employee benefits retirement - hawaiidod.hawaii.gov/hro/files/2013/01/employee-benefits... · life...
TRANSCRIPT
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Employee Benefits
& Retirement
Module 17
National Guard
Technician Personnel Management Course
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EMPLOYEE BENEFITS &
RETIREMENT
• Health insurance
- FSA
- LTC
• FEDVIP
• Life insurance
• Retirement plans
• Thrift Savings Plan
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FEDERAL EMPLOYEE’S HEALTH
BENEFITS (FEHB)
• Guaranteed coverage –
no medical exam
• No restrictions on pre-
existing conditions
• Government contributes
substantially
• Technician must enroll
self only or self & family
within 60 days of
eligibility
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FEDERAL EMPLOYEE’S HEALTH
BENEFITS (FEHB)
Temporary employees NTE one year or
less are excluded
• Enrollees may change plans or options
during annual Open Season
• In certain cases, may also convert
coverage when leaving government
• Can be maintained while on LWOP
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Flexible Spending Account (FSA)
FSA: Health & Child Care
• Tax-favored program
• Pay a variety of health care or dependent
care
• May use for OTC purchases with
physician prescription
• For more information visit
http://www.FSAFEDS.com or call
1-877-372-3337
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Long Term Care (LTC)
• Long term care is ongoing care for people who need lengthy or even lifelong assistance with daily living due to an illness, injury, or severe cognitive impairment.
• Non-skilled, custodial care; help with daily living activities
• Supervision due to cognitive impairment
(e.g. Alzheimer’s disease)
• For more information visit http://www.ltcfeds.com/ or call 1-800-582-3337.
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Federal Employees Dental and
Vision Insurance Plan (FEDVIP)
• Supplemental dental and vision benefits
• Available to federal employees
• Provides competitive premiums
• No pre-existing condition limitations
• Separate from FEHB
• 7 dental plans/3 vision plans with PPO
• For more information visit
http://www.BENEFEDS.com or call
1-877-888-3337. 7
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FEDERAL EMPLOYEE’S GROUP
LIFE INSURANCE (FEGLI)
Basic Life: annual basic salary
rounded to next highest thousand
plus $2,000 – automatic unless
waived
• Technician pays 2/3 – Government
pays 1/3
• If originally waived, a physical
exam is required (at the employee’s
expense) in order to enroll later
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FEDERAL EMPLOYEE’S GROUP
LIFE INSURANCE (FEGLI)
Options:
A: Standard – an additional $10,000 at employee’s cost based on age
B: Additional – 1 to 5 x basic pay, at employee’s cost based on age
C: Family – 1-5 multiples (each multiple worth $5,000; Spouse - $25,000 max; Child – each multiple $2,500 max $12,500 at employee’s cost based on age)
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FEDERAL EMPLOYEE’S GROUP
LIFE INSURANCE (FEGLI)
Options :
• A, B & C – Any combination with the Basic coverage
• Employee should conduct a periodic review of beneficiary designation in their OPFs
• Continues 12 months LWOP free
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RETIREMENT &
THRIFT SAVINGS PLAN
Three retirement systems/plans:
• Civil Service Retirement System (CSRS)
• Civil Service Retirement System- Offset (CSRS-Offset)
• Federal Employees’ Retirement System (FERS)
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CIVIL SERVICE RETIREMENT
SYSTEM (CSRS)
• Oldest of the system
• Employees and government
each contribute 7% of
employee’s basic annual pay
• Employees may also
contribute unmatched 10% to
Thrift Savings Plan
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CIVIL SERVICE RETIREMENT
SYSTEM – OFFSET
(CSRS-OFFSET)
Choice for employees rehired who…
• Had 5 + years previous CSRS service
prior to a break of 365 days or more
• Differs from CSRS, but the unmatched
employee contribution to Thrift Savings
is the same
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FEDERAL EMPLOYEES’
RETRIEMENT SYSTEM
(FERS)
Only retirement system available
to…
• New employees hired after
1/1/1984
• Prior service employees after a
break of over 365 days – but not
eligible for CSRS-Offset
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FEDERAL EMPLOYEES’
RETIREMENT SYSTEM (FERS)
• Employees contribute 0.8% of basic pay each pay period (7% including social security)
• Government contributes between 11.9% to 14.9% (including social security)
• Effective 01/01/2013 - higher employee contribution rate for new hires (see next slide)
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FEDERAL EMPLOYEES’
RETIREMENT SYSTEM (FERS)
• PL 112-96, Section 5001, the Middle Class Tax
Relief and Job Creation Act of 2012) --
• Effective 01/01/2013, new employees will pay 3.1%
of basic pay each pay period.
