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03/14/08 - House Committee Passes Bill to Allow Federal CSRS Employees To Work Part-time Without Penalty

Statement by OPM Director Linda M. Springer:

“I commend the members of the House Committee on Oversight and Government Reform for their actions yesterday, which will allow this important piece of legislation to come to the floor for a full vote,” Springer said.

“Enactment of this bill would enable Federal employees covered by the Civil Service Retirement System to work part-time prior to retirement without incurring penalties to the annuity they have so rightly earned.”

“I would like to thank bill sponsor Rep. James Moran, Committee chairman Henry Waxman, Ranking Member Tom Davis, Subcommittee chairman Danny Davis and Rep. Kenny Marchant for their support of this measure, which will continue to help us ensure the Federal government has an effective civilian workforce.”
- end -

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Posted by admin on 03/17/08 | Print This Post Print This Post
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03/08/08 - OPM Submits Short-Term Disability Insurance Program to Congress

Washington, D.C. - U.S. Office of Personnel Management (OPM) Director Linda M. Springer today submitted a proposal to both chambers of Congress to establish a short-term disability insurance program to protect federal employees who suffer an injury or illness which temporarily prevents them from performing their normal job duties.

“If we are to maintain an efficient and effective Federal workforce, it is imperative to ensure workers are protected in the unlikely event of a short-term disability,” Director Springer said. “Health care costs can be economically devastating to many employees, especially those who have not yet accumulated sufficient sick and annual leave.”

OPM would leverage the purchasing power of the 2.6 million Federal employees in the Executive, Legislative, and Judicial branches, as well as the U.S. Postal Service, to obtain the best coverage at affordable premiums. Under the proposal, participation would be voluntary and insurance premiums would be fully paid by the policy holder.

Springer said an added benefit to this insurance product would be its ability to attract a quality work force. A sound short-term disability insurance benefit will fill the gap in an otherwise attractive and competitive Federal benefit program.

“Recent college graduates, or men and women only a few years removed from college campuses who are thinking about starting families will find this benefit to be an inducement to considering a career in the Federal civil service,” Springer said. “If they know they will not be penalized should something occur before they have had enough time to accumulate sufficient sick leave, they will be more likely to consider public service.”

Springer noted the program would benefit employees in a variety of short-term situations, including childbirth, adoption, unforeseen injury to the employee or a close family member, and emergency surgery.
- end -

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Posted by admin on 03/14/08 | Print This Post Print This Post
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03/01/08 - Information About Interfund Transfer Restrictions on Your TSP

In recent months, it has become clear that a few thousand of our 3.9 million Thrift Savings Plan (TSP) participants are engaging in excessive frequent trading.  Because this activity was clearly accelerating, and in light of the detrimental effect on fund performance and transaction costs, at its November 2007 meeting, the members of the Federal Retirement Thrift Investment Board authorized the Executive Director to put in place restrictions on interfund transfers.

After receiving input from the employee unions, organizations, and others, we published an interim regulation in January 2008.  This interim regulation provided an immediate, short-term procedure to curb frequent trading.  We are now proposing a regulation that provides for a broader, system-wide solution.  If adopted, this regulation would limit the number of interfund transfer requests to two per month.  After a participant has made two interfund transfers in a calendar month, the participant may make additional interfund transfers only into the G Fund until the first day of the next month.

We notified all participants of this proposal in February 2008 when we mailed the new annual participant statements.  We will announce the results of this process in Spring 2008.

You may mail or fax comments on this proposed regulation to Thomas K. Emswiler, General Counsel, Federal Retirement Thrift Investment Board, 1250 H Street, N.W. Washington, D.C.20005 (fax number — (202) 942-1676).  Comments must be received by April 9, 2008.  Comments submitted in response to the interim regulation need not be resubmitted; they will be considered as part of this rulemaking process.

