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Theresa Carr

Federal Benefits Orientation. Theresa Carr. FERS 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. FERS Minimum Retirement Age. 57. 56. 55. Pre- 1948. 1948 …. 1965…. 1970 +.

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Theresa Carr

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  1. Federal Benefits Orientation Theresa Carr

  2. FERS 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 New Employee Federal Benefits 2013

  3. FERS Minimum Retirement Age 57 56 55 Pre- 1948 1948…. 1965…. 1970 + 1953 - 1964 New Employee Federal Benefits 2013

  4. 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 New Employee Federal Benefits 2013

  5. Federal Employees Group Life Insurance Basic Insurance $2,000 Annual Base Pay Extra AD&D New Employee Federal Benefits 2013

  6. Federal Employees Group Life Insurance Option A, Standard $10,000 New Employee Federal Benefits 2013

  7. Federal Employees Group Life Insurance Option B, Additional Annual Base Pay 1 to 5 Times Annual Pay New Employee Federal Benefits 2013

  8. Federal Employees Group Life Insurance Option C, Family $2,500 $5,000 Employees can elect up to 5 multiples New Employee Federal Benefits 2013

  9. 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 New Employee Federal Benefits 2013

  10. Example 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 New Employee Federal Benefits 2013

  11. Order 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 New Employee Federal Benefits 2013

  12. 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 New Employee Federal Benefits 2013

  13. 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) New Employee Federal Benefits 2013

  14. 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 Employee Federal Benefits 2013

  15. The 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 New Employee Federal Benefits 2013

  16. The 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 New Employee Federal Benefits 2013

  17. 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 New Employee Federal Benefits 2013

  18. 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 New Employee Federal Benefits 2013

  19. 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 New Employee Federal Benefits 2013

  20. Thrift 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 New Employee Federal Benefits 2013

  21. 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%). New Employee Federal Benefits 2013

  22. 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. New Employee Federal Benefits 2013

  23. Thrift 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) New Employee Federal Benefits 2013

  24. TSP 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 New Employee Federal Benefits 2013

  25. Types of Federal Service 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 Employee Federal Benefits 2013

  26. Annual 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 New Employee Federal Benefits 2013

  27. Sick 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) New Employee Federal Benefits 2013

  28. For More Information To submit insurance forms: Contact your HR Specialist For TSP information, retirement & benefits questions: Contact Theresa Carr (202) 353-8188 New Employee Federal Benefits 2013

  29. That's all, folks! Thanks for listening & Good Luck! New Employee Federal Benefits 2013

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