December 12, 2024
Fostering Innovation through Symbiotic Partnerships with Small Businesses
Dusty Lang, Director of the DHS SBIR Program, provides an in-depth explanation of the program's purpose and its critical role in establishing partnerships between small businesses and the federal government. The SBIR program, utilized across 11 federal agencies, is tailored by each agency to meet its specific mission needs. For DHS, the program is seen as a way to create a mutually beneficial relationship with small businesses, offering non-diluted funding and allowing businesses to retain intellectual property rights. In exchange, DHS gains access to innovative technologies that help fulfill its mission objectives. Dusty highlights the importance of outreach efforts like symposia and webinars, such as the recent "Deconstructing SBIR" series, which aim to educate businesses about navigating the complexities of government processes. These events help address the knowledge gap that often prevents innovative businesses from successfully partnering with DHS. Dusty shares a compelling success story of a small company that, through SBIR, developed technology to combat phone scams, showcasing the program's ability to bring fresh ideas to fruition. She also discusses how the program adapts to DHS’s mission needs, balancing limited resources with the goal of fostering collaboration and innovation. By keeping pathways open for both new participants and returning partners, DHS ensures it continues to attract cutting-edge solutions to meet its ever-evolving challenges.
Key Takeaways:
- The SBIR program creates a mutually beneficial relationship where small businesses receive funding and retain intellectual property rights, while DHS gains innovative technologies to address mission needs.
- Through efforts like webinars and symposia, DHS focuses on educating small businesses about the program and federal processes, addressing barriers that may prevent them from participating effectively.
- Outreach programs have led to notable successes, such as a company innovating against phone scams. The program's adaptability ensures it remains relevant to DHS’s mission and open to both new and returning participants.
Maximizing Savings and Transitioning Leadership at the TSP
Kim Weaver, Director of External Affairs, Federal Retirement Thrift Investment Board, elaborates on the new contribution limits for the Thrift Savings Plan (TSP) in 2025, which offer participants opportunities to save more than ever before. While the general annual deferral limit remains at $23,500, participants aged 60 to 63 can now contribute up to $11,250 as a catch-up contribution, bringing their total potential contributions to $34,750—a unique provision under the SECURE 2.0 legislation. She explains how participants can update their payroll systems to reflect these changes, highlighting the convenience of unified contribution setups that automatically handle catch-up contributions. Kim also discusses the recent transition of the I Fund to a new index, which tracks a broader range of international markets while excluding China and Hong Kong. Playfully nicknamed "X Cubed," the change aims to modernize the fund’s performance tracking. Additionally, she previews the introduction of a Roth in-plan conversion feature in 2026, which will allow participants to convert traditional contributions to Roth accounts, although they must use external funds to cover the associated tax liability. Reflecting on her 13-year tenure, Kim expresses gratitude for the opportunity to help federal employees secure their financial futures. Francis Rose commends her leadership and communication skills, emphasizing her pivotal role in keeping TSP participants informed. As Kim prepares to retire at the end of the month, she introduces her successor, Jim Kaplan, who will take over in January 2024. Her commitment to the TSP’s mission and her lasting impact on federal employees are celebrated, marking the conclusion of a distinguished career in public service.
Key Takeaways:
- Participants aged 60 to 63 can contribute up to $34,750 annually, thanks to a unique provision in the SECURE 2.0 legislation, offering greater opportunities for retirement savings.
- The I Fund’s transition to the "X Cubed" index reflects efforts to modernize and expand investment opportunities, tracking broader international markets while excluding specific regions like China.
- Starting in 2026, participants will have the option to convert traditional contributions to Roth accounts, though they must prepare for tax implications with external funds.