The following questions and answers briefly describe the proposed interfund transfer restrictions and the reasons why restrictions are necessary.  Greater details are provided in the Frequent Trading memorandum of November 6, 2007, and the FRTIB Frequent Trading presentation dated November 19, 2007.

Q1. Why is the TSP placing restrictions on the number of interfund transfers a participant may make each month?  

The TSP is a retirement savings and investment plan. Investment choices should be made with a long-term objective based on a participant’s time horizon.  Fewer than 1% of participants made more than 1 interfund transfer in 2007.  Although the TSP recognized that, once we moved to the new daily valued system, some participants might engage in market timing activities, the practice was minimal at first.  Now, however, a very small number of TSP participants are engaging in frequent trading to such an extent that it is having adverse effects on other participants.

For example, in September and October of 2007, the average I Fund daily trade amount was $224 million. This compares to average daily I Fund trade amounts of $49 million in 2006 and $27 million in 2005. In September and October, 63% (or $142 million) of the $224 million traded was attributable to participants who had traded the I Fund eight or more times in the prior 60 days. Trade volume is up significantly, and the majority of this increased volume is attributable to less than 3,000 TSP participants who are engaged in frequent trading.
 
Q2.  What are the new restrictions on interfund transfers?   

The Thrift Savings Plan will implement restrictions on the number of interfund transfers a participant can make per month in order to curb frequent trading and its associated costs to TSP participants.  However, the TSP does want to provide the opportunity for participants to rebalance their accounts and to permit unrestricted access to the Government Securities Investment (G) Fund.  Accordingly, the restrictions would be as follows:

Participants can make two (2) interfund transfers per calendar month.  After that, they may only move money from the Fixed Income Index Investment (F) Fund, the Common Stock Index Investment (C) Fund, the Small Capitalization Stock Index Investment (S) Fund, the International Stock Index Investment (I) Fund, and the L Funds to the G Fund.  

We will count the interfund transfer based on its process date, not the date the interfund transfer was requested. 

If your first or second interfund transfer in a month moves money only to the G Fund, it still counts toward your two (2) interfund transfers per month limit.
 
Q3.  How will these restrictions affect me? 

Based on their current behavior, these restrictions would have no impact on the investment activity of 99% of our participants.
 
Q4.  When will the restrictions be implemented? 

The restrictions will be announced in the annual TSP participant statement mailing which is scheduled for February 2008.  We anticipate they will take effect in April 2008.
 
Q5.  What has been the impact of frequent interfund transfer activity on the TSP Funds? 

Frequent trading activity has (1) increased fund transaction costs and (2) increased the likelihood that a fund’s performance will deviate from its benchmark. 

(1)  Transaction costs, which are in addition to the TSP administrative expense for each fund, can be double or triple the cost of administering the fund.  Transaction costs are not fees paid to Barclays Global Investors (BGI, the investment manager for the F, C, S, and I Funds).  They are costs comprising commissions paid to brokers, transfer taxes, and market impact (the difference between where the stock is bought or sold versus the stock price used to value the fund).  Before BGI places an order to buy or sell shares in the market, it trades shares internally among other public and corporate tax-exempt employee benefit plans that are invested in the same index funds as the TSP.  There is no cost to the TSP for this service.  However, the larger the trade, the lower the percent that can be internally moved between plans.  Thus, an increase in the size of the daily trade leads to a disproportionate increase in the transaction costs which are paid by all TSP participants invested in these funds.

(2)  Further, because of the very large dollar amounts being traded, particularly in the I Fund, BGI has had to increase its cash/futures pool to ensure that the funds can meet their daily redemption requirements.  As a result, the possibility that the funds’ performance will differ from the performance of the index each fund tracks has increased. 
 
Q6.  What are the costs to TSP participants invested in the funds affected by frequent trading activity? 

