The President signed a spending bill last Friday, after the legislation passed overwhelmingly in Congress. Along with assuring Federal Employees that the Government will remain funded until at least September 30th came a 1.9% pay raise for 2019. The increase will be retroactively effective as of January 1st and at last concludes the saga of uncertainty surrounding whether Feds would or would not receive a salary raise for the current year. The drama over the raise began last spring when Trump declared there would be a pay freeze, but then the Senate included the 1.9% in a budgetary measure in August. Had the bill proposed back in December been passed, the escalation may not have happened because it was not included in that bill and seemed more unlikely. The case for a raise in pay for civilian and military workers got stronger after the longest shutdown in history gave the public good reason to sympathize with federal employees. Now with the raise confirmed and a shutdown averted, let me say Happy New Year! It may finally feel like you can get to those financial resolutions. The Certified Financial Planners and Chartered Federal Employee Benefits Counselors at Serving Those Who Serve are here to help.
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.
Shutdown Avoided – Retroactive Pay Raise