Title: Theresa Carr
1Federal Benefits Orientation
Theresa Carr
2FERS Coverage
Three-tiered System
FERS-RAE Basic Benefit 3.1
Social Security 6.2-FICA 1.45-Part A
Thrift Savings Plan 3 automatic contribution
3FERS Minimum Retirement Age
57
56
55
Pre- 1948
1948.
1970
1965.
1953 - 1964
4Federal Employees Group Life Insurance
- Group term life insurance coverage
- Offers no cash value or loan programs
- Guaranteed coverage at first opportunity
- Limited open seasons
- Can continue coverage into retirement
5Federal Employees Group Life Insurance
Basic Insurance
2,000
Annual Base Pay
Extra
ADD
6Federal Employees Group Life Insurance
Option A, Standard
10,000
7Federal Employees Group Life Insurance
Option B, Additional
Annual Base Pay
1 to 5 Times Annual Pay
8Federal Employees Group Life Insurance
Option C, Family
2,500
5,000
Employees can elect up to 5 multiples
9Federal Employees Group Life Insurance
Optional Insurance
- Optional insurance must be elected within 60
calendar days of your appointment - Coverage is effective on the first day you enter
in a pay duty status on or after the day that
personnel receives the SF 2817
10Example
BIA 98,000 2,000 100,000
- Basic Pay - 97,500
- Age 34
Basic 100,000 Option A 10,000 Option B
(2x) 196,000
15.00 PP
.30 PP
5.88 PP
98,000 x 2
.03 x 196
Total premium 21.18 PP
Total insurance 306,000
11Order of Precedence
- Designated Beneficiary (SF 2823)
- Widow or Widower
- Child, or children in equal shares
- Parents in equal shares
- Executor or administrator
- Next of kin
Refer to www.opm.gov/insure for more information
on FEGLI
12Federal Employees Health Benefits
- FEHB offers a variety of group health plans (self
only self family coverage) - There are no waiting periods for coverage
- You can change plans and options during annual
Federal Benefits Open Seasons - FEHB offers premium conversion
13Federal Employees Health Benefits
- New employees and newly eligible employees can
enroll within 60 days by completing the SF 2809,
Health Benefits Election Form - Coverage is effective on the first day of the
pay period after personnel receives your
enrollment form. - You can also enroll and change your enrollment
during the annual open season, or if you have a
Qualifying Life Event (marriage, birth of a child)
14The Federal Employees Dental Vision Program
- FEDVIP provides supplemental dental and vision
coverage for federal employees, retirees their
qualifying family members - FEDVIP is separate coverage from FEHB
- You pay the full share of the premium. There is
no government contribution.
15The Federal Employees Dental Vision Program
- New employees or newly eligible employees can
enroll within 60 days of first becoming eligible - You can enroll and change your enrollment during
the Federal Benefits Open Season - Generally, you can only cancel FEDVIP coverage
during a Benefits Open Season
16The Federal Employees Dental Vision Program
- To Enroll in FEDVIP
- Visit www.BENEFEDS.com or call
1-877-888-FEDS (1-877-888-3337) - Visit www.opm.gov/insure for more information
about plans premiums
17Flexible Spending Accounts
- FSAs allow you to pay with pre-tax dollars for
certain health and dependent care expenses - Employees who are eligible for FEHB coverage may
elect a health care FSA - All employees may elect a dependent care FSA
- Newly eligible employees have 60 days to enroll.
You must re-enroll each year during the Open
Season.
To enroll, visit www.FSAFEDS.com
18The Federal Long Term Care Insurance Program
- FLTCIP provides long term care insurance for
federal employees, retirees their qualifying
family members - This provides money to you if you become unable
to work (due to disability) or based on age (for
nursing home care, etc.) - Refer to Fast Facts in your benefits folder for
more information on FLTCIP - FLTCIP is portable if you leave Federal service
19The Federal Long Term Care Insurance Program
- New hires and newly eligible employees have a
special 60 day period to apply with abbreviated
underwriting - You can apply online at www.LTCFEDS.com
- After 60 days, you can still apply for coverage,
but you will be required to complete the full
underwriting application - Premiums are based on your age when you enroll
20Thrift Savings Plan
Retirement savings investment plan for federal
employees
Employees can contribute up to 17,500 in 2013
Catch-up contributions in 2013 are 5,500
21Thrift Savings Plan
- Employees who are newly appointed or rehired are
subject to automatic enrollment equal to 3 of
their base pay. - Contributions will be invested in the G Fund
(until you make a contributions allocation)
- FERS employees are immediately eligible for the
1 automatic contribution. - FERS employees are immediately eligible for
agency matching funds (3).
22Thrift Savings Plan
- TSP automatic contributions can be terminated at
any time. - Employees can elect to increase their
contributions at any time by completing the TSP-1
or using EPP. The election is effective the
first day of the pay period after the TSP-1 is
received. - Refer to Summary of the TSP in your benefits
folder for more information.
23Thrift Savings Plan
Transfers with no break in service, or break is
less than 30 days
Agency Automatic Contributions
- FERS employees become vested in the agency
automatic (1) contributions earnings after
completing 3 years of civilian service
- Your TSP participation continues without
interruption (no automatic enrollment)
24TSP Order of Precedence
- Designated Beneficiary (TSP-3)
- Widow or Widower
- Child, or children in equal shares
- Parents in equal shares
- Executor or administrator
- Next of kin
Send TSP-3 forms to the TSP Service Center
25Types of Federal Service
- Prior Federal service can impact the following
- SCDs (leave, retirement, TSP vesting)
- Annual leave accrual rate
- The length of a break in service can determine
whether you are eligible to enroll in certain
benefit programs. - Please specify if you have had a break in service!
26Annual Leave Accrual
- New employees are entitled to earn annual leave.
How much leave you can accrue depends on your
leave category
4 hours PP
Less than 3 years of service
More than 3, but less than 15 years of service
6 hours PP
8 hours PP
15 or more years of service
27Sick Leave Accrual
- Full-time permanent employees (and temporary
employees) are entitled to earn 4 hours of sick
leave each pay period.
- There is no limit on the amount of sick leave
that you can accrue while working.
To request leave, complete the SF 71 (Request for
Leave or Approved Absence)
28For More Information
To submit insurance forms
Contact your HR Specialist
For TSP information, retirement benefits
questions
Contact Theresa Carr (202) 353-8188
29That's all, folks! Thanks for listening Good
Luck!