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Decoding Federal Leave & Earnings Statements: Financial Guidance for Federal Employees

Unravel the complexities of federal leave and earnings statements with expert insights from the F3E Foundation for Financial Education. Learn about your benefits, pay scales, tax withholdings, investments, and retirement planning. Understand the significance of letters, locality pay, GS pay scale, service computations, and more. Explore options for Federal Health Insurance, TSP allocations, SBP, Roth vs. Regular TSP, and strategies for maximizing your tax bracket. Discover hidden opportunities in your paycheck and make informed decisions to secure your financial future.

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Decoding Federal Leave & Earnings Statements: Financial Guidance for Federal Employees

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  1. FederalLeave & Earnings Statement Presented By: 3 F E Foundation for Financial Education www.f3eonline.org | sharon@f3eonline.org | 240-499-0390

  2. How to interpret your statement line by line • What do all the letters stand for? • Locality Pay • GS Pay Scale • Default options for benefits • Service computations date • Breaks in service

  3. Selecting the proper options for benefits • Federal Health Insurance • Active and Retired • Long Term Care • Short and Long Term Disability • FEGLI • TSP options and allocations • SBP and Retirement Planning

  4. Managing your Tax withholdings • Refund vs. owing the IRS • W9 allows for changes in withholding • Estimated additional payments • Choosing number of exemptions • Trying to break even • Saving your tax refund monthly and investing it over the long term

  5. Where does all my money go?? • Maxing your TSP? • Social Security & Medicare • State & Federal Tax With Holdings • Insurance, Insurance, Insurance • TSP Loans

  6. Hidden opportunities within your paycheck • Bi-weekly pay vs. Monthly • Roth vs. Regular TSP • Catch-up • Alternatives to DI, LTC & FEGLI • 20yr pension bump-secrets to social security • Maximizing your tax bracket

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