Byline: Stephen Barr

The Post's Stephen Barr is the author of The Federal Diary , which runs Monday through Friday in the Business news section. Steve has been a reporter and editor at The Post since 1979, including stints as Federal Page editor, congressional editor and a National staff writer covering federal management and workplace issues. He began writing the column in May 2000, and takes the column live to answer your questions Wednesdays at noon ET .

The transcript follows.

____________________

Stephen Barr: Thanks to all joining in this discussion today. I'm looking forward to learning what's important to you and getting your feedback. So, on to the questions and comments.

_______________________

Tarboro, N.C.: Hi Stephen. Thanks and I would appreciate you taking several questions from me. Since leaving the DC metro area, it sometimes takes the local media awhile to print news affecting Federal retirees. 1. What's the latest on the 2007 COLA increases. I read sometime ago that retirees could bank on at least a 2.9 pct, but, as we all know, that can change; 2. Any news on the FEHBP raising rates again or holding the line in 2007. Thanks and cheers from NC.

Stephen Barr: Hi, Tarboro. Good to hear from you. Alas, I don't have much in the way of retiree news. The COLA count won't be updated until next week, so we're still holding with a 2.9 percent estimate. OPM and the insurance companies are negotiating new premium rates and hope to finish in August, then make an announcement in mid-to-late September. If the past is a guide, your premiums will rise.

_______________________

Alexandria, Va.: Part-time is defined as 16-32 hours during a week, but does that mean that 33 hours is full-time? I am curious if I would take a day off a week and work a total of 33 hours the other four days, would I still get full-time benefits and just get a slightly smaller paycheck? I can't find this spelled out anywhere. Thanks for any information.

Stephen Barr: I'm no expert here, but most agencies have the flexibility to schedule a person for more than 32 hours and keep them in part-time or temporary status. If you are in an office covered by a union contract, you might check the contract provisions that address scheduling and core work hours.

The statutory definition is at 5 CFR Part 340.

If we've got any HR experts reading this transcript, please jump into the fray here!

_______________________

Washington, D.C.: Hi Stephen,

Do you have any idea when the IRS will be letting us know the amount we can contribute to the TSP during 2007, to include any make up contribution? I'm guessing it will be upwards of 20K, which makes advance notice and planning very desirable. Thanks.

Stephen Barr: If my memory is correct, we'll get the IRS ruling in October. This year, you can contribute $15,000 to the TSP and an additional $5,000 if you are 50 or older. That's a statutory limit enacted several years ago; going forward, contribution rates are going to be linked to inflation.

_______________________

Redlands, Calif.: Thank you for the headsup on the OPM retirement aid (11 July 2006). I am one of those planning to flee, I mean retire in 2011 (at 62). I will be interested in seeing what OPM asks in their survey. I joined TSP in 1986 (Thank goodness). I hope to be in relatively good shape for retirement, although I plan to work part time for a few years to delay tapping that TSP fund. No one has said that we need to save more funds on the side. What is the thinking on other savings?

Stephen Barr: Thanks for the kind words, Redlands. I think your best bet is to go the TSP Web site and use the calculator and related materials. Then, check those results against Ballpark estimator that is popular with many planning retirement. It can be found at http://www.choosetosave.org/ballpark/

_______________________

Washington, D.C.: RE: about working between 32-40 hours. I work a 35 hour schedule, b/c that is as much part time as my bosses would allow, and do the other 5 hours Leave without pay. Most pay periods, I get the full leave accrual, but then, when I hit I think 180 hours of LWOP, then I don't get any sick or annual leave for that one pay period. It all works out so that I end up getting proportional sick and annual leave, based on my 35 hour schedule. Hope that helps.

Stephen Barr: Great example. Thanks!

_______________________

Springfield, Va.: Is it better to retire on December 31 or January 1?

Thanks.

Stephen Barr: Depends.

CSRS retirements start on the 1st through the 4th days of the month. FERS retirements start the 1st of the month after the retirement.

When you retire affects the timing of your first retirement check, so a FERS person would want to retire on Dec. 31 in order to get a February check. A CSRS person could wait until Jan. 3, and get a check in February.

For CSRS retirees, waiting until January gives a little extra pay, because you pick up the holiday.

You should talk to your personnel office about how a retirement date affects the timing of your first pension payment, as well as what will happen with any accumulated annual leave.