alumni associations - narfe · and sapphires—ruled the gem world. when tanzanite de-buted in...

APR

’17

Volume 93 • Number 4

P.28 ALUMNI ASSOCIATIONS

P.36ANNUAL STATE TAX ROUNDUP

P.22

COVER STORY

HOW MUCH MONEY DO YOU NEED TO RETIRE?

Here’s how it works:

You pay

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*The insured may need to submit for reimbursement. State and/or local taxes may apply. Prices and products subject to change. Blue Cross and Blue Shield Service Benefit Plan will pay a hearing aid benefit up to $2,500 every 3 calendar years for adults age 22 and over, and up to a $2,500 total per calendar year for members up to age 22. Do not rely on this communication piece alone for complete benefit information. All benefits are subject to the definitions, limitations, and exclusions in your Service Benefit Plan brochure. The Blue365® Discount Program offers access to savings on items that you may purchase directly from independent vendors, which may be different from items covered under your Service Benefit Plan or any other applicable federal healthcare program. For hearing aids, acupuncture, chiropractic and vision services, you must exhaust your Service Benefit Plan benefits first. To find out what is covered under your policy, contact the Service Benefit Plan. The products and services described herein are neither offered not guaranteed under any local Blue company’s contract with the Medicare program. In addition, these items are not subject to the Medicare appeals process. Any disputes regarding these products and services are not subject to the Service Benefit Plan’s Disputed Claims process. Blue Cross and Blue Shield Association (BCBSA) may receive payments from Blue365 vendors. Neither the Service Benefit Plan, BCBSA, nor any local Blue company recommends, endorses, warrants or guarantees any specific Blue365 vendor or item. The Service Benefit Plan reserves the right to change, modify, or terminate any item and vendors made available through Blue365, at any time. Blue Cross and Blue Shield Association is an association of independent, locally operated Blue Cross and Blue Shield Companies. State and local taxes and/or fees may apply. Available at participating locations until 12/31/17.

6 Panel Shows Support for Postal Retiree Health Benefit Changes

8 Hearing on Federal Management Policy

8 Bill Would Fire Tax-Delinquent Employees

9 President Directs Review of Fiduciary Rule

10 New NARFE Legislative Action Center

10 Next Steps for Advocacy

11 Bill Would Give Federal Employees a Pay Raise

ON THE COVERIllustration by Bill Pragluski, Critical Stages, LLC

DEPARTMENTS

16 Questions & Answers

46 For the Record: TSP Returns, Retirement Claims Status, Countdown to COLA

48 NARFE News

52 The Way We Worked

36 Annual State Tax Roundup

APR

’17

22 HOW MUCH DO YOU NEED TO RETIRE? A simple four-step framework can take the complexity out of retirement planning and provide you with an estimate of how big a piggy bank you’ll need. 4 From the President

42 Managing Money

44 The Informed Citizen

WASHINGTON WATCH

COLUMNS

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NARFE National Headquarters

On the Web

COVER STORY

SPECIAL SECTIONS

12 NARFE Bill Tracker

W W W. NA R F E .ORG | 1

28ALUMNI ASSOCIATIONS play an important role in connecting federal retirees to their colleagues and are a resource for agencies.

2 | A P R 2 017

APRIL 2017 | Volume 93 | Number 4

National Active and Retired Federal Employees Association

NATIONAL OFFICERSRICHARD G. THISSEN, President; [email protected] DOWIE, Secretary/Treasurer; [email protected]

REGIONAL VICE PRESIDENTSREGION I James P. Crawford(Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island and Vermont)TEL: 603-630-5191EMAIL: [email protected]

REGION II Evelyn Kirby(Delaware, District of Columbia, Maryland, New Jersey and Pennsylvania) TEL: 410-604-1141EMAIL: [email protected]

REGION III Clarence Robinson(Alabama, Florida, Georgia, Mississippi, South Carolina, Puerto Rico and Virgin Islands)CELL: 404-312-8028EMAIL: [email protected]

REGION IV Edward J. Konys(Illinois, Indiana, Michigan, Ohio and Wisconsin)TEL: 937-470-0566EMAIL: [email protected]

REGION V Carol R. Ek(Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota) TEL: 620-241-1131, CELL: 620-504-2202 EMAIL: [email protected]

REGION VI Marshall L. Richards(Arkansas, Louisiana, Oklahoma, Republic of Panama and Texas) TEL: 903-660-2784 EMAIL: [email protected]

REGION VII Rodney L. Adelman(Arizona, Colorado, New Mexico, Utah and Wyoming) TEL: 623-505-4719 EMAIL: [email protected]

REGION VIII Helen L. Zajac(California, Guam, Hawaii, Nevada and Republic of Philippines)TEL: 707-644-7565 EMAIL: [email protected]

REGION IX Richard Wilson(Alaska, Idaho, Montana, Oregon and Washington) TEL: 253-210-5609, CELL: 425-736-6899 EMAIL: [email protected]

REGION X William Shackelford(Kentucky, North Carolina, Tennessee, Virginia and West Virginia) TEL: 703-830-6590, CELL: 703-201-6304EMAIL: [email protected]

TO JOIN NARFE, RENEW YOUR MEMBERSHIP OR FIND A LOCAL CHAPTER:CALL (TOLL-FREE) 800-627-3394 OR GO TO www.narfe.org

TO CHANGE YOUR ADDRESS, PHONE NUMBER OR EMAIL LISTING:CALL (TOLL-FREE) 800-456-8410, EMAIL [email protected] OR GO TO www.narfe.org, log in and click on “Update My Record”

TO REACH A FEDERAL BENEFITS SPECIALIST:EMAIL [email protected]

NARFE HEADQUARTERS 606 N. Washington St.Alexandria, VA 22314703-838-7760

HERE’S HOW TO CONTACT US…

www.narfe.org

EDITOR Susan Boswell

EDITORIAL ADMINISTRATOR Toni Vallario

GRAPHIC DESIGN Charlene Gridley

EDITORIAL BOARDRichard G. Thissen, Jon Dowie

EDITORIAL OFFICE: narfe magazine 606 North Washington St. Alexandria, VA 22314-1914

Phone: 703-838-7760 Fax: 703-838-7781 Email: [email protected]

ADVERTISING SALES: Warren Berger Media People Inc.

122 East 42nd St., Suite 1622 New York, NY 10168

Phone: 212-779-7172, ext. 223 Email: [email protected]

NARFE FOR THE VISUALLY IMPAIRED

ON THE TELEPHONE: This publication can be heard on the telephone by persons

who have trouble seeing or reading the print edition. For more information, con-tact the National Federation of the Blind

NFB-NEWSLINE® service at 866-504- 7300 or go to www.nfbnewsline.org.

ON DIGITAL AUDIO: Issues of narfe maga-zine are also available in audio format

through the National Library Service for the Blind and Physically Handicapped

(NLS). For availability, call 202-727-2142 or your local NLS service provider.

The Association, since July 1970, has been classified by the IRS as a

tax-exempt labor organization [not a union]; however, dues and gifts

or contributions to the Association are not deductible as

charitable contributions for income tax purposes.

narfe (ISSN 1948-4453) is published monthly by the National Active and Retired Federal Employees Association (NARFE), 606 N. Washington St., Alexandria, VA 22314. Periodicals postage paid at Alexandria, VA, and additional mailing offices. Members: Annual dues includes subscription. Nonmember subscription rate $40. Postmaster: Send address change to: NARFE Attn: Member Records, 606 N. Washington St., Alexandria, VA 22314. To ensure prompt delivery, members should also forward changes of address without delay. Because of the volume involved, NARFE cannot acknowledge nor be responsible for unsolicited pictures and manuscripts, although every reasonable precaution is taken. All submissions become the property of NARFE. Copyright © 2017, NARFE. Advertisements in the magazine are not endorsements of products and/or services by NARFE, unless officially stated in the ad. We shall accept advertising on the same basis as other reputable publications: that is, we shall not knowingly permit a dishonest advertisement to appear in narfe, but at the same time we will not undertake to guarantee the reliability of our advertisers.

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4 | A P R 2 0 17

From

the

Pre

sid

ent

CHANGE AND CHALLENGE AHEAD

RICHARD G. THISSEN

NARFE NATIONAL [email protected]

NARFE Headquarters continues to implement the changes required by the passage of the Optional

Chapter Membership and One Member, One Vote resolutions at the 2016 National Convention.

and retiree benefits laws, and to coordinate with other organizations in this effort.

You have read much about the current mood in Congress. There is discussion on how to replace the Affordable Care Act, reduce the budget deficit and invigorate the economy. One of the primary places Congress is looking to find funds to accomplish these goals is the reduction of federal retirement and health benefits. While we described the ac-tions of the 114th Congress as unprecedented, it was just the “Exhibition Schedule” prior to the “Regular Season,” the 115th Congress.

Every proposal we were able to block in the last Congress is now being discussed again, as well as new proposals. These include elimination of the Federal Employees Retirement System (FERS) defined benefit, which would leave newly hired federal employees without an annuity. Already, action has been taken to retract the Department of Labor Rule designed to ensure investment advisers place the needs of their clients over their own (see story, p. 9). We have had many reports of federal retirees being advised to remove their funds from the Thrift Savings Plan (TSP) only to realize that their return was lower and their fees much higher elsewhere.

We will continue to keep you advised of all leg-islative actions taken. Please become familiar with the NARFE Legislative Action Center, which offers a new, user-friendly way to contact your legislators.

As we begin the 2017 federation convention sea-son, there will be discussions at each convention on how to implement these changes for the conduct of federation business to ensure the participa-tion of every member. These discussions are very important and needed.

The mission of NARFE is to protect the annui-ties and benefits within the federal community for both retirees and current and future employees, to provide assistance with regard to their rights under retirement, health and other employee

NARFE’s Mission StatementTo support legislation and regulations beneficial to federal civilian employees and annuitants and potential annuitants under any federal civilian retirement system and to oppose those detrimental to their interests.

To promote the general welfare of federal civilian employees and annu-itants and potential annuitants, to advise and assist them with respect to their rights under retirement, health and other employee and retiree benefits laws and regulations, and to represent their interests before appropriate authorities.

To cooperate with other organizations and associations in furtherance of these general objectives.

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PANEL SHOWS SUPPORT FOR POSTAL RETIREE HEALTH BENEFIT CHANGES

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On Jan. 31, the chairman of the committee, Rep. Jason Chaf-fetz, R-UT, introduced H.R. 756, the Postal Reform Act of 2017, along with the cosponsorship of the ranking member, Rep. Elijah Cummings, D-MD, and Reps. Mark Meadows, R-NC; Dennis Ross, R-FL; Gerald E. Connolly, D-VA; and Stephen F. Lynch, D-MA. Following introduc-tion, the committee held a Feb. 7 hearing to promote the bill, while ignoring the negative im-pact the bill would have on tens of thousands of postal retirees and their survivors.

NARFE opposes the bill due to these deleterious effects, and submitted a statement that was entered into the hearing record by Rep. Connolly. Specifically, the bill would force current

postal retirees and their survi-vors to enroll in Medicare Part B or forfeit their earned retiree health benefits through the Fed-eral Employees Health Benefits Program (FEHBP). These postal retirees would be forced to pay an additional $1,600 per year (or more) – and $3,200 per year (or more) for couples – in Medicare Part B premiums to maintain their retiree health benefits.

In the statement, NARFE

President Richard G. Thissen ar-gued that this provision “breaks a longstanding promise to postal retirees by removing choice as it relates to their health care.” Such a move breaks the unwrit-ten rule of not changing the game on retirees that Thissen said “sets a dangerous precedent for all federal retirees.”

NARFE has suggested a reasonable alternative to allow many retirees to add Medicare, but to preserve choice, through an opt-out for postal retirees who do not wish to pay addi-tional premiums for additional health coverage.

Unfortunately, members of the committee appear determined to press forward with the proposal

L egislation that seeks to repair the finances of the United States Postal Service (USPS) garnered broad bipartisan support among leaders and members of the House

Committee on Oversight and Government Reform in the face of strong opposition from NARFE.

Utilize the new Legislative Action Center to send a letter today urging your representative to oppose the Postal Service Reform Act of 2017, H.R. 756! NARFE opposes this legislation because it requires Medicare enrollment for current postal retirees and their spouses, and would break a promise to now-retired postal workers. Visit the Action Center at www.narfe.org/legislation/votervoice.cfm.

ACTION ALERT! APRIL

without changes. At press time, the committee was planning a markup in early March to ap-prove the bill for floor consider-ation. NARFE will continue to oppose the bill’s progress, even as major stakeholders line up in support of its provisions. The mailing industry, for example, favors limits on rate increases. With Medicare and postal retirees picking up the costs that previously would have been incurred by the Postal Service, other stakeholders do not need to accept alternate means to fix postal finances that may be rea-sonable, but run counter to their own financial interests.

Thissen continues to advocate for other options. “This is not the only path forward,” he said. “Why not allow USPS to raise the price of postage to a more reasonable amount, instead of continuing to heavily subsidize the business of bulk mailers? Why not permit USPS to ship alcohol or provide more financial services? Why not simply end the burdensome prefunding re-quirement?” Unfortunately, this bill ignores these options, and instead would balance the Postal Service’s books on the backs of 76,000 postal retirees and their survivors.”

Even as NARFE has opposed the mandatory Medicare provi-sion of H.R. 756, it has worked to improve and support various aspects of the proposal. First, the bill waives any increased premiums for late enrollment

in Medicare for those forced in. Second, those postal retirees forced to enroll would pay less than full Medicare Part B pre-miums for the first three years of coverage, paying only 25, 50 and 75 percent of the standard premium in years one, two and three, respectively. Finally, NARFE also was able to ensure that those postal retirees forced to enroll in Medicare as a condi-tion of continuing their FEHBP coverage would be automatically enrolled, to avoid complete loss of all health insurance coverage for individuals who would fail to enroll affirmatively.

NARFE also is pleased that H.R. 756 does not end six-day mail delivery. However, NARFE opposes the bill’s steps to end to-the-door delivery, which would allow the Postal Service to deliver mail to neighborhood clusterboxes.

NARFE members concerned about this bill should let their member of Congress know, by calling or sending a letter or email from the NARFE Legisla-tive Action Center. —BY JOHN HATTON, DEPUTY LEGISLATIVE DIRECTOR

CORRECTIONThe March 2017 narfe magazine article, “NARFE-PAC: Protecting Your Benefits,” incorrectly stated the amount raised by NARFE-PAC during the 2015-2016 election cycle. NARFE-PAC raised $1.45 million. The magazine regrets the error.

REALITY: Based on a 2011 assessment by the Congressional Budget Office (CBO), voucherizing the FEHBP would cost enrollees thousands of dollars over just a few years. The proposed voucher program wouldn’t adjust the amount of the voucher with the increase in health care costs, but rather on goods as a whole, using a Consumer Price Index. The CBO assessment found that many enrollees would opt into Medicare instead of the FEHBP, increasing Medicare spending. Further, according to the CBO, comparable large private-sector companies offer health coverage similar to the FEHBP. A switch to a voucher program would make federal employment less enticing to our nation’s best and brightest. Such a move would jeopardize the viability of the program and threaten federal retirees and current employees who are planning for retirement.

MYTH: Voucherizing the Federal Employees Health Benefits Program (FEHBP) would enhance its long-term viability.

MYTH vs.

REALITY

W W W. N A R F E . O R G | 7

L egislation that would bar federal employment for those with serious tax de-

linquency was introduced by Rep. Jason Chaffetz, R-UT, on Jan. 10 in the House and was referred to the Committee on Oversight and Government Reform (OGR).

The Tax Accountability Act of 2017, H.R. 396, would task federal agencies with ensuring all employ-ees and applicants have no unpaid tax liability. Those found to be seriously delinquent would be ineligible for federal employment.

NARFE President Richard G. Thissen sent a letter in opposition of the bill to OGR noting, “NARFE firmly believes that federal

employees, and all Americans, should pay their full share of taxes on time. However, this bill seeks to address a problem that doesn’t exist and represents an attack on public servants by leading the public to believe they are grossly delinquent in paying their taxes.”

