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Employee Benefits Overview

Employee Benefits Overview. LaJuan Darby, Branch Chief, Benefits and Work/Life. Federal Employees Health Benefits. The FEHB Program offers a wide variety of plans and coverage to help to meet your health care needs The coverage is available to employees, and their dependents

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Employee Benefits Overview

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  1. Employee Benefits Overview LaJuan Darby, Branch Chief, Benefits and Work/Life

  2. Federal Employees Health Benefits The FEHB Program offers a wide variety of plans and coverage to help to meet your health care needs The coverage is available to employees, and their dependents If you are currently enrolled in a Federal Health Benefits program and you do not want to change plans or enrollment type, your enrollment will continue automatically Health benefits continues each year, you do not need to re-enroll each year

  3. Health Plan Enrollment If you are a new employee, you have 60 days to enroll in a health benefits plan Your health insurance is effective the first pay period after you turn in you health benefits form (SF-2809) Once you have completed your form you can send it to the FSA Human Resources Office

  4. Federal Employees Dental and Vision Insurance Program (FEDVIP) The Federal Employees Dental and Vision Insurance Program provides comprehensive dental and vision insurance at competitive group rates If you are currently enrolled in FEDVIP and do not want to change plans or enrollment type, your enrollment will continue automatically

  5. FEDVIP FACTS FEDVIP is a part of the annual Federal Benefits Open Season FEDVIP is always secondary to your health benefits plan Employees are responsible for the entire premium There is no government contribution to the premium You can use your Flexible Spending Account (FSA) with FEDVIP including co-payments and deductibles expenses

  6. Enrollment for FEDVIP Self Only, which covers the enrolled employee only Self Plus One, which covers the enrolled employee plus one eligible family member Self and Family, which covers the enrolled employee, and all eligible family members If you are a new employee, you have 60 days to enroll in FEDVIP You may enroll in a FEDVIP plan at www.BENEFEDS.com or by calling 1-877-888-3337

  7. Flexible Spending Account FSAFEDS The Flexible Spending Account Program is a tax-favored benefit that allows you to set aside pre-tax money from your paychecks to pay for a variety of eligible dependent and health care expenses

  8. Flexible Spending Account FSAFEDS FSAFEDS is part of the annual Federal Benefits Open Enrollment Employees MUST re-enroll each year-coverage does not automatically carry over to the next benefit period Enrollees can use FSAFEDS accounts for co-payments and deductibles from their health benefits or dental and vision enrollments You may enroll in FSAFEDS at www.FSAFEDS.com or by calling 1-877-372-3337

  9. Federal Employees’ Group Life Insurance Program (FEGLI) FEGLI offers group term life insurance to federal employees FEGLI is not part of the annual Federal Benefits Open Season Employees in eligible positions are automatically covered under Basic life insurance, unless they choose to waive that coverage Employees must have Basic insurance in order to have or elect Optional insurance

  10. Types of FEGLI Coverage Basic insurance—your annual salary rounded up to the next even $1,000, plus $2,000 Option A- Standard--$10,000 of insurance Option B- Additional– 1,2,3,4 or 5 times your annual rate of basic pay after rounding it up to the next even $1,000 Option C- Family– coverage for your spouse and all your eligible dependent children. You can elect 1,2,3,4 or 5 multiples. Each multiple is equal to $5,000 for your spouse and $2,500 for each eligible child

  11. FEGLI Enrollment The FEGLI Program does NOT participate in the annual Federal Benefits Open Season however, FEGLI is hosting an Open Season from September 1-30, 2016 All Open Season FEGLI elections and changes will become effective October 1, 2017 New employees are automatically enrolled in Basic. You have 31 days to increase your FEGLI coverage to include options A, B, or C by completing SF-2817 If you do not want Basic coverage, you must file a waiver (SF-2817) with the FSA Human Resources Office

  12. Federal Long Term Care Insurance Program • The Federal Long Term Care Insurance Program provides long term care insurance for its enrollees, who are Federal and U.S. Postal Service employees and annuitants, active and retired members of the uniformed services, and their qualified relatives • Long term care insurance is a smart way to protect your income and assets and remain financially independent should you need long term care services at home, in a nursing home, or at another long term care facility • To apply for Long Term Care insurance, please go to www.ltcfeds.com or contact them by telephone at 1-800-582-3337

  13. Thrift Savings Plan (TSP) TSP is a retirement benefit that is offered to employees of the Federal Government It is similar to “401”(k) plans available to many private sector employees TSP is one part of a three-part retirement package that also includes your FERS basic annuity and Social Security

  14. Thrift Savings Plan There are three sources of TSP contributions: • Employee Contributions • Agency Automatic (1%) Contributions • Matching Contributions

