Pay & Benefits Watch Pay & Benefits WatchPay & Benefits Watch
Key developments in the world of federal employee benefits: health, pay, and much more.

Roth Progress

ARCHIVES

First lady Michelle Obama’s keynote at the Democratic National Convention on Tuesday will be remembered most for her heartfelt tribute to her husband. Viewers heard about President Obama’s rusted old car and the too-small shoes he owned during the couple’s earlier years.

But before the charming anecdotes, viewers got a glimpse of the first lady’s projects during her time in the White House, including the Joining Forces initiative, which she spearheads along with Jill Biden, wife of Vice President Joe Biden.

The program pairs the assets of federal agencies and private sector groups with the strengths of military members, veterans and families. The White House announced in August that 125,000 veterans and military spouses have been hired or trained by 2,000 private sector businesses.

“These companies are not making these commitments just because it’s the right thing to do -- which it is -- they’re doing this because it’s the smart thing to do for their bottom lines,” Michelle Obama said last month at an event in Mayport, Fla., to herald the milestone.

The initiative forged partnerships with the Defense Department, customer service, health care and telecommunications companies, and encouraged states to adopt policies to help ease the burden of professional licensure requirements for military spouses who must frequently move around the country.

Roth Option

About 20,000 Thrift Savings Plan participants opened Roth accounts in the first four months the option was available, according to Federal Times.

About $13 million was deposited into the accounts, or $650 per participant on average, the publication reports. TSP has an overall balance of about $316 billion.

Twenty thousand is a huge leap from the end of May, when 3,860 participants had elected the Roth option, but it’s still less than 1 percent of TSP’s 4.5 million beneficiaries.

The Federal Retirement Thrift Investment Board, which oversees TSP, launched the Roth option May 7. Many agencies initially had difficulty enrolling employees who wanted to opt in to Roth, citing complicated payroll systems. The Defense Finance and Accounting Service previously said it was rectifying the problems this summer and fall; the Army, Navy and Air Force will be able to enroll by October.

Union Adds Number Crunchers

The National Treasury Employees Union added 146 additional financial management service staffers to its membership base last week when a group of FMS accountants, economists and auditors voted unanimously for representation in an election, conducted by the Federal Labor Relations Authority.

The union represents more than 1,200 FMS workers nationwide.

FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Going Agile:Revolutionizing Federal Digital Services Delivery

    Here’s one indication that times have changed: Harriet Tubman is going to be the next face of the twenty dollar bill. Another sign of change? The way in which the federal government arrived at that decision.

    View
  • Cyber Risk Report: Cybercrime Trends from 2016

    In our first half 2016 cyber trends report, SurfWatch Labs threat intelligence analysts noted one key theme – the interconnected nature of cybercrime – and the second half of the year saw organizations continuing to struggle with that reality. The number of potential cyber threats, the pool of already compromised information, and the ease of finding increasingly sophisticated cybercriminal tools continued to snowball throughout the year.

    View
  • Featured Content from RSA Conference: Dissed by NIST

    Learn more about the latest draft of the U.S. National Institute of Standards and Technology guidance document on authentication and lifecycle management.

    View
  • GBC Issue Brief: The Future of 9-1-1

    A Look Into the Next Generation of Emergency Services

    View
  • GBC Survey Report: Securing the Perimeters

    A candid survey on cybersecurity in state and local governments

    View
  • The New IP: Moving Government Agencies Toward the Network of The Future

    Federal IT managers are looking to modernize legacy network infrastructures that are taxed by growing demands from mobile devices, video, vast amounts of data, and more. This issue brief discusses the federal government network landscape, as well as market, financial force drivers for network modernization.

    View
  • eBook: State & Local Cybersecurity

    CenturyLink is committed to helping state and local governments meet their cybersecurity challenges. Towards that end, CenturyLink commissioned a study from the Government Business Council that looked at the perceptions, attitudes and experiences of state and local leaders around the cybersecurity issue. The results were surprising in a number of ways. Learn more about their findings and the ways in which state and local governments can combat cybersecurity threats with this eBook.

    View

When you download a report, your information may be shared with the underwriters of that document.