While this legislation may ap-pear innocuous, the rhetoric and implications that federal employ-ees don’t pay their taxes is not something NARFE will let stand. We will continue to monitor the status of this bill. Similar legisla-tion was introduced in previous Congresses but failed to pass the full House. —BY ROSS APTER, LEGISLATIVE ASSISTANT

BILL WOULD FIRE TAX DELINQUENT EMPLOYEES Legislative Resources

• Legislative Hotline: A weekly update of legisla-tive news, compiled by the NARFE Legislative Department staff, distrib-uted via email and avail-able by phone (toll-free) at 877-217-8234 and online at www.narfe.org.

• Legislative Action Center: A one-stop site to send a letter to Congress, and more, at www.narfe.org.

SENATE PANEL HOLDS HEARING ON FEDERAL MANAGEMENT POLICY

T he Senate Subcommittee on Regulatory Affairs and Federal Management held

a Feb. 10 hearing titled “Empow-ering Managers: Ideas for a More Effective Workforce.”

Led by Sen. James Lankford, R-OK, the subcommittee chair-man, and ranking member Heidi Heitkamp, D-ND, the hearing maintained a bipartisan spirit, with a goal of examining sensible reforms that would improve ef-ficiency without broadly targeting federal employees.

In his opening statement, Lank-ford praised federal civil servants: “Every day, federal civil servants help protect our communities, support our warfighters, provide essential care for our veterans and

keep our airports running safely and smoothly. We are grateful for their diligence, and we are inter-ested in their ideas and concerns.”

However, Lankford also indi-cated a strong desire to pursue reforms to federal government management practices, saying: “I understand that federal manag-ers are frustrated by an extremely complicated and time-consuming hiring process. We operate our

federal workforce operations like we did in the 1970s. The last time Congress accomplished significant governmentwide reform was with the Civil Service Reform Act of 1978. I believe the time for federal civil service reform is now.”

Witnesses testifying on behalf of federal managers advocated for improvements to the hiring pro-cess, which they complained took too long. They sought managerial training, more performance-based pay, and less cumbersome and confusing disciplinary procedures, among other issues. As Congress pursues civil service reforms, NARFE will monitor initiatives and weigh in as directed by our Legislative Program. —BY JOHN HATTON, DEPUTY LEGISLATIVE DIRECTOR

The hearing maintained a bipartisan spirit, with a goal of examining sensible reforms.

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P resident Donald Trump signed a February 3 presi-dential memorandum di-

recting a review of the Depart-ment of Labor’s (DOL) conflict of interest or “fiduciary rule.” The memo requires DOL to examine the rule to determine whether it should be rescinded or revised.

The fiduciary rule requires investment brokers to put their clients’ best interests first when giving investment advice. NARFE is deeply disappointed by the president’s action, which begins the process of DOL re-

versing this simple requirement. In a statement, NARFE President Richard G. Thissen said, “This directive puts the interests of Wall Street ahead of the interests of hard-working men and women across the country, including millions of dedicated public servants.”

NARFE applauded the original issuance of the fiduciary rule, noting that NARFE had heard concerns from its members in-vested in the Thrift Savings Plan (TSP) who were receiving un-sound financial advice regarding

their TSP holdings and options for rollovers after retirement. Under previous law, the best interest standard did not apply to advice given on a one-time basis, or advice regarding rollovers or investing in an individual retire-ment account (IRA).

The fiduciary rule’s initial compliance date is April 10, 2017, but DOL may issue a new rule delaying that date while it begins the lengthy regulatory process of rescinding or revising the fidu-ciary rule.—BY JOHN HATTON, DEPUTY LEGISLATIVE DIRECTOR

PRESIDENT DIRECTS DEPARTMENT OF LABOR TO REVIEW THE FIDUCIARY RULE

Sustainers receive a Sustainer lapel pin and cozy fleece NARFE blanket.

Only members of the National Active and Retired Federal Employees Association may contribute to NARFE-PAC. NARFE will neither favor nor disadvantage anyone based on the amount of a contribution or the failure to make a voluntary contribution to this political action fund. NARFE-PAC contributions are not deductible for federal income tax purposes.

q Charge my credit card (required for monthly contribution) q MasterCard q VISA q Discover q AMEX

Card #: ________________________________________________

Exp. Date: _____ /_________ mm yyyy

Name on Card: _________________________________________

Signature: _____________________________________________

Date: _________________________

Or mail check payable to NARFE-PAC to: NARFE Attn. Budget & Finance 606 North Washington St. | Alexandria, VA 22314

NARFE Member #: _________________________________________

Name: __________________________________________________

Address: ________________________________________________

City: _________________________________________________

State: ___________ ZIP: _______________

Contribute To NARFE-PACI want to make a one-time contribution:q $250 – Gold lapel pin and blanket

q $100 – Silver lapel pin

q $50 – Bronze lapel pin

q $25 – Basic lapel pin

q Other: _________

q Please do not send any gifts for my contribution (This saves NARFE-PAC money!)

ORI want to make a monthly sustainer credit card contribution:q $25/month

q $10/month q Other: ______/month ($10 minimum)

W W W. N A R F E . O R G | 9

NARFE has unveiled a new Legislative Action Center for members to

urge their congressional repre-sentatives to support NARFE’s stance on legislation. Members can use the Action Center to send letters, learn more about bills NARFE is focused on, report congressional meetings and more!

You can access the Action Center through NARFE’s leg-islation webpage. Just click on the “Legislative Action Center” photo. You’ll be directed to start communicating with your legislators immediately! Or, visit www.narfe.org/legislation/votervoice.cfm.

Now is the time to build momentum across the country and remind your legislators that

NARFE will not be silent when there are threats to your earned pay and benefits. This Congress and the new administration are unpredictable, which calls for NARFE leaders to facilitate and nurture stronger bonds with all members of Congress through consistent contact and

targeted outreach.When sending a letter on a

particular issue, we suggest you briefly explain what the passage of that bill would mean to you personally. After customizing the action letter, you will be asked to fill in your contact information so that your let-ter will be sent to the correct recipient. The new Action Center platform stores your contact information, saving you time when you revisit it.

Thank you for taking the time to reach out to your legislators. Remember – there’s power in numbers, and the more your legislators hear from you about these important issues, the better!—MOLLY CHECKSFIELD, GRASSROOTS PROGRAM MANAGER

NEW NARFE LEGISLATIVE ACTION CENTER PUTS CONGRESS AT YOUR FINGERTIPS

next steps for advocacy after the conference

N ow that you’ve re-turned home inspired by NARFE’s Legislative

Training Conference (LTC), what are the next steps to take to stay active on our issues?

Fill out the LTC meeting feedback survey in the Leg-islative Action Center to report on your March 15 meetings on Capitol Hill. Let us know how your meetings went while the conversation is fresh in your mind so we can be most effective in our lobbying and grassroots efforts following the conference. Keep in mind there’s a separate form in the Action Center to report

meetings held during the rest of the year.

Schedule follow-up meet-ings with your legislators by June 30! Keep your notes from your LTC meetings and highlight statements of support or opposi-tion. Taking the initiative to meet with your legislators on Capitol Hill in March and following up several months later at the district or state level advocating with a consistent message shows your dedication to NARFE’s mission, and the importance of these issues.

Customize a letter to your legislators using the new Action Center to urge them to support

NARFE’s position on a bill. Stay tuned for targeted

action alerts by subscribing to NARFE’s daily news clips, and read the weekly NARFE Legisla-tive Hotline e-newsletter for more information about upcoming call-in days and targeted letter-writing campaigns. Email [email protected] for more information or to sign up.

These are just a few actions you can take to keep up-to-date on NARFE’s issues and continue to fight to protect your earned pay and benefits. Questions? Contact [email protected].—MOLLY CHECKSFIELD, GRASSROOTS PROGRAM MANAGER

When sending a letter on a particular issue, we suggest you briefly explain what the passage of that bill would mean to you personally.

10 | A P R 2 0 17

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T he Federal Adjustment of Income Rates (FAIR) Act of 2017 (H.R. 757 and S.

255) sponsored by Rep. Gerald E. Connolly, D-VA, and Sen. Brian Schatz, D-HI, were introduced in the House and Senate in February. These bills would grant federal em-ployees a 3.2 percent pay increase in 2018, a move that would be a step in the right direction in clos-ing the pay gap between public- and private-sector wages.

The FAIR Act would provide fed-eral employees a base pay increase of 2.0 percent, with an additional

1.2 percent average increase re-served for locality pay. The 3.2 percent pay increase was settled on after taking into account the 2.1 percent pay increase put forward by former President Obama for 2017. The proposed pay increase is a welcome move and increases the federal government’s ability to recruit the best and brightest.

According to the Federal Salary Council, which analyzes data from the Bureau of Labor Statistics, federal employees earn nearly 35 percent less than their private-sector counterparts. This gap has

been growing recently, following a three-year pay freeze, furloughs and miniscule raises. New federal hires also contribute more toward their retirement annuity than their predecessors without any addition-al benefit, decreasing take-home pay and making federal employ-ment less attractive.

NARFE supports these bills and will continue to monitor them. Be sure to write to your legislators in support of the FAIR Act using the new online NARFE Legislative Action Center. —BY ROSS APTER, LEGISLATIVE ASSISTANT

BILL INTRODUCED TO GIVE FEDERAL EMPLOYEES A 2018 PAY INCREASE

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NARFE’s Position: Support Oppose No position

ISSUE BILL NUMBER / NAME / SPONSOR WHAT BILL WOULD DO LATEST ACTION(S)

POSTAL REFORM

H.R. 756: Postal Service Reform Act of 2017 / Rep. Jason Chaffetz, R-UT

Cosponsors: 4 (D), 3 (R)

H.Res. 15: Expresses the sense of the House that the U.S. Postal Service (USPS) should take all appropri-ate measures to ensure the continuation of six-day delivery / Rep. Sam Graves, R-MO Cosponsors: 83 (D), 31 (R)

H.Res. 31: Expresses the sense of the House that the Postal Service should take all measures to restore service standards in effect on July 1, 2012 / Rep. Dave McKinley, R-WV


Requires postal retirees to enroll in Medicare in order to continue receiving their current federal health insurance coverage. En-rollment would be automatic.

Expresses the sense of the House that the U.S. Postal Ser-vice should maintain six-day mail delivery. As a resolution, it will not be sent to the president and, therefore, cannot become law.

Expresses the sense of the House that the U.S. Postal Service should restore service standards as of July 1, 2012. As a resolution, it will not be sent to the president and, therefore, cannot become law.

Referred to the House Committee on Oversight and Government Reform and two other committees

Referred to the House Commit-tee on Oversight and Government Reform


FEDERAL COMPENSATION

H.R. 757: The Federal Ad-justment of Income Rates (FAIR) Act / Rep. Gerald E. Connolly, D-VA

Cosponsors: 29 (D)

S. 255: The Federal Ad-justment of Income Rates (FAIR) Act / Sen. Brian Schatz, D-HI

Cosponsors: 6 (D)

Provides for a 2.0 percent pay raise for federal employees and 1.2 percent increase in locality pay in 2018.


Referred to the Senate Homeland Security and Governmental Affairs Committees

TAXES

H.R. 396: Tax Accountabil-ity Act of 2017 / Rep. Jason Chaffetz, R-UT

Cosponsors: 0

Mandates that no individual with an unpaid tax liability can be eligible for federal employment. Requires agencies to review employee’s tax liability.


CAMPAIGN FINANCE

H.R. 20: The Government By the People Act of 2017 / Rep. John Sarbanes, D-MD


Reforms campaign finance laws to put small donors on par with wealthier donors. Provides a tax credit for contributions and government matching contributions.

Referred to three House committees

THE NARFE BILL TRACKER IS YOUR MONTHLY GUIDE TO THE CONGRESSIONAL LEGISLATION THAT NARFE IS FOLLOWING. CHECK BACK EACH ISSUE FOR UPDATES.

narfe bill tracker

EDITOR’S NOTE: These bills are all listed online at www.narfe.org/legislation/votervoice.cfm.

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THE NARFE BILL TRACKER IS YOUR MONTHLY GUIDE TO THE CONGRESSIONAL LEGISLATION THAT NARFE IS FOLLOWING. CHECK BACK EACH ISSUE FOR UPDATES.

NARFE’s CONGRESSIONAL DIRECTORY

for the 115th Congress (2017-2018)

Features:• Members of Congress by state delegation,

with color photos, biographical data and congressional district maps.

• Members’ contact information, including addresses, phone and fax numbers, website addresses, social media contacts, district offices and key staffers.

• Complete listings of committees, subcommittees and leadership.

• Contact information for the White House, Cabinet, Supreme Court and federal agencies.

Be a stronger activist with NARFE’s Congressional Directory at your fingertips

Order your copy of the new CONGRESSIONAL DIRECTORY today!Name ___________________________________________________________________

Address _________________________________________________________________

City _________________________________________ State ______ ZIP ____________

Member ID# (as it appears on narfe magazine label) _____________________________

o Check (payable to NARFE) or cash enclosed

o Charge my credit card o MasterCard o VISA o Discover o AMEX

Card # __________________________________________________________________

Exp. Date _______ / _______ (mm) (yy)

Name on card (print) ______________________________________________________

Signature ____________________________________________ Date _____________

Please allow 2-3 weeks for delivery. Call NARFE’s Legislative Department at 703-838-7760 to order by phone.

Quantity ________________$20 each (includes shipping and handling)

VA sales tax _____________VA residents add 6% tax ($1.20) per book

Total cost _______________

Only $20

Mail to: NARFE Congressional Directory

606 N. Washington StreetAlexandria, VA 22314-1914

W W W. N A R F E . O R G | 13

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The FEP reserves the right to change, modify, or terminate any item and vendors made available through Blue365, at any time.

All content ©2016 TruHearing, Inc. All Rights Reserved. TruHearing® is a registered trademark of TruHearing, Inc. All other trademarks, product names, and company names are the property of their respective owners. Savings calculated based on a nationwide survey of hearing aid prices from independent audiology clinics compared to TruHearing pricing (2016). Actual customer savings may vary. TruHearing savings on hearing aids made available to FEP members through Blue365. State and local taxes and/or fees may apply. Three follow-up visits must be used within one year after the date of initial purchase.

Blue Cross Blue Shield Association is an association of independent, locally operated Blue Cross and Blue Shield Companies.

Price shown does not include cost of comprehensive hearing exam. Examination and testing for prescribing of hearing aids is covered under the Blue Cross Blue Shield Association Federal Employee Program (FEP). The member should confirm that the provider rendering the hearing exam participates with their local Blue Cross Blue Shield plan. If the provider does not participate, the member may be charged a maximum fee of $75 for the exam, and the member may need to submit for reimbursement. Must be an FEP member to access TruHearing discounted pricing.

FEP will pay a hearing aid benefit up to $2,500 total every 3 calendar years for adults age 22 and over, and up to $2,500 total per calendar year for members up to age 22. Do not rely on this communication piece alone for complete benefit information. All benefits are subject to the definitions, limitations, and exclusions in your FEP brochure. The Blue365® Discount Program offers access to savings on items that you may purchase directly from independent vendors, which may be different from items covered under FEP or any other applicable federal healthcare program. For hearing aids, acupuncture, chiropractic and vision services, you must exhaust your FEP benefits first. To find out what is covered under your policy, contact FEP. The products and services described herein are neither offered nor guaranteed under any local Blue company’s contract with the Medicare program. These items are not subject to the Medicare appeal process. Any disputes regarding these products and services are not subject to FEP’s Disputed Claims process. Blue Cross and Blue Shield Association (BCBSA) may receive payments from Blue365 vendors. Neither the FEP, BCBSA, nor any local Blue company recommends, endorses, warrants or guarantees any specific Blue365 vendor or item.

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Price shown does not include cost of comprehensive hearing exam. Examination and testing for prescribing of hearing aids is covered under the Blue Cross Blue Shield Association Federal Employee Program (FEP). The member should confi rm that the provider rendering the hearing exam participates with their local Blue Cross Blue Shield plan. If the provider does not participate, the member may be charged a maximum fee of $75 for the exam, and the member may need to submit for reimbursement. Must be an FEP member to access TruHearing discounted pricing.