Frequent trading activity results in additional fund trading expenses that are borne by all participants in the fund (not just those who are making interfund transfers), and can negatively impact returns.  For example, in 2006, the trading cost for the I Fund was 8 basis points (or 80 cents per $1,000).  This means that the impact of frequent trading in the I Fund was more than double the impact from the cost of administering the TSP funds (expense ratio) which was 3 basis points (or 30 cents per $1,000).  These costs affect everyone who is invested in the I Fund, not just the frequent traders.  The frequent trading is impacting the other funds as well.  In addition, there is the possibility of foregone interest in those situations where BGI cannot settle our large trades on a next-day basis.

Thus, the changes are designed to protect the interests of all participants in response to the frequent interfund transfers in the F, C, S, I, and L Funds made by a small number of TSP participants.
 
Q7.  Why are the transaction costs high? 

As explained in Question 5, transaction costs are not fees charged by the investment manager, but are comprised of brokerage commissions, transfer taxes, and market impact.  Brokerage commissions are very low, but in some foreign countries, transfer taxes are very high.  For example, Ireland charges a 1 percent tax on all purchases of securities.  Market impact is by far the largest transaction cost, particularly in the I Fund where we give our investment manager the order to buy or sell when the overseas markets are closed.  The manager then executes the trades when the markets reopen.  Any price difference is market impact and there are always price differences.  In 2006, transaction costs for all of the funds were over $15 million. 
 
Q8.  The TSP’s expense ratio was only 3 basis points (.03%) in 2006. Why does the TSP need to limit trading when expenses are already low? 

Transaction costs are investment expenses that reduce investment income before deductions for administrative expenses and are not included in the administrative expense ratio.  (See the Thrift Savings Plan Statement of Changes in Net Assets Available for Plan Benefits portion of the Plan’s financial statement.)  Transaction costs of $13.8 million reduced the I Fund return by 8 basis points (or .08%) in 2006; net administrative expenses only reduced participants’ returns by 3 basis points (.03%) in 2006.

Frequent trading also increases the cash the investment manager must hold to meet redemptions, which leads to a greater chance of differences in performance from the indexes tracked by the funds.  It is the goal of the TSP to keep this “tracking error” as low as possible since the funds are designed to mimic their respective indexes.
 
Q9. The TSP is a huge plan with $235 billion in assets. Why are transaction costs of $15 million a problem?

As indicated in Question 8, transfer costs affect the returns of the funds.  For example, the I Fund’s transaction costs in 2006 decreased the I Fund’s return by 8 basis points or .08%. The cost of administering the TSP program was only 3 basis points (.03%) in 2006. The Board is charged with keeping TSP expenses low for all participants. We have determined that trading restrictions will result in a significant expense reduction for TSP participants.
 
Q10.  Does rebalancing the L (lifecycle) Funds every day cause the amount traded to increase? 

The dollar amount of trading activity attributable to the L Funds is very small, especially compared to the dollar amount of trading activity attributable to frequent traders.  For September and October 2007, the average trade in the I Fund was $224 million.  The L Fund rebalancing accounts for $16 million, while frequent traders account for $142 million.  (Frequent traders are participants who have traded in the I Fund eight or more times in the prior 60 days.)  Therefore, the impact of the L Funds’ rebalancing is minimal.
 
Q11.  Why hasn’t the TSP already placed restrictions on the number of interfund transfers that a participant can make each month?

Before the TSP moved to the daily valued record keeping system, participants were limited to 12 interfund transfers a year – one per month. When we decided to introduce daily valuation, we understood that some participants might trade more frequently.  We decided not to limit the interfund transfers unless a problem developed.  In the past two years – particularly in the past 6 months, however, the adverse effects of frequent trading have become more pronounced.  Because the Federal Retirement Thrift Investment Board has a fiduciary responsibility to all of its participants to keep costs low, the decision was made to put restrictions in place.
 
Q12.  Do other plans and mutual funds place trading restrictions on their participants? 

