- For feds who use privately owned vehicles, some reimbursement rates rose while others dipped depending on the vehicle
- A look at the Lodging plus M&IE rates that were set for the fiscal year 2024 back in August
- Other rates that are important to federal employees and retirees in 2024
The General Services Administration (GSA) recently announced the 2024 gas reimbursement rates for federal workers who use their privately owned vehicle for federal business (commuting doesn’t count). Depending on what type of vehicle is being used, and whether or not a government option was available, the gas rates either went slightly up from last year or saw a small dip.
Need more information about federal benefits and retirement planning? Check out our no-cost webinar series:
For feds who use an airplane, the rates increased from $1.74/mile in 2023 to $1.76/mile for this year. If using a privately owned care or van when there was an available vehicle owned by the federal government, then the reimbursement rates will be less than last year – going from $0.22/mile to $0.21/mile in 2024. If there is not a government option, then the rate is increasing, going from $0.65½ to $0.67/mile. For motorcycles, the rate is similarly increasing from $0.63½ per mile in 2023 to $0.65 in 2024.
While the gas rates are set for a given calendar year, the rates for the reimbursement of meals, lodging, and incidental expenses are set in the summer and are effective for the fiscal year (October 2023 to September 2024). Here is a chart that shows all of the GSA reimbursement rates:
| 2023 | 2024 | |
| Car/Van (no government vehicle was available) | 65.5 cents per mile | $0.67/mile |
| Car/Van (government vehicle was available) | 22 cents per mile | $0.21/mile |
| Motorcycle | 63.5 cents per mile | $0.65/mile |
| Airplane | $1.74/mile | $1.76/mile |
| Lodging | $98 dollars per day | $107/day |
| Meals and Incidental Purchase | $59 dollars per day | $59/day |
Other 2024 Changes to Benefits
For all federal employees, it’s surely no secret now that the 2024 salary increase will be 4.7% “across-the-board,” leaving an average of 5.2% with locality pay factored in.
If you’re retired and/or collecting social security, then the 2024 COLA will be more impactful for you. FERS annuitants can expect an adjustment of 2.2% while CSRS and social security income will increase 3.2%.
TSP contribution limits are also increasing in 2024, going up $500 to $23,000 for the annual maximum. Catch-up contribution limits for the TSP are remaining at the 2023 cap of $7500 extra per year for folks who are at least age 50.
On a less positive note, FEHB premiums increased an average of 7.7% in 2024, with FEDVIP premiums also going up a small amount (1.1% for vision plans and 1.4% for dental). And if you decided to keep your FLTCIP 1.0 or 2.0 policy without a decrease in coverage, then those higher FLTCIP premiums are now in effect.
For help with retirement planning, coordinating your benefits, or financial advice – schedule a meeting with one our fed-focused advisors: https://stwserve.com/meet-with-us
--
Until Next Time,
You Might Also Enjoy this Podcast:
**Written by Benjamin Derge, Financial Planner, ChFEBC℠ The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.