• Will be known as “FERS-RAE” (FERS-Revised
Annuity Employee)
• Three exceptions apply:
– Individual already covered under FERS on 12/31/2012;
– On 12/31/2012, individual was performing civilian service
that is creditable or potentially creditable under FERS; or
– On 12/31/2012, was not covered under FERS, but
previously had at least 5 years of creditable or potentially
creditable service under FERS.
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FEDERAL EMPLOYEES’
RETIREMENT SYSTEM (FERS)
• Employees may contribute up to IRS Limit to Thrift Savings
• Government contributes 1% to all FERS employees, but also matches first 3% and ½ of next 2% of employee’s contribution
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TYPES OF RETIREMENT
• Optional (Voluntary)
• Discontinued
Service (DSR)
• Military Reserve
Technician(MRT)
• Disability & Special
Disability
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HANDOUT
HRO Tech Retirement Brief
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Beneficiary Forms
Review annually!
• Marriage, divorce, child, etc.
• FEGLI
• TSP
• UNPAID COMPENSATION
• FERS/CERS
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Creditable Service for Retirement
Deposit (Non-Deduction) Service - Period of service
when no CSRS or FERS contributions are withheld, i.e.,
Prior-69 service and temporary service.
For CSRS:
• Prior to 1 Oct 1982 -- creditable for eligibility and computation.
Annual annuity is permanently reduced by 10% of the unpaid
deposit amount if not paid.
• On or after 1 Oct 1982 -- creditable for eligibility only unless
the deposit is paid.
For FERS:
• Prior to 1 Jan 1989 -- creditable only if deposit is paid.
• On or after 1 Jan 1989 -- not creditable; deposit not allowed.
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Creditable Service for Retirement
Redeposit Service - Period of service for which you received a refund of your retirement contributions upon separation from service.
For CSRS:
• Prior to 1 Mar 1991 -- creditable for eligibility and computation. Annuity actuarially reduced based on age at retirement if redeposit is not paid.
• On or after 1 Mar 1991 -- creditable for eligibility only unless redeposit is paid.
For FERS: Creditable for eligibility only unless redeposit is paid.
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Creditable Service for Retirement
Post-1956 Military Service - Title 10 active duty service.
For CSRS:
• First employed before 1 Oct 1982 – creditable regardless of making deposit of 7% of estimated military earnings. If deposit not paid and eligible for Social Security at age 62, annuity recomputed to remove active duty service (“Catch-62”).
• First employed on or after 1 Oct 1982 -- No credit unless the 7% deposit is paid.
For FERS: Not creditable unless a deposit of 3% of estimated military earnings is paid.
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Creditable Service for Retirement
USERRA - Uniformed Services Employment &
Reemployment Rights Act of 1994 - Title 10 and certain Title
32 active duty service performed on or after 1 Aug 1990.
For CSRS: Creditable if deposit is paid -- 7% of estimated
military earnings OR an amount that would have been deducted
for retirement from civilian pay had you not entered on active
duty, whichever is less. (Catch-62 applies here too.)
For FERS: Creditable if deposit is paid -- 3% of estimated
military earnings OR an amount that would have been deducted
for retirement from civilian pay had you not entered on active
duty, whichever is less.
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HANDOUT
USERRA Brief
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Individual Exercises
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Questions