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Federal payroll shrinking
Thrift plan encounters trouble Date published: 8/15/2004
Here are the latest statistics available from the Office of Personnel Management:
At the end of March 2004, there were 2,704,959 civilian employees. Of that number, 2,640,212 were employed in the executive branch, 30,348 in the legislative branch and 34,399 in the judicial branch.
What came as a surprise to me was that of the executive-branch numbers, only 331,722 were assigned to the Washington metropolitan area.
By now I imagine you're wondering how these figures compare with another point in time. Without going into a lengthy historical analysis, it appears that federal employment is down somewhat. OPM reports that compared with last year the current figures are 32,893 fewer for the executive branch, with the legislative branch showing a decrease of 565 employees while the judicial branch posted a slight gain of 190 workers.
Thrift Savings Plan snafu
I know that many federal workers and their families were upset over the delays the Thrift Savings Plan encountered in bringing on its new computer systems.
Last month, the Senate Governmental Affairs Committee concluded that $36 million was wasted in what they called TSP's "botched computer program contract."
The TSP board recently endorsed the Senate's findings and acknowledged that the new system, which has now been implemented, cost an additional $33 million. Now if you're wondering who is picking up the bill for TSP's ineptitude--look in the mirror. The additional cost is being borne by the plan's participants, who are now paying approximately 11 cents in maintenance fees for each $100 invested this year.
After the loss is covered, the TSP expects to drop the annual maintenance fee to 6 or 7 cents.
The roller-coaster returns of recent years have taken a toll on many TSP account balances, and higher fees due to mismanagement are not appreciated nor deserved by those who are looking to rely on the TSP in their "golden years."
Check your leave
In closing, I hope everyone is taking advantage of the waning month of summer. Check your annual-leave balances carefully. If you're near the "use or lose" mark, I personally believe that August is a much nicer time to be off than December.
KEVIN WILKINSON of Spotsylvania County is a veteran federal employee. Write him c/o Federal Feedback, The Free Lance-Star, 616 Amelia St., Fredericksburg, Va. 22401, or e-mail kwlknsn@yahoo.com. Date published: 8/15/2004
http://www.freelancestar.com/News/FLS/2004/082004/08152004/1455584
Federal payroll shrinking
Thrift plan encounters trouble Date published: 8/15/2004
Here are the latest statistics available from the Office of Personnel Management:
At the end of March 2004, there were 2,704,959 civilian employees. Of that number, 2,640,212 were employed in the executive branch, 30,348 in the legislative branch and 34,399 in the judicial branch.
What came as a surprise to me was that of the executive-branch numbers, only 331,722 were assigned to the Washington metropolitan area.
By now I imagine you're wondering how these figures compare with another point in time. Without going into a lengthy historical analysis, it appears that federal employment is down somewhat. OPM reports that compared with last year the current figures are 32,893 fewer for the executive branch, with the legislative branch showing a decrease of 565 employees while the judicial branch posted a slight gain of 190 workers.
Thrift Savings Plan snafu
I know that many federal workers and their families were upset over the delays the Thrift Savings Plan encountered in bringing on its new computer systems.
Last month, the Senate Governmental Affairs Committee concluded that $36 million was wasted in what they called TSP's "botched computer program contract."
The TSP board recently endorsed the Senate's findings and acknowledged that the new system, which has now been implemented, cost an additional $33 million. Now if you're wondering who is picking up the bill for TSP's ineptitude--look in the mirror. The additional cost is being borne by the plan's participants, who are now paying approximately 11 cents in maintenance fees for each $100 invested this year.
After the loss is covered, the TSP expects to drop the annual maintenance fee to 6 or 7 cents.
The roller-coaster returns of recent years have taken a toll on many TSP account balances, and higher fees due to mismanagement are not appreciated nor deserved by those who are looking to rely on the TSP in their "golden years."
Check your leave
In closing, I hope everyone is taking advantage of the waning month of summer. Check your annual-leave balances carefully. If you're near the "use or lose" mark, I personally believe that August is a much nicer time to be off than December.
KEVIN WILKINSON of Spotsylvania County is a veteran federal employee. Write him c/o Federal Feedback, The Free Lance-Star, 616 Amelia St., Fredericksburg, Va. 22401, or e-mail kwlknsn@yahoo.com. Date published: 8/15/2004
http://www.freelancestar.com/News/FLS/2004/082004/08152004/1455584