FEP will pay a hearing aid benefi t up to $2,500 total every 3 calendar years for adults age 22 and over, and up to $2,500 total per calendar year for members up to age 22. Do not rely on this communication piece alone for complete benefi t information. All benefi ts are subject to the defi nitions, limitations, and exclusions in your FEP brochure. The Blue365® Discount Program off ers access to savings on items that you may purchase directly from independent vendors, which may be diff erent from items covered under FEP or any other applicable federal healthcare program. For hearing aids, acupuncture, chiropractic and vision services, you must exhaust your FEP benefi ts fi rst. To fi nd out what is covered under your policy, contact FEP. The products and services described herein are neither off ered nor guaranteed under any local Blue company’s contract with the Medicare program. These items are not subject to the Medicare appeal process. Any disputes regarding these products and services are not subject to FEP’s Disputed Claims process. Blue Cross and Blue Shield Association (BCBSA) may receive payments from Blue365 vendors. Neither the FEP, BCBSA, nor any local Blue company recommends, endorses, warrants or guarantees any specifi c Blue365 vendor or item.

Prices and products subject to change.TruHearing is off ered through Blue365® which provides exclusive health and wellness deals and is a program of Blue Cross Blue Shield Association, an association of independent Blue Cross and Blue Shield companies.

Examples of Savings (per pair)

Over 100 Hearing Aids to Choose From

PHONAK Audeo Q70 $5,000 $3,100 $2,500 $600

OTICON Nera $5,250 $2,700 $2,500 $200

WIDEX Dream 330 $5,160 $3,190 $2,500 $690

STARKEY Z Series i90 $4,560 $2,850 $2,500 $350

RESOUND Verso 7 W $4,820 $2,500 $2,500 $0

Most Popular Styles

Invisible-in-the-canalVirtually undetectable

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Behind-the-earMore power and features

Receiver-in-the-canal Behind-the-ear

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All appointments must be scheduled through TruHearing.




Price shown does not include cost of comprehensive hearing exam. Examination and testing for prescribing of hearing aids is covered under the Blue Cross Blue Shield Association Federal Employee Program (FEP). The member should confi rm that the provider rendering the hearing exam participates with their local Blue Cross Blue Shield plan. If the provider does not participate, the member may be charged a maximum fee of $75 for the exam, and the member may need to submit for reimbursement. Must be an FEP member to access TruHearing discounted pricing.

FEP will pay a hearing aid benefi t up to $2,500 total every 3 calendar years for adults age 22 and over, and up to $2,500 total per calendar year for members up to age 22. Do not rely on this communication piece alone for complete benefi t information. All benefi ts are subject to the defi nitions, limitations, and exclusions in your FEP brochure. The Blue365® Discount Program off ers access to savings on items that you may purchase directly from independent vendors, which may be diff erent from items covered under FEP or any other applicable federal healthcare program. For hearing aids, acupuncture, chiropractic and vision services, you must exhaust your FEP benefi ts fi rst. To fi nd out what is covered under your policy, contact FEP. The products and services described herein are neither off ered nor guaranteed under any local Blue company’s contract with the Medicare program. These items are not subject to the Medicare appeal process. Any disputes regarding these products and services are not subject to FEP’s Disputed Claims process. Blue Cross and Blue Shield Association (BCBSA) may receive payments from Blue365 vendors. Neither the FEP, BCBSA, nor any local Blue company recommends, endorses, warrants or guarantees any specifi c Blue365 vendor or item.

Prices and products subject to change.TruHearing is off ered through Blue365® which provides exclusive health and wellness deals and is a program of Blue Cross Blue Shield Association, an association of independent Blue Cross and Blue Shield companies.

A You were provided 35 days from the date of the initial decision or the

date of receipt of the initial deci-sion to request reconsideration. If you were unable to respond within that time frame, you can still request reconsideration, but you must provide an explanation as to why you delayed beyond the 35-day period.

IS PRIVATE LIFE INSURANCE REQUIRED?

Q I have received several requests to enroll in private life insurance. Is

enrollment a requirement? I cur-

Q I applied for a survivor annuity and sub-sequently received an initial decision which denied my request. However, I was on vacation when the initial deci-

sion was received. Can I still submit a request for reconsideration?

EMPLOYEES

The following Questions & Answers were compiled by NARFE’s Federal Benefits Service Department staff. NARFE does not provide advice or assistance on legal, financial planning or tax matters.

rently have Federal Employees’ Group Life Insurance (FEGLI) Basic insurance and Option A coverage.

A FEGLI is there to protect your loved ones from burdensome funeral

costs and catastrophic loss of your income if you die. The Basic insurance coverage is based on your annual salary rounded up to the next even $1,000, plus $2,000. After retirement, you can only decrease your FEGLI insurance coverage, not increase it. If you feel you need addi-tional coverage outside of what your federal life insurance will

pay, you can buy a private policy, but it is not required.

EXCESS DEDUCTIONS FOLLOWING RETIREMENT

Q I will be retiring under the Civil Service Retirement System (CSRS) at the end

of the year with nearly 44 years of service. After 41 years and 11 months of service, the government continues to deduct 7 percent of basic pay from each paycheck, and it is my understanding that these deductions are refunded upon retirement. The Standard Form 2801 for retirement states these additional deductions are a special credit that is applied to any unpaid deposit or redeposit. Will it be mandatory for the special credit to be applied for these repayments or is there an option to receive a refund of the credit? If the repayment is mandatory, is there a priority process to deter-

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RECONSIDERATION FOR SURVIVOR ANNUITY DECISION RECEIVED WHILE ON VACATION

16 | A P R 2 0 17

mine if the credit is applied first toward deposit or redeposit or the oldest payment?

A Yes, it will be mandatory for the excess deductions to be applied toward any

deposit/redeposit service credit before the excess is paid back to you either as additional annuity or cash. You will need to contact the Office of Personnel Management with regard to the computation as well as the process to determine if the credit is applied first toward deposit or redeposit or the oldest payment.

CONTINUING FEHBP IN RETIREMENT

Q I read in the July 2016 issue of narfe magazine (p. 15) that the Federal

Employees Health Benefits Pro-gram (FEHBP) for retirees was not an employer-sponsored plan. For tax purposes, what is the correct classification of FEHBP for retir-ees? I do not have Medicare Part B, only a Blue Cross Blue Shield (BCBS) plan through FEHBP.

A If you continue your FEHBP health insurance coverage in retirement,

you are not considered to be covered by an employer’s group health insurance plan. Instead, you are under a retirement group health insurance plan. This dis-tinction applies primarily to retir-ees who are over age 65 when they decide to enroll in Medicare Part

B. As a retiree, you are subject to a late enrollment penalty for every 12 months you could have been enrolled, but were not. However, the penalty does not apply if you are still enrolled as an employee or covered by another’s enroll-ment as an employee under an employer-sponsored group health insurance plan at age 65 or older.

OCCUPATION LISTING FOR DEATH CERTIFICATE

Q I am looking for my dad’s last title or occupation for his death certificate.

He was with the Bureau of Indian Affairs from approximately 1959 to 1980, serving in Juneau, AK, and retiring there. Any help is appreciated.

A Our condolences on your father’s death. NARFE doesn’t collect this infor-

mation. Most death certificates of retired federal workers just state, “Retired Federal Government,” in the occupation box. The informa-tion you seek would be in your father’s retirement file at the Office of Personnel Management, which was paying your father’s monthly federal annuity. They should be notified of your father’s death, if you haven’t done so already. The phone number is 888-767-6738.

SOCIAL SECURITY GPO OFFSET

QMy late husband was receiving a Social Secu-rity benefit of $1,000 per

month. I receive a Social Security

benefit of $44 per month, after retiring under the Civil Service Retirement System (CSRS) in July 1989. Social Security said that I will not receive any part of my hus-band’s benefit. This does not seem fair. Could you please explain this to me?

A If you retired under CSRS, you are subject to the Social Security Gov-

ernment Pension Offset provision (GPO). It is not fair, but it is the law.

The GPO says that if you are a spouse of a deceased Social Security beneficiary, and you are receiving an annuity for work during which you did not pay into Social Security, your widow’s ben-efit from Social Security will be reduced $2 for every $3 of annuity you are receiving from OPM. In your case, and millions of others, that reduces any widow’s benefit from Social Security to which you would be entitled, down to zero. NARFE has tried for years to get Congress to repeal the law. So far, we have been unsuccessful but we will not give up.

TRANSFER OF FEDERAL RETIREE BENEFITS

Q Is there a form that I could get to simply transfer benefits in the

event of the death of a federal retiree?

A We’re not quite sure what you have in mind. Your annuity is not

transferable in the sense that

RETIREES

W W W. N A R F E . O R G | 17

when you die you can have your benefits continue to someone else. You had an opportunity at retirement to elect to provide your spouse with a monthly sur-vivor benefit in an amount that equaled 55 percent or less of your gross monthly annuity upon your death. In addition, you can desig-nate a beneficiary to receive any retirement monies that may be payable from your annuity at the time of your death, such as any unexpended retirement contribu-tions. You also may designate a beneficiary to receive proceeds from your Federal Employees’ Group Life Insurance plan. The designation of beneficiary forms are available at www.opm.gov/forms/Retirement-and- Insurance-Forms.

SOCIAL SECURITY SURVIVOR BENEFITS

Q My cousin, who was a retired Navy captain, passed away in January

2016. His widow, who was his third wife of over 30 years, is receiv-ing his Social Security payments. Last month, his first wife became widowed and she was told that she also could receive the Social Security payments from my cousin’s account. My cousin’s son from his first marriage was told by Social Security that both wives can receive the Social Security pay-ments from the same individual, my cousin. Is this true?

A Social Security allows survivor benefits to be paid to widows and

widowers, children under age 18 (including stepchildren, grand-children, step-grandchildren and adopted children), dependent parents and surviving divorced spouses. Of course, they must meet certain eligibility require-ments. Former spouses must be age 60 or older and the marriage must have lasted 10 years or more. And like other Social Secu-rity Administration (SSA) ben-efits, a survivor can only receive one benefit from SSA, usually the highest to which they are entitled.

SURVIVOR BENEFITS AND REMARRIAGE

Q My late husband and I retired from the Depart-ment of Veterans Affairs.

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He passed away at age 70, and I have been receiving a monthly survivor annuity. I am presently 71 years of age. If I were to remarry, would I lose my survivor annuity?

A You won’t lose survivor benefits from the Office of Personnel Manage-

ment if you remarry. A survivor over age 55 can remarry and con-tinue to collect survivor benefits.

WORKFORCE REENTRY AND GPO/WEP OFFSET

Q I receive Social Security, which is reduced because of the Government Pen-

sion Offset (GPO) and Windfall Elimination Provision (WEP). I’m

currently working and earning additional Social Security credits. Will the Social Security Admin-istration take into account these additional earnings and lessen the WEP reduction?

A No, the reduced amount will remain. However, your benefit will increase

due to your additional Social Security earnings and any future cost-of-living adjustments.

TSP BALANCE ROLLOVER TO ROTH IRA

Q I heard that Congress had not yet authorized Civil Service Retirement System

(CSRS) retirees to transfer all or

part of their Thrift Savings Plan (TSP) balances to a Roth IRA. Can you tell me which issue of narfe magazine has the latest info?

A We don’t know which specific narfe magazine article you are referring

to, but here is what the TSP states in response to a similar question: Is the TSP authorized to make transfers to eligible retirement plans? Yes, participants may transfer eligible rollover distribu-tions from their TSP accounts to a qualified trust or an eligible retire-ment plan (as defined in Internal Revenue Code, Section 402(c)(8). See 5 United States Code, Section 8433(c)(2)). An eligible retirement plan can be either an IRA or an

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eligible employer plan. An IRA is any individual retirement account that is not a SIMPLE IRA or a Coverdell Education Savings Account.

Please note that any portion of a distribution from a participant’s traditional balance (other than tax-exempt contributions) that is transferred to a Roth IRA will be taxed in the current year. Contact the TSP by phone at 877-968-3778 for additional information.

PENSION EXCLUSION CALCULATOR

Q A recent issue of NARFE NewsWatch included a Question and Answer

related to how to determine how

much of the annuity is taxable. I would like to suggest a help-ful resource. As a volunteer who provides free tax preparation assistance, I use the Pension Exclu-sion Calculator, which is available at https://cotaxaide.org/tools/Annuity%20Calculator.html.

A Thank you for contacting us and sharing helpful information about this tax

calculator.

NARFE service officers are available to answer questions and to assist in helping with a variety of benefit matters. Check your chapter newsletter for the name and phone number of your service officer. For the nearest service officer, call NARFE (toll-free) at:

800-456-8410.NARFE Service Centers also are available in some areas. Use the Service Center listings on the NARFE website,

www. narfe.org.

NARFEat Your Service

To obtain an answer to a federal benefits question, NARFE members should call 703-838-7760 and ask for the Federal Benefits Service Department; send the question by postal mail to NARFE Headquarters, ATTN: Federal Benefits; or submit it by email to [email protected].

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Cov

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tory

How Much MONEY Do You Need to

W W W. N A R F E . O R G | 23

By Mark Keen

IT’S SAID, THE BEST TIME TO START PLANNING FOR RETIREMENT WAS 20 YEARS AGO; THE SECOND BEST TIME TO START IS TODAY. IN OTHER words, it’s never too early or too late to start thinking about retirement.

Unfortunately, with all the negativity flowing out of the various media out-

lets, bombarding us with everything that can go wrong, and telling us how

unprepared we are for retirement, many are paralyzed by the mere thought

of retiring one day. In addition to negativity, there’s propaganda about how

complicated and difficult it is to get retirement planning right.A word of advice as you think about retirement: Don’t overcomplicate it. Focus

on the big picture. Tune out the noise, and keep things simple.To that end, I offer a simple framework for estimating how big a piggy bank

you’ll need to retire. With a handle on this number, you can begin formulating a sav-ings strategy, or use it as a check point to adjust your current strategy. Who knows? You may find you’re better prepared than you thought.

The process for determining how big a nest egg you’ll need may be summarized in four steps:

STEP 1: Estimate retirement income

STEP 2: Estimate retirement income needs

STEP 3: Calculate retirement income gap

STEP 4: Estimate how much money you need

How Much MONEY Do You Need to

Illustration by Bill Pragluski, Critical Stages, LLC

RETIRE?

STEP 1

24 | A P R 2 0 17

How Much MONEY Do You Need to RETIRE?

The amount of money you need to have saved to retire is related to how much you’ll spend to support your desired lifestyle. More specifically, it’s directly related to how much money you will be withdrawing from your portfolio each year, a figure I’ll refer to as the income gap.

Using the income gap, you can ballpark the amount of money you’ll need to have saved in order to support your desired lifestyle.

ESTIMATE RETIREMENT INCOME

Begin with income from guaranteed sources, such as pensions, annuities and Social Security. This is not the time to include income from investments. We’ll get there in Step 4.

As a federal employee, you’ll have one or more sources of retirement income. For those in the Civil Service Retirement System (CSRS), your primary guaranteed income source will be your CSRS annuity. CSRS employees also may have earned enough credits through private-sector employment to qualify for Social Security. If this is your situation, you’ll need to understand the effect your CSRS employment, and the Windfall Elimination Provision (WEP), will have on any potential Social Security benefit.

If you’re in the Federal Employees Retire-ment System (FERS), you’ll have your FERS annuity and your Social Security benefit. The FERS is designed as a three-part retirement system, with the Thrift Savings Plan (TSP) accounting for the third part. However, recall that at this point we’re focus-ing only on guaranteed income sources. The point of the four-step process is to determine how much you need to save in accounts such as the TSP.

CSRS and FERS annuities are based on defined formulas, so in

most cases, you can easily come up with an accurate estimate of your federal annuity. You may create a spreadsheet and run the calcula-tion yourself, or there are several resources and online calculators you can use as well.

To determine your Social Security benefit, you may go to the Social Security Administration (SSA) website and download your Social Secu-rity statement. Alternatively, you may use one of several calculators on the SSA website to estimate your benefits. In fact, for CSRS employees who also have earned a Social Security benefit, the SSA website has a calculator to estimate your WEP-adjusted benefit.

