News 6 Mashup: June 15, 2020
Here are the top stories for the week of June 15, 2020, straight from AWN News 6 Correspondent, Jolene McNutt:
FMWR Programs Face Financial Concerns from COVID-19 Pandemic
Military Times reported that Family Morale, Welfare, and Recreation programs have had a significant financial impact due to the COVID-19 pandemic. Revenue losses have contributed to an inability to meet “mandatory expenses such as salaries and utilities.” The article also stated more than “55,000 employees in the services’ MWR programs are facing immediate risk of furlough resulting from COVID-19 closures of Family Morale, Welfare and Recreation facilities.” The DoD has earmarked $308 million from a larger $10.5 billion Congress-approved fund for the DoD to use in response to COVID-19. It is estimated that the $308 million dollars will fund FMWR-essential expenses for two months. Those employees who could be impacted include “many of the child development centers, food operations, fitness centers, golf courses, outdoor recreation, libraries, youth centers, bowling alleys, lodging facilities,” and more. These employees are paid through non-appropriated funds, which is money that is not from taxpayers but rather money that comes from fees, sales, and other revenue.
Travel Ban Lifted in 39 States
The Pentagon is working to lift the travel ban instated earlier this year due to COVID-19. MilitaryTimes.com shared an updated list of locations that meet Department of Defense conditions to lift travel restrictions. As of June 11, 2020, there were 39 states and five host nations that were on the list. The story shared, “The criteria used to determine whether a location is approved for travel included whether local shelter-in-place orders have been lifted, whether there has been a 14-day downward trend of either flu-like or COVID-like symptom reports, and whether there has been a similar two-week downward trend in confirmed diagnoses of COVID-19.” The DoD anticipates releasing a weekly update.
New Funds Options Coming to Thrift Savings Plan
Six new funds will be coming to the Thrift Savings Plan on July 1, 2020, reported Military.com. “TSP participants can choose to invest their money in five main funds” which range from low risk to high risk. The new L Funds will help weigh risk against date of birth, with those closer to retirement encouraged to invest in lower-risk funds. Military.com spells out more details, and you can update your TSP with the new funds beginning July 1, 2020.
In related news, Federal News Network reported that TSP funds dropped in May following a spike in April. However, both months remained in the black, and most funds were higher than where they were a year ago. Federal News Network stated, “May appeared to reflect a calming among investors.” Read details of each individual TSP fund at Federal News Network.
This Week in History
June 15, 1864: The United States Congress passed legislation equalizing pay for Black soldiers. This was in response to Private Sylvester Ray of the 2nd US Colored Calvary who refused to accept pay inferior to that of white soldiers. Archives.gov said, that in early June 1864, Private Ray said, “None of us will sign again for seven dollars a month.” Congress passed the legislation June 15, 1864.
