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Federal employee pay has been a target in cost-cutting efforts by the President and Congress, aided by a public perception of feds as overpaid "fat cats." Claims about public vs. private pay have swung widely - from the Federal Salary Council's data that shows feds are paid 24 percent less than the private sector, to a Cato Institute report that says feds are paid double the private sector. What's the reality? Federal News Radio brings you interviews and analysis on the federal pay debate.
Preview of Roth TSP, January returns, pay freeze vote
Wednesday - 2/1/2012, 10:13pm EST
Federal employees can expect information in the mail next week on the new Roth option, said Tom Trabucco, director of external affairs for the Thrift Savings Plan, in an interview with Your Turn with Mike Causey.
The option will be rolled out in the second quarter of this year, sometime between April and June, he said.
Just this week the board sent the draft regulations to the Federal Registrar, Trabucco said.
For more information on the Roth TSP option, check out this FAQ.
Trabucco also reviewed the January TSP returns:
January TSP returns
|Fund||G Fund||F Fund||C Fund||S Fund||I Fund|
|Month||0.13 %||0.88 %||4.50 %||7.59 %||5.36 %|
|2012||0.13 %||0.88 %||4.50 %||7.59 %||5.36 %|
|12-Month||2.34 %||8.70 %||4.24 %||2.68 %||-9.27 %|
|L Funds||L Income||L 2020||L 2030||L 2040||L 2050|
|Month||1.18 %||3.03 %||3.77 %||4.34 %||4.87 %|
|2012||1.18 %||3.03 %||3.77 %||4.34 %||4.87 %|
|12-Month||2.78 %||2.08 %||1.85 %||1.57 %||0.88 %|
Threats on the Hill
In the second half of the program, Federal Times senior writer Stephen Losey discussed potential threats to federal pay and benefits.
Specifically, the House is scheduled to vote Monday evening on a proposal to extend the federal civilian pay freeze through 2013.
The vote comes within a week of a Congressional Budget Office report on federal vs. private sector compensation. The report found that feds made 16 percent more than the private sector in wages and benefits. But this gap depended on education. For example, workers with advanced degrees made less in the public sector than in the private sector, according to CBO.
Blanket freezes such as the one considered today will widen that gap, Losey said.
"That's just going to exacerbate the problem," he said.
Even if the proposal passes the House, it's unlikely to clear the Senate, he added.