If you’re married, be sure to account for the guaranteed income of both spouses, including any Social Security benefits a spouse is entitled to, even if he or she didn’t earn a Social Security benefit of his or her own.

You’ll also want to make sure to put your income sources into future dollars. The Social Security benefit reported in your Social Secu-rity statement is shown in today’s dollars, but by using one of the SSA calculators, you may estimate your benefit in future dollars. If you’re close to retirement, this may not be a big deal. However, if retirement is years away, you’ll want to take this into consideration. Likewise, when estimating your federal annuity, you’ll want to factor in wage growth (including raises

STEP 2

W W W. N A R F E . O R G | 25

and cost-of-living adjustments) if you’re years away from retirement.

ESTIMATE RETIREMENT SPENDING

With a handle on retirement income, it’s time to work on retirement spending. If you’re one of those odd breeds that actually tracks spending and works within a budget, that’s a great place to start. Simply make a few adjustments for expenses that will stop or start in retirement and you’re well on your way.

If you don’t track your spending (like most people I work with), that’s OK. There are ways to estimate what you’ll spend in retirement that don’t involve a dirty six-letter word (budget). Are you going to nail down spending to the dollar? No. But, will you be close enough for a 30-year projection? Absolutely. Remember, simplicity can be empowering.

For example, some may find a replacement ratio useful. A replacement ratio is the gross retirement income you will need, stated as a percentage of your gross preretirement income. The generally accepted rule of thumb is you’ll need about 70 to 85 percent of your gross prere-tirement income in retirement to maintain your standard of living.

Replacement ratios take into consideration the fact that a retiree needs less gross income in retirement due to four factors:

• Taxes go down after retirement due to extra

deductions and lower taxable income• Social Security and Medicare taxes end at

retirement• Social Security benefits are partially or fully

tax-free• Saving for retirement is no longer neededPerhaps the best-known work on the subject

is the “2008 Replacement Ratio Study: A Mea-surement Tool for Retirement Planning” by Aon Consulting in partnership with Georgia State University. This tool uses replacement ratios based on various preretirement income levels, which account for factors such as Social Security, taxes and savings rates relevant to each income level.

As with any rule of thumb, there will be factors that vary from person to person. If you under-stand how the replacement ratios are constructed, you may fine-tune them based on your own cir-cumstances to produce a more accurate figure.

For example, Aon’s replacement ratio for some-one at the $75,000 preretirement income level is 77 percent. When calculating this replacement ratio, Aon takes into consideration the average savings rates for someone at this income level. If this is your income level, but you save 15 percent of your pay, then your replacement ratio will be about 10 percent lower than Aon’s.

Another alternative to detailed budgeting is calculating what I refer to as your total lifestyle spending (TLS). The philosophy of the TLS is if your income isn’t going to employment taxes (FICA taxes, or your required contribution to the federal retirement system) or savings, then you’re spending it. If you use the TLS, you’ll be capturing all spending, including every dollar spent on medical insurance, housing and income taxes, even the money spent on those pesky little expenses you forgot to write down in that budget.

Again, customize the TLS as necessary. For example, if you plan on increasing your travel in retirement, add the additional expense to your TLS. Or, if your mortgage will be paid off by the time you retire, subtract your payment from your TLS.

Budgets do bring awareness, which is always a good thing. However, it’s not productive to get

The amount of money you need to have saved to retire is related to how much you’ll spend to support your desired lifestyle.

STEP 3

STEP 4

26 | A P R 2 0 17

How Much MONEY Do You Need to RETIRE?

sidetracked from retirement planning because you’re worried about first logging where every dollar is being spent. It’s more important to have a general idea of how much you’re spend-ing, rather than where every dollar is going when planning out a three-decade retirement. The TLS helps you stay on track by focusing on the big picture.

CALCULATE THE INCOME GAP

Armed with your retirement income and retire-ment spending, you’re now ready to calculate the income gap. This is done by simply subtracting your retirement spending from your retirement income.

If your pension and Social Security income exceeds what it takes to fund your lifestyle, congratulations – you may now insert thumbs in ears, wiggle your fingers, and taunt all those folks who said you needed at least $3 million to retire. Actually, if you consider the value of your pension and Social Security income, you may very well have the equivalent of at least $3 million in the bank.

If the result is a negative number, it’s not a huge concern. This simply means there’s an income gap and you’ll need to withdraw money from your savings to support your lifestyle. Mov-ing on to step four, we can use the income gap to ballpark how big a nest egg you’ll need to do so.

ESTIMATE HOW MUCH MONEY YOU NEED

How much money you need depends on how you’ll be raiding the piggy bank. There’s really only two approaches. The first is to manage your money and take withdrawals; the second is to transfer the risk to an insurance company and buy an annuity for lifetime income.

If the withdrawal strategy is your thing, it’s important to understand how much you can

safely withdraw from your portfolio without running a high degree of risk of running out of money. You may have heard of the 4 percent rule, which was derived from the work of William Bengen, a retired financial adviser who developed this rule of thumb. Through his studies, Bengen concluded that for the typical 30-year retirement, a retiree can withdraw 4 percent from their initial balance at retirement and adjust that amount each subsequent year based on inflation.

Given today’s persistent low interest rate envi-ronment, the 4 percent rule is hotly debated, but like any rule of thumb, it may serve as a useful starting point. When deciding what the appropri-ate withdrawal rate is for you, there are several factors to consider. For example, the 4 percent rule was conceived for a 30-year retirement, but if you’re retiring in your 50s, your retirement time horizon is longer than 30 years and your safe ini-tial withdrawal rate will be lower than 4 percent. Or, if you’re retiring in your 70s, your safe initial withdrawal rate may be higher than 4 percent.

Another factor is how much of your investment withdrawals will cover discretionary and non-discretionary expenses? If they’ll largely go to cover discretionary spending, you’ll have the flex-ibility to cut back in tough times, which means it may be possible for you to start off with a higher initial withdrawal rate.

Do you expect income to increase or decrease in the future? For example, are you retiring at age 62, but delaying Social Security until age 66? If so, your withdrawals will be higher in the first four years before your Social Security kicks in. In this case, the withdrawal rate at age 66 is rel-evant, not the withdrawal rate at age 62.

Let’s say 4 percent is right for you. To deter-mine how much money you need in your piggy bank, you simply divide your income gap by 4 percent.

The second approach to raiding your piggy bank is buying an annuity. Although there are several choices and options when buying an annuity, the process is relatively straightfor-ward. You may contact insurance companies or an insurance agent, and request a quote for how much money you need to invest in an annuity to

W W W. N A R F E . O R G | 27

generate your required income.When buying an annuity, there are several fac-

tors to consider: 1) whether you need a single life annuity or a joint life annuity to provide income to a surviving spouse; 2) whether you want level or increasing payments; and 3) whether you want any death benefit protection.

It’s important to understand the pros and cons between the withdrawal and annuity strate-gies. Without a doubt, the withdrawal strategy provides the most control and flexibility. You will have the ability to withdraw more money if needed, and if everything goes well and there’s money left in the bank when you die, that money will pass to your heirs.

When you purchase an annuity, you’re giving up control of your money. The money is no longer available if you happen to need extra cash, and when you die, no money will pass to your heirs. It is possible to add optional benefits that may pro-vide limited access to cash and benefits to your heirs, but adding such a benefit will reduce the initial annuity payout.

The downside to the withdrawal strategy is there is no guarantee you won’t run out of money – even if you stick with a safe withdrawal rate. On the other hand, you cannot outlive the annu-ity income, which is its biggest benefit. Further-more, the annuity’s initial payout will generally be higher than the withdrawal strategy’s initial payout.

The difference between the two strategies may be boiled down to control versus guarantees. In the end, it’s never an either/or choice. The right strategy for you may be a blend of the two options. In fact, several current research stud-ies suggest retirees may generate higher lifetime income and greater wealth by using a combina-tion of the two strategies.

KEY CONSIDERATIONS

TAXESAt the federal level, pension income and traditional TSP withdrawals generally will be fully taxable as ordinary income. Social Security, on the other hand, is a tax-advantaged income source. Up to 85

percent of Social Security benefits may be included as taxable income, but depending on your other income, it’s quite possible that the percentage will be much lower.

Furthermore, many states offer significant tax breaks to retirees as well. For example, many states don’t tax Social Security benefits and many states permit you to exclude a certain amount of retirement income from taxes. (See NARFE’s annual state tax roundup, p. 36.)

Take the time to understand how taxes will impact you in retirement and make the appro-priate adjustment to your retirement spending in Step 2. You may be surprised by the impact taxes have on how much you need to save for retirement.

RETIREMENT SPENDING TRENDSMany of the rules of thumb related to retirement, including the 4 percent rule, are predicated on the assumption a retiree will spend more money each successive year. In reality, retirees tend to spend about 1 percent to 2 percent less on average (in real dollar terms) each year.

The four-step process offered here is a simple way to ballpark what it will take for you to be able to retire and may be helpful in setting expecta-tions for your retirement savings. It also may be useful in helping to understand your prepared-ness for events, such as the need for long-term care, and whether you’re in a position to self-pay for retirement or may want to consider transfer-ring the risk to an insurance company. —MARK A. KEEN, CFP®, PARTNER, KEEN & POCOCK. OFFERS SECURITIES AND ADVISORY SERVICES THROUGH THE STRATE-GIC FINANCIAL ALLIANCE, INC. (SFA). MARK IS AN INVESTMENT ADVISOR REPRESENTATIVE AND REGISTERED PRINCIPAL OF SFA. 10300 EATON PLACE, FAIRFAX, VA, 22030; 703.691.9200; [email protected]

NARFE RESOURCESFor a more detailed discussion, including

examples and tools to help with this process, check out the “How Much Money Do You Need To Retire?” webinar recording, which may be

found on the NARFE members-only website section.

28 | A P R 2 0 17

CONNECT ALUMNI

ASSOCIATIONS

the Federal Family

ATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY

(NIST) PHYSICIST WILLIAM “MICKEY” HAYNES PASSED

away on Feb. 26, 2016, but he lives on in the June 2016

edition of the Standards Alumni Association’s SAA Newsletter.

Haynes’ life was lovingly explored in a lengthy, detailed four-page

tribute by a colleague, which was capped off by a poignant

N

W W W. N A R F E . O R G | 29

CONNECT ALUMNI

ASSOCIATIONS

the Federal FamilyBy David Tobenkin

half-page recitation of the memorial service words of then NIST Director

Willie May, who said:

We found that we were kindred spirits in so many ways. We shared a love for, and devo-tion to family, and we also loved, and were lifers at, NIST. . . . My career has experienced some interesting and challenging transitions over the past 10–12 years and Mickey was always there for me with very sound counsel. Rest in peace, my dear friend. You will truly be missed...not only by me, but also by your many friends and professional colleagues from around the world. You were one of a kind and will not be forgotten.”

30 | A P R 2 0 17

For many federal agency retir-ees, their family of colleagues at work were, and frequently remain,

every bit as important as their family at home, and their agency’s mission

remains dear to them. Many federal agency alumni associations exist to ensure

that connections among colleagues and their former agencies remain intact after they surrender their government IDs and head out their agencies’ front doors.

“I retired from NIST in 2006 after 38.5 years of service, but have since continued there as both a guest researcher and contrac-tor, and in May 2017, I will have been there 50 years,” says Jeffrey Horlick, president of the Standards Alumni Association, which has 450 members [NIST was formerly named

the National Bureau of Standards]. “NIST is a wonderful place. It is a unique institution in terms of the kind of research that is done. Within the bounds of the assigned projects, employees are given free rein to innovate and have achieved a multitude of patents. We have five Nobel Laureates who did their Nobel-rec-ognized work at NIST. We love the place and it is the employees who make the place what it is, including those who have retired. We build on the shoulders of those who came before us.”

THE RANGE AND SCOPE OF ASSOCIATIONSA recent narfe magazine survey highlighted the multitude of alumni associations in existence, with survey respondents identifying more than 80 different associations or informal alumni groups. However, the Office of Personnel Man-agement (OPM) does not track employee alumni associations and has no data on the number

of employee alumni associations, says an OPM spokesperson.

The range of activities of alumni associa-tions varies considerably. On one end of the spectrum, some alumni groups are “lunch bunches” of a few dozen local former employ-ees who informally meet to discuss old times and reunite with colleagues who became friends. At the other end are alumni associa-tions with thousands of members, chapters nationwide and committees dedicated to various activities and association functions. These activities can include annual meetings and monthly programs, association-sponsored charitable foundations, lecture programs on current topics, and recreational opportunities such as golf tournaments.

In some cases, it appears that alumni asso-ciations named after an entire agency are actu-ally groups that have coalesced around alumni who belong to only certain job functions or to a small set of geographic locations. Thus, in some cases, they may not represent the full diversity of the agency. For example, the VA Alumni Association counts 269 members, a sizable number but perhaps less than one might expect for an agency – the Department of Veterans Affairs – whose current employees number more than 360,000. Most associa-tion members retired from service in the VA’s Washington, DC, central office rather than other agency locations across the country, says Jim Mayer, the association’s president.

There also may actually be more than one association serving the same population. For example, there is both an association for for-mer FBI special agents, the Society of Former Special Agents of the FBI Inc., and another, the Society of FBI Alumni Inc. The latter is more inclusive and is open to all individuals who worked at the FBI for one year or more, including employees who were not special agents, notes Michele A. Salomone, president of the Society of FBI Alumni Inc., a national federation of 26 chapters with more than 1,200 members.

Some associations represent both current

CONNECT The Federal Family

ALUMNI ASSOCIATIONS

A recent narfe magazine survey highlighted the multitude of alumni associations in existence.


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and retired federal employees. The Ameri-can Foreign Service Association, which serves employees of the U.S. Foreign Service, for example, has a staff member devoted exclu-sively to retiree concerns.

In some cases, an event drives the forma-tion of an alumni association. The NASA Alumni League (NAL) was founded in 1988 after the Space Shuttle Challenger accident, says Norman Chaffee, immediate past president of, and current senior advisor to, NAL’s Johnson Space Center Chapter, NAL’s largest chapter with more than 400 members. “A former NASA administrator thought NASA should be able to call upon a wellspring of expertise of alumni when problems like the Challenger came up,” Chaffee says. ASSOCIATION ACTIVITIES Agency alumni associations span a wide variety of functions. A prime service provided by such associations is keeping former employees in touch with one another, with comings and go-ings of members, and with the deaths of mem-bers over time. Many use newsletters to keep members in touch. Many have annual meetings as well as social events, such as speaker series discussing topics of interest, and databases to further connect members. “We can help people find others with common interests like sailing or teaching,” says Chuck Elkins, executive director of the 1,368-member EPA [Environmental Pro-tection Agency] Alumni Association. “We can put the word ‘sailing’ or ‘teaching’ into our database and find all the members with those interests.”

For some alumni associations, helping members find employment is a pressing con-cern, particularly for associations of retirees from law enforcement and some other federal employment services with mandatory retire-ment ages. While noting that the 840-member Association of Former Customs Special Agents (AFCSA) is primarily a fraternal organization, Robert Guthrie — a founder of the organiza-tion who proudly notes he has membership card #1 — says post-retirement employment is also a focus at the association.

AFCSA’s After Customs Employment (ACE) program helps members who want or need to keep working in law enforcement, security or a related field find employment. “Federal law enforcement officers had to retire at 55; now it’s 57,” Guthrie says. “Some Customs retirees are in their 50s and want to keep working. The ACE program consists of retiree members who are employed in a Customs-related company who inform the association about employment opportunities, which then disseminates the information to its members.”

Many associations preserve the agency’s historical record. “People know what happened in agency final rules but oftentimes the path of how they got there is not well understood,” the EPA Alumni Association’s Elkins notes.

Generally, federal alumni associations appear to steer away from political controversy.The EPA, for example, could face a radical revamp of its policy agenda under the Trump administration, based upon public statements of those close to President Trump who have opposed the agency’s prior action on climate change issues and environmental regulation stances. But Elkins says that as of early Febru-ary, the alumni association was still consider-ing whether to weigh in.

