Not affiliated with The United States Office of Personnel Management or any government agency

Not affiliated with The United States Office of Personnel Management or any government agency

NEWSLETTER WEEKLY-COULD WE BE HEARING WEDDING BELLS

WEDDING BELLSI had the wonderful experience of meeting some financial advisers out in Arizona last week.  The heat was on, but the warmth and engagement in a room of the most magnificent men were beyond explanation.  I conducted a training aimed at introducing  Financial Advisors to the federal retirement systems.  I have long believed that there needs to be a marriage between financial advisors and federal employees.

The federal retirement systems can be rather complicated with its many and varied provisions and who falls into which retirement system.  Many changes have taken place since the advent of the Civil Service Retirement System (CSRS) created in 1920.  Things, I suppose, seemed so much simpler then.  Everybody had the same thing – a defined benefits plan – and that was it.  There was no thrift savings plan (TSP) and all the special categories and classification of workers did not exist.  The Federal Employees Retirement System would not enter on the scene until an enactment by Congress in 1986 with full implementation in 1987.

Just think about it CSRS was the bell of the ball for 66 long years.  CSRS ruled the roost with not another competitor in sight.  There is no denying that CSRS offered great retirement benefits to its recipients.  However, implementation of the system was becoming much too expensive as the federal workforce expanded.

Federal employees need financial planners as much as financial planners and advisors need to speak the language of the federal workforce so that they are in a position to guide federal wealth management.  The group of advisors I had the pleasure of working with understood most emphatically the need to get to the federal workforce.  They were so enthusiastic with so many wonderful, thought-provoking, relevant questions, I could literally hear wedding bells ringing.  How refreshing it was to have a group of financial advisors ready to gain the knowledge necessary to service the largest population of workers in the world.

Federal employees need good, well meaning financial advisors who speak their language and understand the importance of leveraging their resources.  The earlier you start most things, the better.  The phrase certain appropriate for  federal workers.  Having a fairly decent benefits package is not enough.  Knowing how benefits work now and in retirement is the best, most valuable wedding gift any financial advisor could give to a federal employee.

The federal workforce is not going away and their needs are not going away.  The old Civil Service Retirement System marked its 94th birthday this August, but it will not see another 94 years I don’t think.  The old system will dissipate as part of the active workforce in years to come.  However, as people are living longer and longer, the old system will still be around for retirees who retired under the Civil Service Retirement System.

Financial Advisors and Planners have a lot of work ahead of them and what some might describe as a high calling.  Helping the federal workforce retire well, living in comfort and security where they get to live out their years on their own terms – is a calling of the highest degree.  Advising federal employees about their business and financial needs is not only a strategy to keeping them financially healthy, but one that adds to the financial health of the nation.

P. S.  Always Remember to Share What You Know.

Dianna Tafazoli

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