  15. TSP Contributions • There are two types of TSP Plans, Traditional TSP and Roth TSP • Traditional TSP is tax deferred, so less money is taken out of your paycheck • Roth TSP taxes are paid up front, so more money comes out of your paycheck • Any agency contributions you receive will always be a part of your traditional (non-Roth) balance • You can begin to make contributions at anytime in the amount you choose • If you are a FERS employee, ED will contribute the amount equal to one percent of the basic pay you earn each pay period. These contributions are called Agency Automatic (1%) Contributions • Agency Automatic (1%) Contributions are not taken out of your pay

  16. Vesting • Agency Automatic (1%) contributions are subject to “vesting” • You become “vested” in (that is, entitled to keep) these contributions and any earnings they accrue only after you have completed 3 years of service for FERS employees and 2 years of service for FERS employees in Congressional and certain non-career positions • If you leave Government service before satisfying the vesting requirement, the Agency Automatic (1%) Contributions and all their earnings will be forfeited to the TSP

  17. TSP Matching Contributions • FERS employees receive Matching Contributions from their agencies on their regular employee contributions • FERS employees receive Matching Contributions on the first five percent of pay they contribute each pay period • The first three percent will be matched dollar-for dollar; the next two percent will be matched at 50 cents on the dollar • Contributions over 5 percent will not be matched • The Elective Deferral Limit for 2016 is $18, 500

  18. Retirement • Retirement benefits are among the most important benefits of Federal employment • Most Federal employees will be in one of four following retirement systems: • Civil Service Retirement Systems (CSRS) • Federal Employee Retirement System (FERS) • Federal Employees Retirement System Revised Annuity Employee (FERS-RAE) • Federal Employee Retirement System- Further Revised Annuity Employee (FERS-FRAE) • HR Specialist in the Benefits and WorkLife Branch are responsible for the successful management and processing of retirements for ED employees including: • Providing retirement estimates calculations • Determining service credit • Retirement application completion • Retirement counseling services

  19. FERS-RAE/FERS-FRAE • Employees hired on or after January 1, 2013, with no previous Federal service, or who had less than five years of creditable career service, are covered under a retirement plan known as FERS-Revised Annuity Employee (RAE). FERS-RAE employees are required to pay 3.1% of their basic pay towards their retirement contributions • Employees hired on or after January 1, 2014, with no previous Federal service, or who had less than five years of creditable career service, are covered under a retirement plan known as FERS-Further Revised Annuity Employee (FRAE). FERS-FRAE employees are required to pay 4.4% of their basic pay towards their retirement contributions

  20. Retirement Eligibility Must have 5 years of creditable civilian service (except disability) Types of Retirement Age Years of Service MRA= Minimum Retirement Age

  21. FERS Retirement Minimum Retirement Age Chart

  22. CSRS Retirement CSRS Annuity Formula

  23. CSRS Deposit/Redeposit • A deposit is the payment of the retirement deductions, plus interest, that would have been withheld from your pay if you had been covered by the Civil Service Retirement System (CSRS) during a period of employment when retirement deductions were not withheld from your salary. You are not required to make this type of payment • A redeposit is the repayment of retirement deductions that were previously withheld and refunded to you, plus interest. You are not required to make this type of payment

  24. FERS Retirement • FERS is a three-tier retirement plan. The three tiers are: • Social Security Benefits • Basic Benefit Plan • Thrift Savings Plan

  25. FERS Retirement You pay full Social Security taxes and a small contribution to the Basic Benefit Plan The best way to assure that your retirement income meets your needs is to start investing in the Thrift Saving Plan at the beginning of your Federal Service, and to continue to do so throughout your career

  26. FERS Retirement FERS Basic Annuity Formula

  27. FERS Deposit/Redeposit Deposit for Service Ending before January 1, 1989 and Covered by FERS • You can make a deposit for creditable FERS service you performed before 1989 during which retirement deductions were not withheld from your pay • If you do not pay a deposit for this type of service, you will not receive credit in determining your eligibility to retire or in computing your retirement benefit Deposit for Service Ending after January 1, 1989 and Covered by FERS • FERS employees cannot make a deposit for non-contributory service performed after January 1, 1989 Redepositfor Service on or after October 28, 2009 and Covered by FERS If you receive a refund of FERS deductions and were covered by FERS on or after October 28, 2009, you may repay (or redeposit) any FERS deductions previously refunded

  28. High-3 Average Salary Your “high-3” average pay is the highest average basic pay you earned during any 3 consecutive years of service These three years are usually your final three years of service, but can be an earlier period, if your basic pay was higher during that period. Your basic pay is the basic salary you earn for your position

  29. Questions?

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