“We have members who have served in both parties as political appointees and civil servants who hold differing personal political views,” says Elkins. “To date, we have followed a policy that the association would not com-ment on policy matters but rather will allow

Agency alumni associations span a wide variety of functions. A prime service provided by

such associations is keeping former employees in touch with one another.

CONNECT ALUMNI ASSOCIATIONS

The Federal Family


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members to do that as individuals or to form groups to do so. However, we

are now closely monitoring the Trump administration’s comments about EPA

and events may soon warrant our speak-ing out strongly in support of EPA’s employ-

ees and its budget.” For many agency alumni associations,

training a new generation of agency employees is a key association activity. A January 2017 narfe magazine article described mentorship opportunities for former employees. Charitable endeavors also are an important part of many agency alumni associations’ mission.

Many agency alumni associations offer a speaker series from their agency or that relate to its mission. “Our speaker series is primarily for those who have something to do with the VA itself or veterans, such as VA leaders, Capi-tol Hill experts and speakers on retirement topics,” the VA Alumni Association’s Mayer says. “Our people want to know what is hap-pening in the VA and to be able to offer their two cents, like, ‘How come you don’t do it like that anymore?’ They love Q&A sessions.”

OVERLAP WITH NARFENARFE is obviously an association that all federal alumni can join and serves to provide information and guidance, and to advocate for members of the entire federal community to protect their earned benefits. “Each NARFE member adds to our collective voice on Capitol Hill and further strengthens the important efforts at the local, grassroots level,” says NARFE President Richard G. Thissen. “NARFE also provides critical, expert information and guidance as members navigate highly complex federal benefits regulations.”

THE FUTURE AND THE BIG PICTURENew federal alumni associations continue to form. Members of the U.S. Department of Agriculture’s (USDA) Agricultural Research Service (ARS) are forming the ARS Alumni As-sociation, says Sharon D. Drumm, an ARS Chief of Staff, Program Support and Operations,

duty stationed in Washington, DC. Inspired by queries from former employees prompted by the NARFE survey, ARS decided to start the group. “We are excited to be kicking off this association for ARS,” Drumm says. “As chief of staff and a longtime employee, I’m aware of the challenges folks have keeping in touch after retirement or otherwise leaving our agency. I am also aware that our former employees are great resources. When I sent an email out over the winter holi-days about the new association, I received a very large and positive response, so we are off to a good start.”

While many may think of agency alumni association activities as a denouement to more substantive activities during their years of agency employment, some say that the activi-ties of their alumni association rival those during their work years in importance. “NASA Alumni League’s JSC Chapter has a tremen-dous outreach program,” says Chaffee. “For the past 20 years, we have done a large activ-ity each spring with the JSC for high school students, the JSC Space Settlement Design Competition. We bring in more than 200 high school students for a three-day weekend at the JSC, where they are asked to run a model aerospace company by designing the organiza-tion chart, preparing requests for proposals for projects, and developing a design concept for the project facility or product, a schedule for implementation and a cost estimate. After we get through the orientation, they have 24 hours to do it . . . and there is no sleep before they give a Sunday morning presentation to our judges.”

“I’ve told my wife that while I’ve accom-plished a lot at NASA, including being chief engineer for systems integration for the Inter-national Space Station and a senior manager, my real legacy is the 4,000 students that I have trained over the past 20 years, showing them the joy of an engineering career,” says Chaffee, now 80. “In fact, many have moved on to suc-cessful aerospace careers.” —DAVID TOBENKIN IS A FREELANCE WRITER BASED IN THE GREATER WASHINGTON, DC, AREA.


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36 | A P R 2 0 17

1 New Hampshire: Taxes interest/dividend income at 5% if it exceeds $2,400 (single) or $4,800 (couple). $1,200 exemp-tion for residents age 65+.

2Tennessee: Taxes certain interest/dividend income at 6% if it exceeds $1,250 (single) or $2,500 (joint filer). Individuals age 65+ have additional means-based exemption (see p. 41).

ALASKA FLORIDANEVADA

NEW HAMPSHIRE1

SOUTH DAKOTATENNESSEE2

TEXASWASHINGTONWYOMING

States With No Personal Income Taxes

STATE TAX TREATMENT FEDERAL ANNUITIES

* In addition, the five states listed below exempt certain federal civil service annuities from taxation. Some exemptions depend on the taxpayer’s age or dates of government service.

Corrections: Information for North Carolina and North Dakota on pp. 40-41 is corrected.

Sp

ecia

l Sec

tion

States Exempting Total Amount of Civil Service Annuities*

KENTUCKY: Amount attributable to service prior to Jan. 1, 1998, is exempt. See below for taxation of annuities attribut-able to service on or after Jan. 1, 1998.MICHIGAN: Full exemption only applicable to taxpayers born before 1946. See below for taxation of federal (and other) pension income for taxpayers born in 1946 and later.NORTH CAROLINA: Annuities not taxed if the individual had five years of government service as of Aug. 12, 1989. If

otherwise, see p. 40.OKLAHOMA: CSRS annuities excluded from taxation. Tax-payers with annuities with both FERS and CSRS components may exclude the portion attributable to CSRS service.OREGON: Annuities not taxed if individual retired before Oct. 1, 1991. Those who retired after Oct. 1, 1991, are taxed only on that portion of the annuity attributable to govern-ment service after Oct. 1, 1991.

ALABAMA HAWAIIILLINOIS

KANSASLOUISIANAMASSACHUSETTS

MISSISSIPPINEW YORKPENNSYLVANIA

W W W. N A R F E . O R G | 37

ALABAMA: SS, federal retirement, military retirement and state pen-sion income are exempt. Income from all defined-benefit pension plans is exempt.

ARIZONA: SS is exempt. Up to $2,500 total of military, civil service, and Arizona state and local govern-ment pensions are exempt. Additional personal exemption for all residents age 65+.

ARKANSAS: SS is exempt. Exempts up to $6,000 in federal retirement, military, in-state and out-of-state state or local government and private pen-sion income. IRA distributions can be included as part of the exemption if the taxpayer is age 59½+. Out-of-state government pensions also qualify for the exemption.

CALIFORNIA: SS is exempt.

Additional $111 personal exemption for residents age 65+. All private, public and military pensions are taxed.

COLORADO: $24,000 pension/an-nuity exemption for all taxpayers age 65+. $20,000 pension/annuity exemp-tion for all taxpayers between the ages of 55 and 64. Exemption applies to SS and other qualifying retirement income (including federal civil service annuities, military retirement and all out-of-state pensions.

CONNECTICUT: SS is exempt if fed-eral AGI is $50,000 or less (if single) and for MFJ with AGI of $60,000 or less. Beginning in tax year 2015, exempts 100% of federally taxable mili-tary retirement pay. All out-of-state government and federal civil service pensions are fully taxed.

DELAWARE: SS is exempt. Taxpayers age 60+ may exclude $12,500 of invest-ment and qualified pension income (including federal civilian, military and out-of-state government pensions) and qualify for an additional tax credit of $110. Taxpayers under age 60 may exclude $2,000. Taxpayers age 65+ are entitled to an additional standard deduction of $2,500 (if not itemizing). Single or MFS taxpayers age 60+ as of Dec. 31, 2015, or totally disabled, may exclude $2,000 if earned income is less than $2,500 and AGI is $10,000 or less. If MFJ and both spouses are age 60+ as of Dec. 31, 2015, or totally disabled, may exclude $4,000 if earned income is less than $5,000 and AGI is $20,000 or less.

DISTRICT OF COLUMBIA: SS is exempt. For taxpayers age 62+, DC or federal government survivor benefits are exempt. The $3,000 exclusion for taxpayers age 62+ of military, federal and DC government pensions has been repealed as of tax year 2015. State government and public pensions are taxed. Extra personal exemption on income tax.

GEORGIA: SS is exempt. Taxpayers who are age 62-64, or permanently and totally disabled regardless of age, may exclude $35,000 of retirement income. For taxpayers age 65+, the retirement income tax exclusion is $65,000. Retirement income includes income from pensions and annuities, interest income, dividend income, net income from rental property, capital gains income and income from royal-ties. Up to $4,000 of the maximum allowable exclusion may be earned income.

HAWAII: SS is exempt. Federal retirement, military retirement, state or county retirement system pension income, and qualifying distributions from employer-funded pensions are exempt. Out-of-state government pen-sions are exempt. Additional personal exemption of $1,144 per person age 65+.

IDAHO: SS is exempt. Retirement benefits deduction available for CSRS annuitants who established CSRS eligi-bility prior to 1984, who are age 65+, or 62+ and disabled, in the amount of

STATE TAX TREATMENT FEDERAL ANNUITIES

TAX YEAR

Other ExemptionsNOTE: AGI=Adjusted Gross Income CSRS=Civil Service Retirement System FERS=Federal Employees Retirement System HH=Head of HouseholdIRA=Individual Retirement AccountMFJ=Married Filing Jointly MFS=Married Filing Separately QW=Qualified Widow(er) RR=Railroad Retirement*SS=Social Security

*Federal law does not permit states to tax Railroad Retirement income. Exemption is not noted in roundup except where it af-fects provisions.

This roundup of state tax treatment of federal annuities and other tax informa-tion is presented for informational purposes only and does not constitute profes-sional tax advice. Please consult a tax professional for advice in preparing tax returns. The information also is available on the NARFE website, www.narfe.org.

Other Exemptions

38 | A P R 2 0 17

$31,956 (if single) or $47,934 (MFJ) minus SS and RR received. Deduction expanded beginning in tax year 2015 to include workers under the Foreign Service Retirement and Disability System (FSRDS). Retirement benefits deduction also available for military retirees. Persons using MFS status are not eligible for the retirement benefits deduction. Extra standard deduction for persons age 65+.

ILLINOIS: SS and income from any qualified employee benefit plan are exempt (including federal government plans). 401(k) plans, an IRA, or a tradi-tional IRA that has been converted to a Roth IRA are exempt. Extra personal exemption for persons age 65+.

INDIANA: SS is exempt. Taxpay-ers age 60+ may exclude $5,000 of military retirement income. Taxpayers age 62+ may deduct up to $16,000 of a federal civil service annuity minus the total amount of any SS or RR benefits. Beginning in tax year 2015, surviving spouses are eligible to claim the deduc-tion but do not have to be 62+ (See Information Bulletin #6). Taxpayers age 65+ can take additional personal exemption of $1,000. Additional per-sonal exemption of $500 if federal AGI is less than $40,000 for residents age 65+.

IOWA: SS is exempt. Beginning in tax year 2015, military retirement pay is exempt. Taxpayers age 55+ may exclude up to $6,000 (if single) or $12,000 (if MFJ) of pension or an-nuity income (including civil service annuities), self-employed retirement plan income, deferred compensa-tion, IRA benefits or other retirement plan benefit income. Additional $40 personal exemption credit for those age 65+.

KANSAS: SS is exempt if federal AGI is $75,000 or less. Federal, military and in-state/local pensions are ex-empt. Additional $850 deduction for those age 65+ ($700 each if MFJ or MFS).

KENTUCKY: SS is exempt. Federal civilian and military retirement annui-ties attributable to service prior to Jan-uary 1, 1998, are excluded. Annuities attributable to service after January 1, 1998, are included as pension income, of which taxpayers may exclude up to $41,110. An additional credit of $40 for each individual age 65+ or blind ($80 if both).

LOUISIANA: SS is exempt. Federal retirement annuities are exempt. In addition, persons age 65+ may exclude up to $6,000 of annual retirement income from their taxable income, $12,000 if MFJ.

MAINE: SS is exempt. May deduct from federal AGI $10,000 of eligible pension income, including federal civil service annuity income. Except for military retirement pay, the $10,000 deduction must be reduced for SS and RR benefits. Starting in 2016, all retirement benefits received under a military retirement plan that are included in a taxpayer’s federal AGI are excluded from Maine taxable income. Additional standard deductions for age and blindness are: $1,250 per individ-ual per qualifying condition for MFS or MFJ, and $1,550 per individual per qualifying condition for single filers and HH.

MARYLAND: SS is exempt. If age 65+, may exclude up to $29,400 in pension income, under certain condi-tions. Additional $1,000 exemption for residents age 65+ or blind. Beginning in tax year 2015, military retirement subtraction increased to $10,000 if 65+; subtraction remains at $5,000 for those under age 65. To qualify, must have been a member of an ac-tive or reserve component of the U.S. military, an active duty member of the commissioned corps of the Public Health Service, the National Oceanic and Atmospheric Administration, the Coast and Geodetic Survey, or a mem-ber of the Maryland National Guard, or the member’s surviving spouse or ex-spouse.

MASSACHUSETTS: SS, federal civil service and military pensions are exempt. Tax reciprocity with state and local governments that do not tax pen-sion income from Massachusetts pub-lic employees. Additional exemption of $700 for individuals age 65+. State and local government pensions are exempt for reciprocating states.

MICHIGAN: SS and military pensions are exempt. Other pension and retire-ment benefits are taxed differently depending on the age of the taxpayer. Married couples filing a joint return should complete form 4884 based on the year of the birth of the older spouse. Taxpayers born before 1946 may claim a pension subtraction for all qualifying pension and retirement benefits received from public sources and may subtract qualifying private pension and retirement benefits up to $49,861 if filing single or MFS, or $99,723 if MFJ. SS and RR benefits are exempt. Taxpayers born between Jan. 1, 1946 and Dec. 31, 1952, should refer to instructions for MI-1040 (form 4884) to see if they qualify for a pen-sion and retirement subtraction.

MINNESOTA: Starting in 2016, cer-tain types of military pensions or other military retirement pay may be sub-tracted from taxable income. To claim this subtraction, the qualifying income must be included in federal taxable income. Taxpayers 65+ may be eligible for subtraction, based on income.

MISSISSIPPI: SS and retirement income from federal, state and private retirement systems are exempt. Addi-tional exemption of $1,500 for resi-dents age 65+.

MISSOURI: After gradual phase-in, all military pension income is tax-free in 2016. Taxpayers with AGI under $85,000 (single, HH, MFS, QW) or $100,000 (MFJ) may exempt the greater of $6,000 or 100% of any fed-eral, state or local pension income, up to a maximum of $36,976 per taxpayer. Taxpayers with AGI exceeding the

W W W. N A R F E . O R G | 39

limitation may qualify for a partial exemption. Taxpayers with AGI under $25,000 (single, HH, QW) or $32,000 (MFJ) or $16,000 (MFS) may exempt $6,000 of private pension income. Taxpayers with AGI over these limits may be eligible for a partial exemption. Taxpayers age 62+ or disabled with an AGI under $85,000 (single, HH, MFS, QW) or $100,000 (MFJ) may exempt 100% of the taxable amount of SS or SS disability benefits. Taxpayers with AGI exceeding the limitation may qualify for a partial exemption.

MONTANA: Taxpayers with AGI $33,910 or less may exclude $4,070 of pension income; for AGI above $33,910, the pension income exclu-sion is reduced $2 for every $1 of AGI above $33,910. Additional exemption of $2,330 if age 65+. Taxpayers age 65+ may exempt $800 of interest income

reported as federal AGI or $1,600 if MFJ.

NEBRASKA: Taxpayers with AGI of $58,000 MFJ or $43,000 for all other returns may deduct Social Security in-come. Begun in 2015, military retirees may make a one-time election within two calendar years after the date of his or her retirement from the military. A military retiree can choose to exclude 40 percent of his or her military retire-ment benefit income for seven consecu-tive taxable years or can exclude 15 percent of military retirement benefit income for all taxable years beginning with the year the retiree turns 67.

NEW HAMPSHIRE: SS exempt. Tax applied only to interest and dividend income exceeding $2,400 ($4,800 for joint filers). Residents age 65+ qualify for $1,200 exemption for taxable

dividends and interest.

