Reader Question: What happens if I become disabled while working as a federal employee?
Q: I'm currently employed by a federal agency, but I've had a few troublesome health problems in the last year. I'm worried I will become disabled before I reach retirement age. What will happen to me and my finances? Do I need a Power of Attorney? A:Â If you become mentally or physically unable to handle your own money, a family member or someone helping youÂ should contact OPM as soon as possible. When your family member or friends contact OPM, they will receive fullÂ instructions on what to do to take care of your...
Federal Pay Frozen in 2012
After receiving a 3.5% pay increase in 2008, a 3.9% raise in 2009 and a 2% increase in 2010, federal employees have seen their pay frozen for two years. Federal employees can still receive bonuses and get a pay increase if they earn a promotion. The House has recently voted to continue the pay freeze through 2013, saying it would save taxpayers $26 billion.Â The proposed budget put forth by President Obama last week calls for a 0.5% pay increase and 1.2% increase in retirement contributions.