Quiz 38: Changes to Federal Benefits for 2023

Make sure you’re up to date on the 2023 Pay Raise, COLA, and TSP Contributions.

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Created on January 03, 2023 By Benefits Ben

Weekly Quiz 38: Changes to Your Benefits

This should be an easy quiz. Test your knowledge on the 2023 COLA, Pay Raise, and TSP Contributions.

1 / 3

On average, including locality pay rates, what is the average pay raise for federal employees in 2023?

1.4%

4.1%

4.6%

6.4%

Made official on 12/28/22, the average federal pay raise for 2023 is 4.6%. Across the board, it is a 4.1% raise. Read More Here.

2 / 3

For CSRS annuitants and Social Security benefits, what was the Cost-of-Living Adjustment (COLA) for 2023?

7.7%

7.8%

8.7%

8.8%

The COLA for CSRS and Social Security in 2023 is 8.7%. FERS annuitants receive a 7.7% COLA. Read More Here.

3 / 3

The TSP “Catch-Up” Contribution limit was increased to how much in 2023?

$6500

$7500

$20,500

$22,500

The “Catch-Up” contribution limit for the TSP increased to $7500 in 2023. With the normal limit at $22,500, this means federal employees over age 50 can contribute up to $30,000 to their TSP account this year. Read More Here.

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The average score is 54%

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**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.

2023 Changes to Federal Benefits Quiz