Theresa Carr

Theresa CarrTheresa Carr

FERS CoverageFERS Coverage

FERS-RAE Basic Benefit 3.1%

Social Security

6.2%-FICA1.45%-Part A

Three-tiered System

New Employee Federal Benefits 2013

Thrift Savings Plan

3% automatic contribution

Pre- 1948

1953 - 1964

1970 +

55

56

57

1948…. 1965….

FERS Minimum FERS Minimum Retirement AgeRetirement Age


Federal 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


Federal Employees Federal Employees Group Life InsuranceGroup Life Insurance

Basic Insurance

Annual Base Pay

$2,000

AD&DExtra


Option A, Standard

$10,000



Option B, Additional

Annual Base Pay

1 to 5 Times Annual Pay



Option C, Family

$5,000 $2,500

Employees can elect up to 5 multiples



Federal 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


ExampleBasic Pay - $97,500

Age 34BIA $98,000 +

2,000 = $100,000

Basic:$100,000

Option A:$10,000

Option B (2x):$196,000Total insurance

= $306,000

= $15.00 PP

= $.30 PP

= $5.88 PP

Total premium= $21.18 PP

$98,000 x 2 $.03 x 196


Order of PrecedenceOrder 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


Federal 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


Federal 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)


The 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.



• 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



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


http://www.benefeds.com/

Flexible Spending Accounts• FSA’s 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

The 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


The 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


Thrift Savings Plan

Retirement savings & investment plan for federal

employeesEmployees can

contribute up to $17,500 in 2013

Catch-up contributions in 2013 are $5,500


Thrift 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%).

Thrift 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.


Thrift Savings Plan

•FERS employees become “vested” in the agency automatic (1%) contributions & earnings after completing 3 years of civilian service

Agency Automatic

Contributions

•Your TSP participation continues without interruption (no automatic enrollment)

Transfers with no break in service, or

break is less than 30 days


TSP Order of PrecedenceTSP 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 kinSend TSP-3 forms to

the TSP Service Center


Types of Federal ServicePrior Federal service can impact the following:Prior Federal service can impact the following:

• SCD’s (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!


New employees are entitled to earn annual leave. How much leave you can accrue

depends on your leave category

Annual Leave Annual Leave AccrualAccrual

Less than 3 years of service

4 hours PP

More than 3, but less than 15 years of service

6 hours PP

15 or more years of service

8 hours PP


Full-time permanent employees (and temporary employees) are entitled to earn

4 hours of sick leave each pay period.

Sick Leave AccrualSick Leave Accrual

• 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)


For More Information

To submit insurance forms:

Contact your HR Specialist

For TSP information, retirement & benefits questions:

Contact Theresa Carr (202) 353-8188



Documents

Theresa Carr