Theresa Carr

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Federal Benefits Orientation
Theresa Carr
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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
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FERS Minimum Retirement Age
57
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55
Pre- 1948
1948.
1970
1965.
1953 - 1964
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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

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Federal Employees Group Life Insurance
Basic Insurance
2,000
Annual Base Pay
Extra
ADD
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Federal Employees Group Life Insurance
Option A, Standard
10,000
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Federal Employees Group Life Insurance
Option B, Additional
Annual Base Pay
1 to 5 Times Annual Pay
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Federal Employees Group Life Insurance
Option C, Family
2,500
5,000
Employees can elect up to 5 multiples
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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

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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
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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
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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

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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)

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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.

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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

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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

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Flexible 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
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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

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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

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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
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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).

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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.

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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)

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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
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Types 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!

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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
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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)
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For More Information
To submit insurance forms
Contact your HR Specialist
For TSP information, retirement benefits
questions
Contact Theresa Carr [phone]
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That's all, folks! Thanks for listening Good
Luck!