No matter which type of retirement a federal employee chooses and is eligible for, an employee has the option of offering a survivor annuity to one individual. Ed Zurndorfer discusses FERS spousal survivor benefits and their importance for married employees when retiring under immediate retirement, Voluntary Early Retirement Arrangement (VERA), Voluntary Separation Incentive Payment (VSIP), Discontinued Service Retirement (DSR) and deferred retirement more…
Important Deadline and Reminders for FSAFEDS Claims
Ed Zurndorfer outlines the deadlines — and provides helpful tips — for submitting claims for 2024 in the Federal Flexible Spending Account Program (FSAFEDS) more…
What Departing Federal Employees Can (and Cannot) Do With Their TSP Account
Ed Zurndorfer discusses TSP contributions, TSP loans, withdrawals and distributions (RMDs) more…
How to Recharacterize IRA Contributions
If you’ve reached income limitations in order to contribute to traditional and Roth IRAs, you can treat (or “recharacterize”) a regular contribution to the other type of IRA. Ed Zurndorfer outlines how federal employees can recharacterize IRA contributions under current tax law, including the deadlines (and making an extension to do so for contributions made in 2024). Practical examples are included. more…
Individuals Who Did Not File 2021 Federal Tax Return May Be Eligible for Recovery Rebate Credit
The IRS announced plans to issue automatic payments to eligible individuals who did not claim the Recovery Rebate Credit (RRC) on their 2021 federal income tax returns. For individuals who, for one reason or another, did not file a 2021 federal income tax return, they may be eligible for a refund if they file and claim the RRC more…
How to Avoid IRS Penalties and Interest Charges for Late Filing
Ed Zurndorfer discusses late filing and late payment penalties and what individuals can do to minimize or avoid these penalties more…
Understanding TSP Vesting Requirements and TSP Service Computation Date
There are federal employees who are losing their federal jobs due to reductions-in-force (RIFs) or elimination of job positions. Most of these employees are not eligible to immediately retire from federal service. A question that these employees may be asking: What happens to their Thrift Savings Plan accounts? Ed Zurndorfer discusses vesting the TSP requirements more…
What Happens to Federal Employee Health Benefits (FEHB) in Early or Deferred Retirement?
Ed Zurndorfer discusses what happens to a federal employee’s health, dental and vision benefits when the employee leaves federal service before normal retirement age more…
What Happens to Life (FEGLI) and Long-Term Care Insurance (FLTCIP) in Early or Deferred Retirement?
Ed Zurndorfer discusses what happens to federal employee life insurance and federal long-term care insurance benefits when a employee retires or leaves federal service before normal retirement age more…
Pre-Age 55 Penalty-Free TSP Withdrawals: Partial Rollover of a Traditional TSP Account to a Traditional IRA
With perhaps thousands of federal employees having to leave federal service as a result of reductions-in-force (RIFs), the question becomes for many: How to access their Thrift Savings Plan accounts? In column one of a two-part series, Ed Zurndorfer discusses how separated federal employees younger than age 55 can make penalty-free TSP withdrawals. Presented in this column is the partial rollover of a traditional TSP account to a traditional IRA more…