NEW JERSEY: SS and military pensions are exempt. Taxpayers age 62+ may exclude all or part of their taxable pensions, annuities and IRA withdrawals if their gross income for the entire year before subtracting any pension exclusion does not exceed $100,000. The maximum amount excluded depends on your filing status. If MFJ, you may exclude up to $20,000 in 2016 and up to $40,000 in 2017. If you file as single, HH, or QW, you may exclude up to $15,000 in 2016 and up to $30,000 in 2017. If you are MFS, you may exclude up to $10,000 in 2016 and up to $20,000 in 2017. Those amounts will gradually rise so that by 2020, joint filers can exclude up to $100,000; single filers, up to $75,000; and MFS, up to $50,000. If ineligible for SS, entitled to deduct an additional $3,000

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TAX YEARTAX

YEAR

40 | A P R 2 0 17

(single, MFS) or $6,000 (MFJ, HH, QW). If taxpayers can recover all civil service retirement contributions in the first three years, can use the three-year rule, in which annuities are not taxed until total employee contributions have been recovered. If not, must use the general rule method, in which a portion of annuity is excluded from taxation. Additional $1,000 personal exemption for residents age 65+. Estate tax exemp-tion changes begin in 2017.

NEW MEXICO: Taxpayers age 65+ or blind may qualify for additional exemption of $8,000 if federal AGI is less than $15,000 (MFS), $18,000 (single) or $30,000 (MFJ, HH, QW). The exemption reduces as income

increases, with no exemption if income is over $27,500 (MFS), $36,667 (single) or $55,000 (MFJ). If age 100+, exempt from state income tax if centenarian is single. If MFS or MFJ, both must be 100+ for total exemption, or centenar-ian may exempt half of community income and all of his/her separate income.

NEW YORK: SS and state and federal pensions, including military, are ex-empt. An additional pension and annu-ity income exclusion of up to $20,000 is available to persons age 59½+.

NORTH CAROLINA: SS is exempt. Correction: The deductions for certain taxpayers of up to $4,000

for federal, state or local govern-ment retirement benefits or up to $2,000 for private retirement benefits are no longer available as of 2014. Pursuant to the North Carolina Supreme Court’s decision in Bailey v. State of North Carolina, the state may not tax certain retirement benefits received by federal civil service and military retirees or retirees of the state of North Carolina and its local governments if the retiree has five or more years of creditable service as of Aug. 12, 1989.

NORTH DAKOTA: Correction: The $5,000 exclusion for military, civil service, some state/local govern-ment and qualified pensions,

How High Are Sales Taxes in Your State?Combined State and Average Local Sales Tax Rates, Jan. 1, 2017

Note: City, county and municipal rates vary. These rates are weighted by population to compute an average local tax rate. Three states levy mandatory, statewide, local add-on sales taxes at the state level: California (1%), Utah (1.25%) and Virginia (1%). We include these in their state sales tax. The sales taxes in Hawaii, New Mexico and South Dakota have broad bases that include many services. Due to data limitations, table does not include sales taxes in local resort areas in Montana. Salem County, NJ, is not subject to the statewide sales tax rate and collects a local rate of 3.4375%. New Jersey’s average local score is represented as a negative.

Source: Sales Tax Clearinghouse, Tax Foundation calculations, State Revenue Department websites. Report available at https://files.taxfoundation.org/20170131121743/TaxFoundation-FF539.pdf Credit: ©2017 Tax Foundation. Distributed under Creative Commons CC-BY-NC 4.0. Reprinted with permission.

W W W. N A R F E . O R G | 41

minus amount of SS received, was repealed in 2009. Out-of-state government pensions are fully taxed.

OHIO: SS and military pensions are ex-empt. General retirement income credit available in an amount starting at $25 if qualifying retirement income is at least $501, and maxing out at $200 if quali-fying retirement income is $8,000 or more. Residents age 65+ are entitled to a $50 tax credit per return. Taxpayers who served in the military and receive a federal civil service retirement pension are eligible for a limited deduction if any portion of their federal retirement pay is based on credit for their military service. These retirees can deduct the percentage (in terms of years of service) of the amount of their federal retire-ment pay that is attributable to their military service. Some Ohio municipali-ties tax federal but not state pensions.

OKLAHOMA: SS is exempt. Each individual may exclude 100% of retire-ment benefits received from federal CSRS, including survivor benefits, paid in lieu of Social Security to the extent that these benefits are included in the federal AGI. Note: Retirement benefits paid under FERS do not qualify for this exclusion. However, for retirement benefits containing both a FERS and a CSRS component, the CSRS component will qualify for the exclusion. Individu-als may exclude their FERS retirement benefits or Oklahoma state employment retirement benefits or other qualifying retirement income up to $10,000. Indi-viduals may exclude the greater of 75% of their military retirement benefits or $10,000. Additional personal exemp-tion of $1,000 of age 65+ and federal AGI is $15,000 or less (single), $25,000 or less (MFJ), $12,500 or less (MFS), or $19,000 or less (HH).

OREGON: SS is exempt. Federal pen-sion income of those individuals who retired before October 1, 1991, are not taxed. Those who retired after October 1, 1991, are taxed only on that portion of the annuity attributable to govern-ment service after October 1, 1991. TSP

withdrawals made after retirement are eligible for subtraction based on dates of service. If the taxpayer moves money from a TSP to another type of account, the account loses its character and is no longer a federal pension, and future withdrawals would not be eligible for subtraction. Taxpayers age 62+ may qualify for retirement income credit if household income is below $22,500 (or $45,000 if MFJ) or elderly tax credit (40% of federal credit), but may not claim both. Additional standard deduc-tion if age 65+ of $1,200 (single, HH), $1,000 each spouse age 65+ (MFJ, MFS and QW).

PENNSYLVANIA: SS, federal civil service, military retirement benefits and other employer-sponsored retirement plan benefits are exempt. Distributions from IRAs, if age 59½+, are exempt.

RHODE ISLAND: SS exempt for MFJ with federal AGI of $100,000 or less; $80,000 or less for single taxpayers. Out-of-state pensions are fully taxed.

SOUTH CAROLINA: SS is exempt. If below age 65, may deduct $3,000 of qualified retirement income (including federal retirement plans and military retirement). If 65 or older, may deduct $10,000 of qualified retirement income. All individuals age 65+ are entitled to a $15,000 deduction from income, reduced by any deduction claimed for qualified retirement income.

TENNESSEE: SS is exempt. Tax applies only to certain interest and dividend income, not wages and salary or pension income. Any person age 65+ is tax-exempt if total annual income, from any and all sources, is $37,000 or less, or $68,000 or less for joint filers. An exemption of $1,250 ($2,500 if MFJ) is allowed against total taxable interest.

UTAH: Taxpayers age 65+ may be entitled to a retirement credit of up to $450 ($900 MFJ). Taxpayers under age 65, born before January 1, 1953, and with eligible retirement income may qualify for a credit up to 6% of eligible

retirement income with a cap of $288. The credit is phased out by a percent-age of the excess of modified AGI over a certain amount based on filing status. See Phase-out Calculation instructions.

VERMONT: No exemptions. Out-of-state government pensions are fully taxed.

VIRGINIA: SS is exempt. Taxpay-ers age 65+ may claim an age deduc-tion: Those whose birthdate is on or before January 1, 1939, may claim an age deduction of $12,000. Those whose birthdate is between January 2, 1939, and January 1, 1951, will have the $12,000 deduction reduced by $1 for every $1 that federal AGI exceeds $50,000 (single) or $75,000 (MFJ, MFS). Additional personal exemption of $800 if age 65+ or blind.

WEST VIRGINIA: $2,000 of military, federal retirement and state pensions is exempt. Additional exemption for military pension income up to $22,000. Taxpayers age 65+ may exclude the first $8,000 (individual filers) or $16,000 (MFJ) of any remaining nonexempt income.

WISCONSIN: SS is exempt. Federal civil service retirement payments are exempt if the individual: retired from the system before Jan. 1, 1964; was a member of the system as of Dec. 31, 1963, retiring at a later date and the payments received are from an account established before 1964; or is receiving payments from the sys-tem as a beneficiary (survivor) of an individual who met condition 1 or 2. If age 65+, may exempt up to $5,000 of retirement income if federal AGI is less than $15,000 or $30,000 (MFJ or MFS). Additional personal exemp-tion of $700 and a deduction of $250 if age 65+. Military retirement pay and retirement pay related to service with the Coast Guard, the commis-sioned corps of the National Oceanic and Atmospheric Administration or the commissioned corps of the Public Health Service are exempt.

TAX YEARTAX

YEAR

Almost everything you own and use for personal or invest-ment purposes is a capital asset. You may deduct capital losses only on investment property, not on property held for personal use. The fact that you lost money on investment property doesn’t automati-cally qualify it as a deductible loss. For example, for a loss to be deductible, you must have established basis in the invest-ment, which may be created only with money that already has been taxed.

This may present an issue with traditional individual retirement accounts (IRAs) as contributions are typically made on a pretax basis. You may, however, be able to de-duct a loss in a traditional IRA if you’ve made any after-tax, non-deductible contributions, which establish basis in your IRA.

If you have made nonde-ductible contributions to your traditional IRA, it’s important to understand that you don’t necessarily have a deduct-ible loss simply because one

or more investments you hold in the IRA lost value. Rather, the ability to deduct a loss is determined by whether or not the total value of all of your traditional IRAs is less than the total basis across all of your traditional IRAs.

For example, let’s say you opened and funded a tra-ditional IRA with a $5,500 nondeductible contribution. If the value of the traditional IRA drops below $5,500, you may have a deductible loss. Now, let’s assume you already owned a separate traditional IRA worth $20,000, funded entirely with pretax contribu-tions. In this case, you would only have a deductible loss if the total value of both IRAs fell below your basis which, in this example, is $5,500.

Roth IRAs are always funded with after-tax money, whether from regular contributions or conversions from traditional IRAs. In order for you to have a deductible loss in a Roth IRA, the total value of all your Roth IRAs must be less than the total value of all contributions

and conversion amounts made across all of your Roth IRAs.

To realize an IRA loss, you must distribute every dollar and close out the IRA. Fur-thermore, when dealing with traditional IRAs, you must withdraw every dollar from all of your traditional IRAs, including any SEP IRAs and SIMPLE IRAs.

Similarly, if it’s a Roth IRA, you must close out every Roth IRA you own. Be careful when liquidating and taking a loss on a Roth IRA account. If you are younger than 59½, a 10 percent penalty will apply to any conversion amounts not held for five years.

Claiming a loss on an IRA is different from claiming a loss on an investment held outside an IRA. When dealing with non-IRA investments, capital losses are first used to offset any capital gains you may have realized. If your capital losses exceed your capital gains, you may deduct the capital loss on your tax return and reduce other income, such as wages, up to an annual limit of $3,000. Any net capital loss in excess of $3,000 may be car-ried over to subsequent years until used entirely.

On the other hand, a loss from an IRA is claimed as a miscellaneous deduction on Schedule A. This requires that you itemize deductions, and

Ma

nagi

ng M

oney

BY MARK A. KEEN

CFP®

A TAXING QUESTION: ARE IRA LOSSES DEDUCTIBLE?

A s the tax filing deadline looms, tax filers are on the hunt for any write-off or deduction that may help reduce their tax liability. In that regard, I’m

often asked if there’s any benefit to losses in IRA accounts. As the case seems to be with any tax-related questions, the answer is a definitive – maybe.

42 | A P R 2 0 17

since miscellaneous deductions are subject to a thresh-old of 2 percent of your Adjusted Gross Income (AGI), you only benefit from losses exceeding that threshold. For example, if your AGI is $50,000, you won’t realize any benefit on the first $1,000 of miscellaneous deduc-tions ($50,000 x .02). If you realized an IRA loss of $3,000, you’ll be allowed to deduct $2,000 ($3,000 minus the $1,000 floor).

Furthermore, if you’re subject to the Alternative Minimum Tax (AMT), you won’t benefit from an IRA loss as miscellaneous deductions are lost under the AMT calculation.

The idea of taking a loss on an IRA may sound intriguing, but the consequences may outweigh any po-tential benefit. For example, once you have liquidated all of your IRAs, the only way for you to get money back into an IRA is through regular annual contributions, or in the case of Roth IRAs, regular contributions and conversions.

In either case, you may lose out on decades of tax-deferred and tax-free growth.

MARK A. KEEN, CFP®, IS PARTNER, KEEN & POCOCK, 10300 EATON PLACE, FAIRFAX, VA, AND AN INVESTMENT ADVISER REPRESENTATIVE AND REGISTERED PRINCIPAL OF THE STRATEGIC FINANCIAL ALLIANCE, INC. (SFA). SECURITIES AND ADVISORY SERVICES ARE OFFERED THROUGH SFA. EMAIL: [email protected].

BENEFITS RESOURCESNARFE offers members a wide range of information on federal benefits. Visit www.narfe.org/federalbenefits and www.narfe.org/FederalBenefitsInstitute.

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The

Info

rmed

Cit

izen

Mobile Citizens: Investigate and AdvocateEven if you have no current plans to relocate, use the infor-mation in our annual state tax roundup (pages 36-41) to chal-lenge your governor and legisla-ture to deliver sound tax policy including horizontal equity and compliance with Supreme Court rulings. Furthermore, look at ad-jacent states to see if these “labo-ratories” have more attractive tax climates. Note that Social Security benefits are the most highly favored by state tax codes, and are often entirely exempt.

In many of these states, this creates an equity argument for Civil Service Retirement System (CSRS) annuitants without any Social Security benefits. In 2015, our Indiana Federation won tax equity for CSRS annuitants. The victory occurred in two phases, with an $8,000 deduction in 2015 and $16,000 in 2016.

High Court RulingsThe U.S. Supreme Court’s 1989 decision in Davis v. Michigan ended the once common practice of more favorable state tax treat-ment for state pensions than for federal civil service pensions. Three years later, the high court ruled in Barker v. Kansas that states cannot tax military retire-ment benefits if they exempt state pensions from taxation. Taken together, these rulings require similar treatment for the three income sources: federal, state and military.

New Legislative Action CenterThe new NARFE Legislative Action Center enhances state advocacy with the addition of state-based legislative targeting. Federations can make available

a message for their members to email to their legislators. Mes-sages must be crafted by federa-tion leaders. NARFE office staff will create a unique link where state activists will be able to send the federation-crafted message to their governor or legislators. Already, the Action Center (www.narfe.org/legislation/votervoice.cfm) allows users to easily find five federal and at least six state elected officials. Additionally, these officials’ names are hyperlinks to specific informa-tion including, 1) a photograph 2) addresses, websites and social media contact information 3) personal information 4) back-ground information, 5) political information and 6) staff mem-bers. Under “Find Legislation,” keyword searches by state can be conducted and will locate state legislation from 2015 to 2017.

Cautions: Other Taxes and State ServicesThe NARFE state tax roundup focuses on income and sales taxes. Property taxes vary widely between states and within the same state. Importantly, much as in the commercial realm, with government you get what you pay for. Moving from a high- to a low-tax state may well mean fewer services. Finally, research shows that climate and proximi-ty to children and grandchildren often drive retiree relocation decision-making.

STATE TAXES: AN INVITATION TO ADVOCACY

Governors embrace the idea that states are the laborato-ries of democracy. On a bipartisan basis, governors argue state and territorial government is where good public

policy happens. NARFE members, more than most citizens, have some latitude as to which laboratory to reside in and pay taxes to.

BY CHRISTOPHER FARRELL SENIOR ANALYST

FOR FURTHER INFORMATIONKiplinger makes available a “State-by-State Guide to Taxes on Retirees” that allows comparison of up to five states (www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/index.php). The Retirement Living Center (www.retirementliving.com) provides state comparison infor-mation. WalletHub released Richie Bernardo’s research in the January “2017 Best & Worst States to Retire” (https://wallethub.com/edu/best-and-worst-states-to-retire/18592).

44 | A P R 2 0 17

Rose Parade& Coastal California Tour 10 days from $1,749* now $1,499*

Experience the 129th Tournament of Roses Parade from reserved grandstand seats and attend a private � oat viewing with included dinner before America’s most famous parade. Explore Los Angeles, see the Walt Disney Concert Hall and The Hollywood Walk of Fame. Next, travel the scenic coastline along Highway 1 to Carmel and Monterey with stops in Solvang, Santa Barbara and Hearst Castle, with a guided tour. Then spend three � nal nights in San Francisco with an included visit to Alcatraz. Departs December 29, 2017.

