A new decade is upon us. From all of us at Serving Those Who Serve:
Happy New Year!
Here’s a quick glance at important information for Federal Employees in 2020:
For Social Security Recipients, FERS annuitants, & CSRS annuitants: 1.6%
2020 Pay Raise
General Scale Pay Increase: 2.6%
w/ locality pay: 3.1%
Military Pay Increase: 3.1%
2020 TSP Contributions
2020 Maximum: $19,500
Catch-Up Amount: $6,500
-Also in 2020:
The Lifecycle “L” Funds will be separated by 5-year increments instead of 10. The L-2020 fund will mesh with the L-Income Fund and the following Funds will be added: L-2025, L-2035, L-2045, L-2055, & L-2060.
Starting in October, Federal employees will be able to utilize Paid Family Leave!
Also beginning this October, new employees will automatically start contributing 5% to receive the maximum match from the Government.
Here’s to having a Great 2020!
Until Next Time,
**Written by Benjamin Derge, Financial Planner. The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.
2020 Federal Employees