The financial industry has responded in a variety of ways to the challenge of frequent trading in its mutual funds.  Consequently, most large mutual fund families have adopted some type of trading restrictions or they have implemented a fee structure.  The TSP reviewed the restrictions in place for many of these mutual funds and determined that allowing participants two interfund transfers per month, with subsequent interfund transfers only to the G Fund was both reasonable and prudent.  (The TSP restrictions are not as onerous as those of some institutions.  For example, one institution restricts trades to once every 60 days; another provides for one round trip – an investment into and out of a fund – per year.)

Although the Securities and Exchange Commission (SEC) does not have direct oversight authority with respect to the TSP, its views on frequent trading and its directive to mutual fund boards of directors is instructive.  The SEC provides that, under rule 22c-2(a)(1), “the board of directors must either (i) approve a fee of up to 2% of the value of shares redeemed, or (ii) determine that the imposition of a fee is not necessary or appropriate.  Id.  A board, on behalf of a fund, may determine that the imposition of a redemption fee is unnecessary or inappropriate because, for example, the fund is not vulnerable to frequent trading or the nature of the fund makes it unlikely that the fund would be harmed by frequent trading.  Indeed, a redemption fee is not the only method available to a fund to address frequent trading in its shares.  As we have stated in previous releases, funds have adopted different methods to address frequent trading, including:  (i) restricting exchange privileges; (ii) limiting the number of trades with a specified period; (iii) delaying the payment of proceeds from redemptions for up to seven days (the maximum delay permitted under section 22(e) of the [Investment Company] Act); (iv) satisfying redemption requests in-kind; and (v) identifying market timers and restricting their trading or barring them from the fund.”  71 Fed. Reg. 58258 (Oct 3, 2006).

The TSP concludes that its restriction policy is consistent with best practices in the financial industry and with the guidance provided by the SEC.
 
Q13.  Why doesn’t the TSP impose redemption fees instead of trading restrictions?  

In deciding what action to take, the TSP conducted a study of the best practices of large mutual fund families, which revealed that two methods are used to control frequent trading: (1) fees and (2) trading restrictions.  T. Rowe Price imposes fees on redemptions; it manages an international index fund similar to the TSP’s I Fund and charges investors a fee of 2% for any redemptions made within 90 days of purchase.  Fidelity limits international fund activity to one round trip (a purchase and sale) within 30 days, with a maximum of two round trips in any 90-day period.  Vanguard, the largest manager of index funds, does not allow any of its funds to be repurchased within 60 days after a sale.

In developing its recommendation, the TSP chose not to pursue redemption fees because it is impossible to correctly assign the exact costs to those who are making interfund transfers.  Additionally, imposing a percentage fee would deny our participants the ability to go to the safe harbor of the G Fund at any time for no charge.  The Board considers that capability to be of paramount importance.  A fee-based system would especially punish an infrequent trader who may wish to redeem within 30, 60, or 90 days (depending on the policy) because the market is declining.  In this situation, the participant could face losing two percent of his/her investment in addition to the market decline, a worst case scenario.

Futher, our approach is more liberal than most, if not all, of the restrictions reviewed.  It allows participants to rebalance up to twice a month.  Indeed, our two investment consultants, Mercer and Ennis Knupp, have conducted studies showing that rebalancing an account more than monthly or quarterly is ineffective.  We therefore consider our approach to be more accommodating than necessary for optimal rebalancing frequency and demonstrably more liberal than the policies of 40 record keepers which use the same processing system as the TSP.

It is the TSP’s intention that restricting participants to two interfund transfers per month (with unlimited transfers into the G Fund thereafter) will eliminate the extra costs to the TSP that are generated by the transactions of a very small number of participants without causing harm to the 99% of participants who trade infrequently.  It is a policy that is much more liberal than the policies of many large, well regarded mutual fund families

Q14.  Do these new interfund transfer restrictions also apply to contribution allocation requests?  

The interfund transfer restrictions do not apply to contribution allocation requests.

