|
Now that a government shutdown is underway, as many as 750,000 federal employees have the potential to be furloughed each day at a total daily cost of $400 million.
The White House Office of Management and Budget (OMB) has also warned that there could be reductions in force (RIFs) as a result of the government shutdown. Last week, they directed agencies to consider issuing RIF notices in the event of a shutdown. This would include all Federal Government departments, except:
- Social Security and Medicare
- Veterans benefits
- Military operations
- Law enforcement
- Immigration and Customs Enforcement (ICE)
- Customs and Border Protection (CBP)
- Air traffic control
On the positive side, legislation has been introduced to eliminate penalties normally associated with TSP loans to help federal government employees in a prolonged government shutdown.
If you are facing this situation, please reach out to us right away. We can help you navigate your retirement planning as it is affected by this shutdown.
| 
