -- giving insight to the "real" cost and consequences . . . more

Federal Employees Are Being Misinformed About Life Insurance (FEGLI) Death Benefits
Edward A. Zurndorfer, Certified Financial Planner
Federal benefits expert, Ed Zurndorfer, reveals how the use of "retained asset" accounts for beneficiaries from the life insurance company contracted by the Office of Personnel Management (OPM) for the Federal Employees Group Life Insurance program (FEGLI) is in the provider's corporate investment account (which is not backed by FDIC insurance) -- and why OPM has an obligation to clear up the misleading language in its FEGLI handbook for federal employees . . . more

New and Rehired Federal Employees, Retirees to be Automatically Enrolled in the TSP Effective Aug. 2010
Edward A. Zurndorfer, Certified Financial Planner
Unless a new or rehired employee, or a rehired annuitant, makes his or her own TSP contribution elections, their agencies must enroll them in the Thrift Savings Plan at a contribution rate of 3% of their basic pay each pay period . . . more

Student Loans for Higher Education Gets Easier and Less Expensive for Federal Employees
Edward A. Zurndorfer, Certified Financial Planner
Federal benefits expert, Ed Zurndorfer, explains how recent changes to the student loan program will hopefully ease federal employees' anxieties about being able to pay for the cost of their children's higher education. With these changes, employees who may have been focusing on saving for and paying for their children's higher education may now instead focus on saving sufficiently for their retirement . . . more

New Tax Law May Increase the Popularity of "Combination" Long-Term Care Insurance Policies
Edward A. Zurndorfer, Certified Financial Planner
Federal benefits expert, Ed Zurndorfer, outlines how a recent change to the Internal Revenue Code may make the purchase of long-term care insurance more appealing to more individuals . . . more

Does Rolling Over Your TSP Account to a Traditional IRA Make Financial Sense?
Edward A. Zurndorfer, Certified Financial Planner
Many federal employees who are getting close to their retirement date or who are contemplating leaving federal service face the question of what to do with their Thrift Savings Plan (TSP) accounts. One withdrawal option is to rollover or to transfer their TSP accounts to a traditional IRA. Does a rollover or a transfer of the TSP to a traditional IRA make good financial sense? Federal benefits expert, Ed Zurndorfer, discusses the advantages and disadvantages. . . . more

How National Health Care Reform Will Affect Federal Employees
Edward A. Zurndorfer, Certified Financial Planner
Many federal employees will see changes to their health care benefits most likely starting next January due to the new health care reform law. While it is somewhat early to know precisely what the full impact of it will be, federal benefits expert, Ed Zurndorfer, says it's not too early for federal employees to consider some of the financial consequences, along with some possible financial planning strategies for managing these consequences . . . more

Guide to FERS Sick Leave Credit: Understanding How Unused Sick Leave Is Used In the Calculation of a FERS Annuity
Edward A. Zurndorfer, Certified Financial Planner
Federal employees covered by FERS can now credit their unused sick leave in the calculation of their FERS annuity. Get a worksheet, sick leave conversion chart, and practical examples of how unused sick leave will be added to the service time . . . more

Guide to Transferring Money Into the TSP
Edward A. Zurndorfer, Certified Financial Planner
What kind of funds can you transfer (or rollover) into your Thrift Savings Plan account? What are the rules and limits? What are the advantages of doing so? Federal benefits expert, Ed Zurndorfer, provides insight . . . more

OPM Discovers Errors In Its Deposit and Redeposit Interest Calculations
Edward A. Zurndorfer, Certified Financial Planner
In early 2008, the Office of Personnel Management discovered an error in the manner in which its computers calculated interest charges on deposits and redeposits. The result: some employee account holders may have overpaid interest on one type of service and underpaid interest on another type of service. Federal benefits expert, Ed Zurndorfer, outlines the problem, and provides specific steps affected employees should take to resolve the issue . . . more

Will New Voluntary FEHB Option Be Helpful to Federal Annuitants Eligible for Medicare?
Edward Zurndorfer, Certified Financial Planner
While the National Association of Active and Retired Federal Employees (NARFE) stated this option would save money for federal retirees, federal benefits and tax expert, Ed Zurndorfer, provides insight why it will most likely significantly increase the overall health care costs to the average federal annuitant enrolled in Medicare in the form of higher deductibles, co-payments and co-insurance . . . more

Some Last Minute Tax Filing Reminders
Edward A. Zurndorfer, Certified Financial Planner
Federal benefits and tax expert, Ed Zurndorfer, provides some last minute filings tips for those individuals who have not year filed their 2009 federal and state income tax returns. . . . more

Dependents of Federal Employees and Retirees May Be Subject to the "Kiddie" Tax
Edward A. Zurndorfer, Certified Financial Planner
While the "kiddie" tax has been part of the Internal Revenue Code since 1986, in recent years Congress has increased the number of individuals subject to it. Federal benefits and tax expert, Ed Zurndorfer, discusses what the kiddie tax is, and the advantages/disadvantages of reporting a child's income on the parent's tax return . . . more

Federal Employees and Retirees: Be Careful When Claiming Dependents on Tax Returns
Edward A. Zurndorfer, Certified Financial Planner
As federal employees and retirees prepare to file their 2009 tax returns, they should make sure that they can legitimately claim tax dependents. Federal benefits and tax expert, Ed Zurndorfer, provides a particular caution the IRS is currently focusing on . . . more

Federal Employees 50 and Older Are Encouraged to Make TSP "Catch-Up" Contributions
Edward A. Zurndorfer, Certified Financial Planner
"Catch-up" contributions are supplemental tax deductible contributions that CSRS and FERS employees age 50 and older can make to the Thrift Savings Plan. Federal benefits expert, Ed Zurndorfer, gives insight on how they work and how they can benefit the employee . . . more

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