Interim Regulation Restricting Interfund Transfers

Proposed Regulation To Restrict Interfund Transfers

-end-
 

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03/01/08 - Information about Roth IRA Transfers and Your TSP

The TSP has added a new option for participants who are eligible to transfer their TSP accounts to a traditional individual retirement account (IRA) or an eligible employer plan (like a 401(k)).  Participants may now be able to transfer their accounts to a Roth IRA.

Why “may”? The Internal Revenue Code has specific requirements that participants must meet in order to be eligible to transfer their accounts to a Roth IRA and participants must be prepared for the immediate tax consequences of the transfer. 

The following Questions and Answers were developed to help you decide if you want to transfer your TSP account to a Roth IRA.  However, we strongly encourage you to talk to a tax advisor before you make your final decision.  You don’t want to make the transfer and then find out when you’re filing your taxes for the year that you weren’t eligible or can’t pay the tax bill.

Q1. What is a Roth IRA?   

A Roth IRA is an alternative to a traditional IRA and may provide future tax benefits to some individuals. The advantage of a Roth IRA is that it provides tax-free earnings on after-tax contributions. Because your contributions have already been taxed, you can withdraw them from a Roth IRA at any time tax-free. Generally, if your account has been open for at least 5 years, your earnings are tax-free when you withdraw them. However, you must usually be 59½ or older in order to avoid paying a 10% early withdrawal penalty tax on your earnings. (There are some other exceptions to the withdrawal penalty tax.)

Another advantage of the Roth IRA is that there are no required minimum distributions for participants at age 70½ or older.

Other rules apply that may affect your eligibility for a Roth IRA and the tax-free earnings advantage. You can find out more information about Roth IRAs at the Internal Revenue Service web site, www.irs.gov, or from your tax advisor.
 
Q2.  Under what circumstances may I transfer money from my TSP account to a Roth IRA?   

First, you must be eligible to withdraw your TSP account, and your payment must be an eligible rollover distribution. Consequently, you must be eligible for an age-based in-service withdrawal or a post-separation withdrawal.

Once you’re eligible to withdraw your TSP account and you determine that your payment is an eligible rollover distribution, you must determine whether you meet the eligibility requirements for a transfer directly to a Roth IRA. Specifically, you are not eligible to transfer your payment to a Roth IRA if either of the following conditions applies:

(1) Your modified adjusted gross income is over $100,000; or
(2) You are married and file a separate return.

Otherwise, any amount rolled over is subject to the same rules for converting a traditional IRA into a Roth IRA.
 
Q3.  Do I have to pay the income taxes on my TSP contributions? 

Roth IRAs are based on after-tax contributions. So, if you transfer your tax-deferred TSP contributions and earnings to a Roth IRA, you must pay income tax on the entire amount of the transfer for the year of the transfer. Future earnings on the Roth IRA will be exempt from taxes if you meet the criteria for withdrawing from a Roth. Further, depending upon your tax liability, you may have to pay estimated taxes to avoid underwithholding penalties and interest. This is important – transferring your TSP account to a Roth IRA does not allow you to avoid paying the taxes on your TSP contributions and earnings. In fact, you have to pay them sooner than you would if you transferred the money to a traditional IRA. We have spoken to participants who did not understand this.
 
Q4.  Will the TSP withhold money for taxes when I transfer funds from the TSP to a Roth IRA? 

No. Because your Roth IRA transfer is an eligible rollover distribution, we do not withhold any taxes on the transfers. So be sure that you have the funds to cover the tax liability you will incur as a result of the transfer.
 
Q5.  I received my single payment in cash. Can I roll this payment over into a Roth IRA? 

If you’ve received your eligible rollover distribution directly, you can roll it over into your Roth IRA.  However, you should check with your Roth IRA provider to see if they’ll accept it. (Standard rollover rules apply.)  Remember, if you receive your eligible rollover distribution in a payment to you, there is mandatory 20% Federal tax withholding.  You may roll over to the Roth IRA all or any part of the eligible rollover distribution.  You will still have to pay taxes on any amount rolled over and any part you keep.
 
