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May 22, 2024
Federal Employee Retirement and Benefits News
The Roth TSP vs. Traditional TSP Employees can contribute to both the traditional and the Roth TSP provided that their total contributions to both do not exceed the IRS’s deferral limit which can change from year to year. In 2013, these limits are $17,500 for individuals up to 50 years of age and $23,000 for those
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TSP Considerations The Thrift Savings Plan (TSP) provides a savings venue for federal employees and members of the uniformed services. This article discusses some of the major TSP considerations associated with the program. There are many working and retired federal employees who use the TSP throughout their careers, and will at some point begin taking
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The Thrift Savings Plan, or TSP for short, is a retirement savings program for members of the uniformed services and federal employees.
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How to Avoid Probate Probate is a court-supervised process for transferring the assets of a deceased person to the people or organizations that are entitled or designated to receive the assets. The process can vary depending on whether or not you have a valid Last Will and Testament. If you do not have a valid Last
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Estate Planning Estate planning is essential if you wish to ensure that your assets are passed to those people and organizations you want to receive them, and to reduce any potential tax liabilities to a minimum. This article discusses the basics of Estate Planning, and since estate planning and retirement planning are inextricably linked, this
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TSP Considerations The Thrift Savings Plan (TSP) provides a savings venue for federal employees and members of the uniformed services. This article discusses some of the major TSP considerations associated with the program. There are many working and retired federal employees who use the TSP throughout their careers, and will at some point begin taking
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Spousal Survivors Benefits for CSRS Employees When a federal employee or annuitant dies, his or her annuity benefits may be payable to a surviving spouse. This article discusses the annuity benefits payable to surviving spouses of employees covered by CSRS and CSRS-Offset, as well as spouses of former employees who meet the annuity requirements.
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Medicare is a federal government-sponsored health insurance program.
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The Federal Flexible Spending Account (FSAFEDS) Program provides tax-advantaged health care benefits for federal employees and their dependents.
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The Federal Long-Term Care Insurance Program (FLTCIP) provides insurance to help pay for the costs of care when enrollees need help with activities.
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FEHB: Federal Employees Health Benefits Program The Federal Employees Health Benefit Program or FEHB can help you and your family meet your health care needs. The program applies to Public Sector employees and retirees, as well as their survivors. The FEHB program covers over nine million Public Sector employees, retirees, former employees, family members and
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Designating the Beneficiary of Your Federal Life Insurance Policy As a federal employee or retiree under the Federal Employees Retirement System (FERS) or Civil Service Retirement System (CSRS), you must make sure that you have properly designated a beneficiary on your federal life insurance policy, or your policy benefits will be paid according to a
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The Federal Employee Dental and Vision Insurance Program (FEDVIP) was established under a federal law enacted in 2004 and is administered by the OPM.
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The Federal Deposit Insurance Corp. (FDIC) is a unit of the US federal government that protects deposits in banks and thrift institutions up to a limit.
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Windfall Elimination Provision (WEP) The Windfall Elimination Provision (WEP) affects the pension benefits of individuals whose employers do not withhold Social Security taxes from their salary, such as employees of a Government Agency or an employer in another country. Any pension that is received based on that work may reduce the individual’s Social Security benefits.
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Government Pension Offset (GPO) The Government Pension Offset (GPO) is a provision of the Social Security law that affects most Public Sector employees including Federal, State and local government employees who are entitled to a pension, but who were not covered by Social Security, and who did not pay Social Security taxes. If you are
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FERS Social Security Special Retirement Supplement A full career employee under the Federal Employees Retirement System (FERS) with 30 or more years of service can retire at their minimum retirement age (MRA), which is between the ages of 55 and 57, depending on the year they were born. FERS employees who have 20 years of
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When Should You Apply for Social Security Benefits? You can typically apply for Social Security benefits from age 62 to age 70, but the longer you wait to claim it the amount you receive grows larger. There are a lot of people who come out ahead if they wait until their full retirement age (FRA). Full retirement age is
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