CALL NOW: 1-877-783-1619ymtvacations.com Mention promo code M6009

Albuquerque Balloon Fiesta & Southwestern Tour10 days from $1,299* now $1,199*

Hot air balloons galore and the enchanting Southwest are yours to witness this fall. Get under way in Phoenix for two nights, followed by Tucson, exploring Casa Grande National Monument along the way. Cross into New Mexico where you’ll set foot in Tombstone. Las Cruces, White Sands National Monument and Carlsbad Caverns National Park are next. Explore Roswell and the UFO Center, Santa Fe, Bandelier National Monument and Albuquerque. Complete your vacation at the massive balloon � esta and � reworks display. Departs September 29 and October 6 & 13, 2017. October 13, 2017 departure operate in reverse pattern.

Best of Ireland Tour12 days from $1,499* now $1,399*

Your exploration of the Emerald Isle starts and ends in Dublin. See all of the city highlights including the Bank of Ireland and St. Patrick’s Cathedral. Next is the Rock of Cashel, Waterford and a visit to the famous crystal factory. Continue to Cobh, Blarney Castle and Killarney. Drive the spectacular Ring of Kerry, explore Bunratty Castle & Folk Park and view the incredible Cli� s of Moher before arriving in Galway. In the Sligo area, see Kylemore Abbey en route to Belfast. Lastly, discover “The Giant’s Causeway” and Titanic Belfast, visitor experience. Departs July – September 2017.

Save 200

per couple*

$

SAVE UP TO $9,578* PER COUPLEFREE BALCONY UPGRADE WITH OCEAN VIEW CABIN PURCHASE

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* Prices are per person, double occupancy and do not include taxes & government fees which range from $159 to $299 depending on the tour selected. Add-on airfare is available. Ocean cruise tour pricing based on Inside Cabin, upgrades are available. Free balcony upgrade with ocean view cabin purchase only. Free beverage package or internet applies to ocean view or balcony cabins for the cruise portion of the tour only. Free beverage package requires additional prepaid gratuity. Maximum savings based on high season departure date and highest cabin category. All special o� ers apply to new bookings only made by 5/31/17 and are subject to availability. Seasonal charges and single supplements apply. Additional terms and conditions apply, visit ymtvacations.com/setsailo� ers or ask your Travel Consultant for details.

Highlights of Australia & New Zealand CruiseExplore the awe-inspiring “land down under” on YMT’s new land tour and cruise. Arrive in Sydney and enjoy a city tour, including views of the spectacular Opera House. Spend three additional days at leisure before boarding the Norwegian Jewel for a 10-night cruise. Sail to Melbourne and Tasmania, then Wellington, Napier, Tauranga and Bay of Islands in New Zealand. Disembark in Auckland for an exciting sightseeing tour and visit to the quaint village of Davenport. Your � nal day is at leisure to take in the areas many galleries, wine regions and beaches. Departs January 16, 2018.

18 days from $4,398*

now just $2,199*

For

the

Rec

ord

G Fund: Government securities (specially issued to the TSP)F Fund: Government, corporate and mortgage-backed bondsC Fund: Stocks of large- and medium-size U.S. companiesS Fund: Stocks of small- to medium-size U.S. companies (not included in the C Fund)I Fund: International stocks of 21 developed countriesL Fund: (Lifecycle) Invested in the G, F, C, S and I Funds (The proportion of L Fund balance invested in each of the individual TSP funds depends on the L Fund chosen.)

THRIFT SAVINGS PLAN FUND RETURNS

G FUND F FUND C FUND S FUND I FUND

FEBRUARY 0.18% 0.71% 3.97% 2.45% 1.44%

JANUARY 0.20% 0.23% 1.90% 2.16% 2.89%

DECEMBER 0.20% 0.16% 1.98% 1.81% 3.44%

YTD 0.38% 0.94% 5.95% 4.66% 4.37%

1 YEAR 1.87% 1.66% 25.01% 32.74% 16.19%

3 YEAR* 2.06% 3.06% 10.71% 7.21% -0.29%

5 YEAR* 1.93% 2.59% 14.07% 13.32% 5.61%

10 YEAR* 2.59% 4.53% 7.67% 8.32% 1.31%

RETURNS are net of the effect of accrued administrative expenses and investment expenses/costs. Source: TSP (For additional monthly returns, go to www.tsp.gov.)

COUNTDOWN TO COLA

The Consumer Price Index for Urban Wage Earn-ers and Clerical Workers (CPI-W) increased 0.62 percent in January 2017. To calculate the

2018 cost-of-living adjustment (COLA), the indices of July, August and September 2017 will be averaged and compared with the 2016 third-quarter average of 235.057. The percentage increase, if any, determines the COLA. January’s index, 236.854, is up 0.76 percent from the base.

Benefits awarded under the Federal Employees’ Compensation Act (FECA) to individuals suffering work-related injuries or illnesses are adjusted accord-ing to each calendar year’s percentage change in the CPI-W. January’s index is 0.62 percent higher than the December 2016 base index of 235.390.

The CPI represents purchases of food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services. Included are various government fees, such as water charges, auto registration fees, and sales and excise taxes.

Confidence in future economic growth contin-ued to propel global equity markets forward while interest rates remained relatively tame for the month of February. As a result, the F Fund managed another small gain, and the C Fund and the S Fund increased on strong U.S. equity markets. Overseas stock markets were also positive, although returns on the I Fund were tempered somewhat by the rising dollar. These individual fund returns translated into positive results across all of the L Funds.—BY SEAN MCCAFFREY, ACTING CHIEF INVESTMENT OFFICER, THRIFT SAVINGS PLAN

FOR THE NUMBER of new retirement cases the Office of Personnel Management (OPM) receives each month by agency and the percent with errors that it returns to those agencies, go to www.opm.gov/retirement-services/. Source: OPM

CONFIDENCE PUSHES MARKETS FORWARD FOR FEBRUARY

*ANNUALIZED

MONTH CPI-W Monthly % Change

% Change from

235.057.

OCTOBER 2016 235.732 +0.10 +0.29

NOVEMBER 235.215 -0.20 +0.06

DECEMBER 235.390 +0.07 +0.14

JANUARY 2017 236.854 +0.62 +0.76

FEBRUARY

MARCH

APRIL

MAY

JUNE

JULY

AUGUST

SEPTEMBER

46 | A P R 2 0 17

L INCOME L 2020 L 2030 L 2040 L 2050

FEBRUARY 0.77% 1.36% 1.96% 2.25% 2.51%

JANUARY 0.61% 1.04% 1.48% 1.70% 1.91%

DECEMBER 0.64% 1.13% 1.59% 1.82% 2.04%

YTD 1.39% 2.42% 3.47% 3.99% 4.47%

1 YEAR 5.97% 11.12% 15.37% 17.75% 20.06%

3 YEAR* 3.29% 4.39% 5.32% 5.76% 6.07%

5 YEAR* 4.02% 6.88% 8.40% 9.37% 10.21%

10 YEAR* 3.80% 4.78% 5.41% 5.69% N/A

*ANNUALIZED

JANUARY 15,423 19,761 79% 94FEBRUARY 11,293 22,692 80% 96MARCH 5,741 19,211 82% 118APRIL 7,241 14,517 80% 92MAY 7,210 14,035 80% 103JUNE 5,929 13,529 79% 115JULY 9,238 15,562 79% 110AUGUST 6,818 16,334 78% 112SEPTEMBER 6,946 15,146 77% 100OCTOBER 7,326 16,677 58% 91NOVEMBER 5,065 16,019 60% 94DECEMBER 5,483 15,097 56% 95JANUARY 15,317 23,087 51% 89

OPM RETIREMENT CLAIMS PROCESSING STATUS

Inventory Avg # of Days Claims (Steady State % Processed in to Process Case in Received is 13,000) 60 Days or Less (FYTD) More Than 60 Days

2016

’1720

1720

17’16

’16

Signature Date / /

Support Alzheimer’s Research

Join the Silver CIrcle

Give to the Scholarship and Disaster Funds

Donate to NARFE Programs

NARFE MEMBERS CONTRIBUTED FOR ALZHEIMER’S RESEARCH: $12 Million Fund

$12,174,365**Total as of January 31, 2017

100% of all contributed funds go to Alzheimer’s research.

If you have any questions, write to:

NATIONAL COMMITTEE CHAIRMerv Stuckey, 2272 E. Buster Mountain Dr.

Oro Valley, AZ 85755-4709

EMAIL: [email protected]

MAKE CHECK PAYABLE TO:NARFE-FEEA Disaster Fund or

NARFE-FEEA Scholarship Fund.

PLEASE MAIL COUPON AND CHECK TO:FEEA

1641 Prince St.Alexandria, VA 22314

CLIP THIS CONTRIBUTION FORM AND MAIL TO:

NARFE Silver Circle, 606 N. Washington St. Alexandria, VA 22314

Enclosed is my NARFE-Alzheimer’s contribution: $Every cent that is contributed is used for research.Please circle: Mr. Mrs. Miss Ms.Name:Address:City: State: ZIP: Chapter Number:

Enclosed is my Silver Circle contribution: $ID #(ID # may be found on your narfe magazine label or your NARFE membership card)Name:Address:City: State: ZIP:

Name:Address:City: State: ZIP:

Silver Circle contributions are NOT deductible for federal income tax purposes.

INSTALLMENT PLANWall of Fame 12-month installment plan

Please check appropriate box(es). To make credit card contributions, call 800-338-0755. Scholarships are available to children, grandchildren and great-grandchildren of fed-eral civilian retirees and current federal employees who are NARFE members.

YES!

NARFE-FEEA Disaster Fund Amount: $

NARFE-FEEA Scholarship Fund Amount: $

I would like to help with my contribution.

All donations go to the NARFE General Fund to support NARFE programs and operations.

My check is enclosed (Please make check payable to NARFE Silver Circle.)

Please charge my credit card

WRITE YOUR CHAPTER NUMBER ON CHECK; MAKE IT PAYABLE TO:

NARFE-Alzheimer’s Research

AND MAIL TO:Alzheimer’s Association

225 N. Michigan Ave., 17th FloorChicago, IL 60601-7633

YOUR CHARITABLE CONTRIBUTION IS TAX-DEDUCTIBLE TO THE FULLEST EXTENT ALLOWED BY LAW.

Signature Date / /

Credit Card Information: MasterCard VISA Discover AMEXCard Number:Expiration Date: (mm)/ (yy) 3-Digit Security Code:Name: (please print)

Card type MasterCard VISA Discover AMEXCard Number:Expiration Date: (mm)/ (yy) Name: (please print)

•For a contribution of $25 or more, you will receive a Silver Circle pin,

and your name will be listed in narfe magazine with other contributors.

•For a contribution of $1,000 or more, your name will be placed on the “Wall of

Fame” at NARFE Headquarters.

YOUR CHARITABLE CONTRIBUTION IS TAX-DEDUCTIBLE TO THE FULLEST

EXTENT ALLOWED BY LAW.

48 | A P R 2 0 17

NA

RF

E N

ews

NARFE has added some great new partners to our Member Perks program in 2017. This

month, we have another new part-ner making its debut, HearUSA, a trusted name in hearing health care. Choose from more than 250 hearing aids from 11 manufac-turers, with no co-pay for many plans. HearUSA offers a choice of wireless, Bluetooth, smartphone-compatible, nearly invisible devices with a risk-free 60-day trial and a free three-year warranty. Visit www.narfe.hearusa.com or

call 1-855-845-2706.Last month, we highlighted Sun-

rise Senior Living, which offers NARFE members a one-time 5 percent discount on suite/room rates at any Sunrise community in the United States. Sunrise also has graciously offered to host lo-cal NARFE chapter meetings on

a space-available basis. For more information, email [email protected].

Another new partner last month was Wyndham Extra Holidays, which offers NARFE member dis-counts on their one-, two- or three-bedroom suites with separate living areas and partial or fully equipped kitchens. For more information, see the Member Perks section of the narfe magazine or visit www.narfe.org/memberperks. Check back frequently for new partners throughout the year.

NEW NARFE MEMBER PERKS!

A t the 33rd Biennial NARFE National Convention, delegates voted to put a

strategic planning process in place using the Future of NARFE Report as its foundation. A Strategic Plan-ning Team and a standing commit-tee were appointed and a planning process was defined and followed. Through collaborative efforts between the committee, the team and the National Executive Board (NEB), a Strategic Plan was com-pleted and shared with the leader-ship of the federations and chapters in December 2015. Further, the plan was made available to all mem-bers through the chapters and the NARFE website.

The NARFE Strategic Plan is a living document that will be care-fully reviewed and modified every

two years. An evolving strategic plan will continue to strengthen the organization, increase effectiveness and secure the future for NARFE for decades to come. The NEB has asked the team and committee to update and prioritize topics, and determine those to be addressed in the 2017 Strategic Plan.

The 2017 planning team, com-prised of two NEB members, a national officer and a staff director,

met at Headquarters on January 30-31. The 10-member committee, comprised of a representative from each of the 10 geographic regions within NARFE, held its first meet-ing at Headquarters on March 8-9.

Two-way communication with NARFE membership is an essential element of the strategic planning process. Members are welcome to share comments by email at [email protected]. While we cannot answer every email, all comments are important and will be given full consideration. As we did in the last planning cycle, we will keep you updated on the plan’s progress through articles in narfe magazine, the NARFE Insider quar-terly newsletter for NARFE leaders and posts to the NARFE website.—JON DOWIE, CHAIRPERSON, STRATEGIC PLANNING TEAM

SCHOLARSHIP APPLICATIONS DUE

The NARFE Strategic Plan is a living document that will be carefully reviewed and modified every two years.

HearUSA is a trusted name in hearing health care.

Applications for the 2017 NARFE-FEEA Scholarship Program must be submitted no later than April 28. To access the application and program rules, go to www.narfe.org and click on the Scholarship Program graphic in the carousel on the home page. Sixty $1,000 awards will be given. High school seniors only may apply. For more information or questions, email [email protected].

S E C U R E T H E F U T U R E

2017 STRATEGIC PLANNING PROCESS

W W W. N A R F E . O R G | 49

Active and Retired Federal Employees ... Join NARFE Today!The only organization dedicated solely to protecting and preserving the benefits of all federal workers and retirees, NARFE informs you of any developments and proposals that affect your compensation, retirement and health benefits, AND provides clear answers to your questions.

If your future security is tied to federal retirement benefits – federal retirees, current employees, spouses and individual survivors – you should join NARFE.

NARFE MEMBER BENEFITS• Get monthly issues of narfe magazine with news and insights for the federal community. • Access the NARFE Federal Benefits Institute for powerful resources to help you fully understand and

manage your benefits. • Visit the Legislative Action Center to contact your representatives about bills affecting federal benefits. • Visit the Member Perks page for a full listing of the many time-, money- and hassle-saving benefits available

only to NARFE members.

q YES. I want to join NARFE for the low annual dues of $40. q Mr. q Mrs. q Miss q Ms.

____________________________________________________Full Name

____________________________________________________Street Address

____________________________________________________Apt./Unit

____________________________________________________City State ZIP

____________________________________________________Phone

____________________________________________________Email

I am a (check all that apply) q Active Federal Employee q Active Federal Employee Spouse

q Annuitant q Annuitant Spouse q Survivor Annuitant

q Please enroll my spouse

_______________________________________________Spouse’s Full Name

_______________________________________________Spouse’s Email

PAYMENT OPTIONSq Check, Money Order or Bill Pay (Payable to NARFE)q Bill me (NARFE membership will start when payment is received.)q Charge my:

q MasterCard q VISA q Discover q AMEX

________________________________________________Card No.

Expiration Date _____ /_________ mm yyyy

________________________________________________Name on Card________________________________________________Signature________________________________________________Date

TOTAL DUES$40 Annual Dues X ___________ = ___________Per Person # Enrolling Total Dues

Dues payments are not deductible as charitable contributions for federal income tax purposes.