Q6.  Do I have to pay a 10% early withdrawal penalty tax on a transfer to a Roth IRA? 

No, the 10% early withdrawal penalty does not apply to a transfer to a Roth IRA, a traditional IRA, or an eligible employer plan. However, you may be subject to the penalty if you do not meet the eligibility requirements at the time you withdraw your Roth IRA earnings.
 
Q7.  Is there a dollar limit on the amount that can be transferred to a Roth IRA? 

There is no dollar limit to the amount that you can transfer. However, don’t forget that you’ll be taxed at ordinary rates on the amount you transfer. Further, the transfer may push you into a higher tax bracket. So be sure you take that into consideration as you make your decision.
 
Q8.  Are there any other special rules or restrictions for moving money into a Roth IRA? 

Yes. The tax rules on Roth IRA transfers are complex. We strongly recommend that you consult a tax advisor before you make your decision.
 
Q9.  Where are the Roth IRA Transfer forms? 

The Roth IRA transfer option has been added to our withdrawal forms and the information included in the associated tax notices.  These are available in the Forms and Publications section of this web site.
 

-end-

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02/25/08 - OPM Unveils New Retirement Administration System for 26,000 Federal Employees in First Wave of Rollout

OPM Unveils New Retirement Administration System for 26,000 Federal Employees in First Wave of Rollout

Washington, DC — The U.S. Office of Personnel Management is today initiating the rollout of the Federal Government’s new retirement administration process. Employees in Wave 1 agencies will now be able to retire under a system, which will be known as RetireEZ, that will quickly and accurately calculate their retirement benefits.

“Federal employees who have committed their lives to serving America deserve the best, most accurate retirement processing system available,” said OPM Director Linda M. Springer. “RetireEZ moves federal agencies from a labor-intensive, paper-based process to a modern, electronic system that contains all the federal and military service records needed to compute the annuities of federal employees. With the efficient electronic transfer of retirement-related documents to OPM, employees will receive their full annuity from the start, instead of first being subjected to reduced interim payments due to missing paperwork.”

Wave 1 covers approximately 26,000 employees in agencies serviced by the General Services Administration’s (GSA) payroll processing center. These agencies include OPM, GSA, the National Archives and Records Administration, and the Railroad Retirement Board. Subsequent rollouts will cover the remainder of the Executive Branch, the U.S. Postal Service and the Legislative and Judicial Branches, with the fifth and final rollout scheduled for February 2009.

- end -

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01/29/08 - OPM Issues Status Report on Performance-Based Pay Systems in the Federal Government

OPM Issues Status Report on Performance-Based Pay Systems in the Federal Government

Washington, DC - The U.S. Office of Personnel Management (OPM) has released a 2007 status report on performance-based pay systems within the federal government, which currently support over 298,000 federal employees. The report, Alternative Personnel Systems in the Federal Government - A Status Report on Demonstration Projects and Other Performance-Based Pay Systems, includes information based on agency data, evaluations and studies, and it demonstrates performance-based pay systems “work.”

“This report shows performance-based pay systems drive improvements in managing performance, recruiting and retaining quality employees, and achieving results-oriented performance cultures,” said OPM Director Linda M. Springer.

The report also includes profiles of demonstration projects currently operating under OPM authority, as well as independent and executive pay systems where employee pay is linked to performance.

Independent systems cover approximately 246,700 federal employees, with more than half working under the Department of Defense’s National Personnel Security System (NSPS). In May 2007, OPM issued an assessment of NSPS, concluding the program is being implemented effectively.

Executive pay systems cover more than 8,600 employees in the Senior Executive Service (SES) and the Senior Foreign Service (SFS). Demonstration projects currently cover about 42,500 federal employees.

OPM continues to manage the certification process for SES pay systems and has seen marked improvements in agency implementation of performance-based pay for executives.

For a copy of the report, please go to http://www.opm.gov/aps/reports/index.asp.

 - end -

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