MAY WE THANK SOMEONE? If applicable, please provide the name, membership and chapter number of the member who introduced you to NARFE:

________________________________________________Recruiter’s Name

________________________________________________Recruiter’s Membership ID

________________________________________________Recruiter’s Chapter Number

Looking to meet others in the federal community and participate in NARFE at a local level? Call 800-627-3394 to learn about a NARFE chapter in your area.

Or, if known, add Chapter # _________________________

NARFE MEMBERSHIP APPLIC ATION

Who Should Join the National Active and Retired Federal Employees Association?

1Q6

THREE EASY WAYS TO JOIN1. Complete this application and mail with your payment to NARFE / Member Records / 606 N. Washington St. / Alexandria, VA 22314-1914

2. Join online at www.narfe.org.3. Call 800-627-3394, Monday through Friday, 8 a.m. to 5 p.m. ET.

NARFE respects the privacy of our members. Personal information is used to provide content and relevant communications to our members, and will not be sold or rented to third parties without your express permission.

FINANCE AND LEGAL

InFirst Federal Credit Union800-328-1500www.infirstfcu.org As a member of NARFE, you have the privilege of joining InFirst Federal Credit Union, which has been serving active and retired federal employees since 1935. The credit union offers ex-tensive services at competitive rates to members nationwide at 5,000+ shared branches, 55,000 surcharge-free ATMs and 24/7 phone access. Accounts are insured by NCUA up to $250,000.

INSURANCE

GEICO800-368-2734www.geico.com/fed/narfe GEICO offers a special discount oppor-tunity for NARFE members. To find out how much you could save, visit our web-site or call today and mention that you are a NARFE member. Have your current coverage information available in order to secure a comparable quote. Your com-pleted quote will help benefit NARFE! For complete terms and conditions, visit www.narfe.org/memberperks.

NARFE Insurance Services800-233-5764www.narfeinsurance.com Designed and administered by Mer-cer Consumer, exclusively for NARFE members: senior age whole life, term life, Medicare supplements, hospital in-come plan, short-term recovery insur-ance, pet insurance, accidental death and dismemberment, cancer care,

enhanced dental insurance and long-term care.

MOVING SERVICES

Bekins Van Lines800-248-4810 [email protected] All NARFE members will receive con-tracted pricing for all interstate ship-ments. This will apply to packing, transportation and full-value coverage against damages. Please mention you are a NARFE member.

Wheaton World Wide Moving800-248-7960 [email protected] At Wheaton, we know interstate relo-cating is much more than trucks and boxes. Moving is not simply an address change. It’s a life change. With a net-work of top-quality agents throughout the United States, Wheaton provides peace of mind with every relocation. We offer you, as a NARFE member, benefits to help you have a positive interstate relocation experience. Call today and mention you are a NARFE member to start the moving process.

NARFE MERCHANDISE

NARFE General Store855-99NARFE (855-996-2733)www.narfegeneralstore.comAs the official provider of NARFE mer-chandise, the NARFE General Store offers NARFE-approved name badges, business cards, clothing, accessories, cups and mugs, plaques and clocks, and much, much more. Check out our online catalog for our customizable product line.

Omaha Steaks800-228-9055www.omahasteaks.com/NARFESince 1917, Omaha Steaks has been de-livering customers the finest gourmet steaks, seafood, poultry, pork, sides and desserts. Omaha Steaks make memo-rable gifts for any holiday, or you can enjoy a gourmet meal right at home. NARFE members can enjoy FREE SHIPPING on select combos and an ad-ditional 10% DISCOUNT at checkout! If calling, use promo code YTZ.

Purchasing Power866-670-3479purchasingpower.com/NARFEWith Purchasing Power, thousands of brand-name products are within reach. As members of NARFE, you can buy to-day and pay over time through payroll or annuity allotment. Choose from the latest computers, appliances, vacation packages and more. Never worry about hidden fees, credit checks or interest. Pay over 6 or 12 months, and you’re done. Save 5% with code NARFEVIP.

Verizon FiOSwww.narfe.org/memberperksNARFE members can save up to $10 a month on a new qualifying Triple Play bundle with Verizon FiOS Internet, TV and home phone service – savings of up to $120 per year. The FiOS 100% fiber-optic network delivers award-winning broadband and entertainment to your home. Only FiOS Internet custom-ers get upload speeds as fast as their download speeds. With FiOS TV, 625+

NARFE appreciates your service, and so do businesses across the country. Whether you are planning your next vacation or planning for retirement, members can save money on everyday purchases, thanks to our Affinity Partners. It’s just one more way we’re able to say “thank you” for being a NARFE member.

50 | A P R 2 0 17

Mem

ber

Per

ks SAVE MONEY WITH NARFE PERKS

TELECOMMUNICATIONS

PRODUCTS

NEW

channels are available, including 185+ in HD, and over 130,000 On Demand titles, thousands free. This exclusive online-only savings is only available to new Verizon customers or those upgrading to the Triple Play Package.

Alamo800-462-5266www.alamo.com Drive Happy® with Alamo® where NARFE members receive year-round discounts. Call or visit our website to-day and reference Contract ID 262544.

Avis Car Rental 800-633-3469www.avis.comAvis Car Rental is one of the world’s best-known car rental brands with ap-proximately 5,500 locations in more than 165 countries. Avis has a long histo-ry of innovation in the car rental indus-try and is one of the world’s top brands for customer loyalty. Call or book your reservation now at Avis.com using the NARFE AWD number A701900.

Budget Car Rental 800-633-3469www.budget.comBudget Car rental was founded in 1958 for the “budget-minded” renter. Today, with approximately 3,500 locations around the world, Budget is a leading rental car supplier now offering dis-counts to members of NARFE. Call or book your reservation now at Budget.com using the NARFE BCD number D871500.

Choice Hotels International800-258-2847www.choicehotels.com With 6,200 hotels in the United States and throughout the world, Choice Ho-tels® offers something for everyone. As a NARFE member, receive 20% off your next stay at participating hotels when you use Special Rate ID 00801967. This offer is subject to availability and can-not be combined with any other offer. Advance reservations required through

phone number or website above; can-not be redeemed at individual hotels. Choice Hotels brands are: Comfort Inn, Comfort Suites, Sleep Inn, Ascend Collection, Cambria, MainStay Suites, Suburban, EconoLodge, Clarion, Qual-ity and Rodeway Inn.

National800-CAR-RENTwww.nationalcarrental.com You Drive A Hard Bargain. Receive up to 20% off rentals at National Car Rental. To make a reservation, call National Car Rental at 1-800-CAR-RENT® and reference Contract ID 5282909. For complete terms and conditions, visit www.narfe.org/ memberperks.

Wyndham Hotel Group877-670-7088 NARFE members receivTup to 20% off the “Best Available Rate” at par-ticipating locations. Call and give the agent your special discount ID number, 8000002694, at time of booking to receive discount. Call to reserve your room today at one of these fine hotels: Wyndham Hotels and Resorts®, Days Inn®, Ramada Worldwide®, Baymont Inns and Suites®, Hawthorn Suites® By Wynd-ham, Microtel Inns and Suites®, Howard Johnson®, Travelodge® and Knights Inn®. Advance reservations required through phone number above; cannot be re-deemed at individual hotels.

Wyndham Extra Holidays800-428-1932 www.extraholidays.comExcellent service and the finest comforts are standards you can always rely on with Wyndham Extra Holidays. With more spacious floor plans than a regular hotel, you can enjoy a One-, Two- or Three-Bed-room suite with separate living areas and partial or fully equipped kitchens. Please

use promo code 8000002694 when calling or booking online.

HearUSAwww.narfe.hearusa.com The Nation’s Most Trusted Name in Hearing Care. Choose from 250+ hear-ing aids from 11 manufacturers with $0 Co-Pay for Many Plans. Wireless. Blue-tooth. Smartphone Compatible. Nearly Invisible. Risk-Free 60-Day Trial. Free Follow-Up Care. Free 3-Year Warranty. Call 1-855-845-2706 to see if you qualify for 2 FREE hearing aids.

Life Line Screening800-324-9906www.lifelinescreening.com/NARFELife Line Screening, America’s lead-ing provider of community-based preventive health screenings, will con-duct health screenings using state-of-the-art ultrasound technology in your neighborhood. To schedule an appoint-ment, please call the number above and give the operator code number BKHN075 or visit the website.

Sunrise Senior Livingwww.SunriseSeniorLiving.com Sunrise Senior Living, a leading provider of high-quality, individualized, senior liv-ing services, offers NARFE members a special, discounted rate. Mention code: NARFE-discount during your visit and receive a one-time 5% off of suite/room rates at any of Sunrise’s U.S. communi-ties for one year. For a complete list of Sunrise locations, visit www.SunriseSe-niorLiving.com.* Void where prohibited by law. Discount not valid for skilled nursing admissions. Restrictions may apply. Discount not valid for respite/short-term stays of fewer than 90 days. May not be combined with other discounts or offers. Discount valid for a period of twelve (12) consecutive months only.

NARFE Member Perks are designed to provide NARFE members with a quality option in their search for commonly used products and services. NARFE makes no guarantee on any products and services listed and encourages its members to shop and compare before making a decision on any financial matter. Check out Member Perks in the NARFE website for more details!

TRAVEL

WELLNESS

W W W. N A R F E . O R G | 51

NEW

NEW

NEW

The

Wa

y W

e W

orke

d

FIRST AMERICAN SPACEWALKIn this June 3, 1965, photo taken during the Gemini 4 mission, astronaut Ed White became the first American to conduct a spacewalk, which was known by the National Aeronautics and Space Administration (NASA) as Extra Vehicular Activity. Today, NASA is using state-of-the-art technologies to develop the most advanced rocket and spacecraft ever designed to send astronauts as far into space as Mars. NASA was created in 1958 as a civilian agency to conduct non-military activities in space. The agency has conducted a multitude of manned and unmanned spaceflight programs.

PHOTO from the records of the National Aeronautics and Space Administration, National Archives; courtesy of National Archives History Office; in collaboration with the Society for History in the Federal Government (SHFG), bringing together government professionals, academics, consultants, students and citizens interested in understanding federal history work and the historical development of the federal government. To join, visit http://shfg.org.

52 | A P R 2 0 17

Before NASA was formed, the National Advisory Committee for Aeronautics (NACA) was

started by President Woodrow Wilson to direct the scientific

study of the problems of flight. The NACA determined which problems should be worked on experimentally and dis-

cussed their solutions and their application to practical ques-

tions. The NACA also directed and conducted research and experiments in aeronautics,

according to the NASA website at www.nasa.gov.

DID YOU KNOW?

“My friends all hate their cell phones… I love mine!”

Here’s why.Say good-bye to everything you hate about cell phones. Say hello to the Jitterbug Flip.

“Cell phones have gotten so small, I can barely dial mine.” Not the Jitterbug® Flip. It features a large keypad for easier dialing. It even has a larger display and a powerful, hearing aid-compatible speaker, so it’s easy to see and conversations are clear. “I had to get my son to program it.” Your Jitterbug Flip set-up process is simple. We’ll even program it with your favorite numbers. “What if I don’t remember a number?” Friendly, helpful Personal Operators are available 24 hours a day and will even greet you by name when you call. “I’d like a cell phone to use in an emergency.” Now you can turn your phone into a personal safety device when you select a Health & Safety Package. With 5Star® Service, in any uncertain or unsafe situation, simply press the 5Star button to speak immediately with a highly-trained Urgent Response Agent who will confirm your location, evaluate your situation and get you the help you need, 24/7.

“My cell phone company wants to lock me in a two-year contract!” Not with the Jitterbug Flip. There are no contracts to sign and no cancellation fees.

“Many phones have features that are rarely needed and hard to use!” The Jitterbug Flip contains easy-to-

use features that are meaningful to you. A built-in camera makes it easy and fun for you to capture and share your favorite memories. And a flashlight with a built-in magnifier helps you see in dimly lit areas, the Jitterbug Flip has all the features you need. Enough talk. Isn’t it time you found out more about the cell phone that’s changing all the rules? Call now, Jitterbug product experts are standing by.

We proudly accept the following credit cards:

Call toll-free to get your Jitterbug Flip Cell Phone Please mention promotional code 105431.

1-877-444-1003 www.JitterbugDirect.com

Order now and receive a

FREE Car Charger – a $25 value

for your Jitterbug Flip. Call now!

4766

6

IMPORTANT CONSUMER INFORMATION: Jitterbug is owned by GreatCall, Inc. Your invoices will come from GreatCall. Plans and Services require purchase of a Jitterbug phone and a one-time setup fee of $35. *Monthly fees do not include government taxes or assessment surcharges and are subject to change. Coverage is not available everywhere. 5Star or 9-1-1 calls can only be made when cellular service is available. 5Star Service will be able to track an approximate location when your device is turned on, but we cannot guarantee an exact location. 1We will refund the full price of the Jitterbug phone and the activation fee (or setup fee) if it is returned within 30 days of purchase in like-new condition. We will also refund your first monthly service charge if you have less than 30 minutes of usage. If you have more than 30 minutes of usage, a per minute charge of 35 cents will be deducted from your refund for each minute over 30 minutes. You will be charged a $10 restocking fee. The shipping charges are not refundable. There are no additional fees to call GreatCall’s U.S.-based customer service. However, for calls to a GreatCall Operator in which a service is completed, you will be charged 99 cents per call, and minutes will be deducted from your monthly rate plan balance equal to the length of the call and any call connected by the Operator. Jitterbug, GreatCall, and 5Star are registered trademarks of GreatCall, Inc. ©2017 GreatCall, Inc. ©2017 firstSTREET for Boomers and Beyond, Inc.

FREE Car Charger

5Star Enabled

12:45PMon Mar 27

Available in Red and Graphite.

Bigge

r

Butto

nsNo

Contracts

Nationwide Coverage

Monthly Plan

Operator Assistance

Long Distance Calls

Voice Dial

Friendly Return Policy1

$14.99/mo

24/7

No add’l charge

FREE

YES

30 days

200Monthly Minutes

$19.99/mo

600

24/7

No add’l charge

FREE

YES

30 days

* *

Health & Safety Packages available as low as $19.99/month*.More minute plans available. Ask your Jitterbug expert for details.

®

®

Light Blue

Regular Sizes: S(34-36) M(38-40) L(42-44)

XL(46-48)*Big Men (just $4 more each):

2XL(50-52) 3XL(54-56)4XL(58-60)

Red

When you pay by check, you authorize us to use information from your check to clear it electronically. Funds may be withdrawn from your account as soon as the same day we receive your payment, and you will not receive your check back from your financial institution.

100% Satisfaction Guaranteed or Full Refund of merchandise purchase price.

I enclose $________ purchase price, and only $5.99 shipping & handling for my entire order. Please add applicable state & local sales tax for the following states: AZ, CO, FL, GA, MA, MN, NE, NJ, PA, WI, & WV.

Imported

FREE SHIPPING!

Card # _________________________ Exp.: ____/____

Mr. Mrs. Ms. ______________________________________

Address _____________________________ Apt. # ______

City & State________________________ Zip ___________

Phone/Email ______________________________________

Check here for Protection Plus! (X46)Expedites replacement of items lost in transit. Add $2.99 to protect your entire order.

Visa MC Discover® AmEx Check Better Hurry! It’s a

THREE-FOR-ALL! Get a season’s supply for less than the cost

of ONE shirt elsewhere!

Yes, you get 3 shirts for 29.97. In stock & ready to ship. Hurry!

4 shirts for 39.475 shirts for 48.45

Ocean

GreenStripe

Peach Stripe

Haband® #1 Bargain Place, Jessup, PA 18434-1834

NEW!

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GoldNEW!

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White

For Faster Service Call: 1-800-543-4810 or visit www.Haband.com/bestdeals

Blue Stripe

Teal

• Button-through chest pocket with loop

for glasses!

• Knit of soft cotton & no-iron polyester!

• Deep 3-button placket for easy on/off!

• Rib knit collar

and cuffs!

FREESHIPPING!

• 100% Machine

Wash & Wear!

PURPLE21

GREEN STRIPESM

PEACH STRIPEC7

OCEANYFRED25

TEAL17

LIGHT BLUEØ8

GOLD29

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