Supervisor: CW3 Priscilla (518) Human Resources Specialist: SSG Trish (518) SSG John (518) Alma (518) /4950 SPC Rachael (518)

Federal Employees Retirement System (FERS) Military/Civilian Deposit Retirement Eligibility Beneficiary Forms 3

Federal Employees Health Benefits (FEHB) Thrift Savings Plan (TSP) Federal Employees Group Life Insurance (FEGLI) Employee Benefits Information System (EBIS) Flexible Spending Accounts (FSA) Federal Long Term Care Insurance Program (FLTCIP) Federal Employees Dental and Vision Insurance Program (FEDVIP) Military Deposit (P-56) 4

FERS FERS-RAE FERS-FRAE 5

6 1. FERS New employees first hired in covered position on through Employee Contributes 0.8% of basic pay to retirement system 2. FERS-RAE Employees in a covered position hired after 1 Jan 13 Employee Contributes 3.1% of basic pay to retirement system 3. FERS-FRAE New employees in a covered position hired after 1 Jan 14 Employee Contributes 4.4% of basic pay to retirement system

Employees excluded from FERS-RAE or FERS-FRAE if any of the following exceptions apply: The individual on December 31, 2012, was covered under FERS The individual on December 31, 2012, was performing civilian service which is creditable or potentially creditable service under FERS (for example, the individual may have been performing service as a Peace Corps volunteer or may have been covered under another retirement system from which service credit maybe transferred to FERS, such as CSRS, CSRS-‐Offset, Foreign Service, Federal Reserve, or CIARDS) The individual on December 31, 2012, was not covered under FERS and was not performing civilian service which is creditable or potentially creditable service under FERS, but as of December 31, 2012, had performed at least five years of civilian service creditable or potentially creditable under FERS 7

Early Career – 25 + years to retirement Contribute to TSP Enroll in benefits (FEHB, FEGLI, FEDVIP, FSA) Pay civilian deposit Pay military deposit Mid Career – years to retirement Adjust benefits based on life situation Review level of TSP participation & allocation between the funds 8

Late Career: – Less than 10 years prior to retirement Use calculators in EBIS to get a rough estimate of annuity Adjust TSP contributions & other savings based on results from calculators - Five years to retirement Verify eligibility to continue FEHB & FEGLI into retirement Request a retirement estimate from ABC 9

10 FERS is a 3-tiered retirement system FERS annuity is the smallest component TSP WILL make up the largest portion of your total retirement FERS Annuity Social Security Thrift Savings Plan

Used to determine retirement eligibility and to calculate retirement annuity May not be the same as your Leave SCD (SCD that appears on your SF 50 & LES) Not all service that is creditable for leave is creditable for retirement 11

Examples of service that is creditable for leave but not for retirement: Non-Appropriated Fund (NAF) service on a temporary appointment For retired military, campaign or combat service if retired military pay is not being waived Military service for which deposit has not been paid Non Deduction Service performed on/after

13 Military/Civilian Deposit

14 FERS Military Service on/after FERS Post-56 Military Service Amount of Deposit: 3 % of basic pay earned + interest (Interest will vary) Must Pay to Receive Credit for Retirement Eligibility and Annuity Computation – FERS only

15 Civilian service not covered by retirement deductions (typically service in which you only paid into Social Security) Typically temporary or indefinite service Effect of deposit service upon retirement annuity computation depends upon retirement plan Amount of deposit: 1.3% of earnings + interest (3% of stipend for Peace Corps and VISTA) Interest will vary by the date the service was performed Civilian Deposit Service

16 FERS Refunded Service FERS Service for which retirement contributions were refunded to you FERS REDEPOSIT IS NOW ALLOWED! Note: FERS with CSRS component*, CSRS rules apply FERS with no CSRS component*, FERS rules apply 5 Years creditable CSRS or potentially creditable CSRS service and elected FERS

17 Complete front page of SF 3108, Application to Make Service Credit Payment and send or fax to the ABC-C ABC-C will calculate an estimated deposit/redeposit amount and mail to OPM OPM will notify you of final deposit/redeposit amount and payment procedures OPM will send you a receipt and new balance each time payment is made Ensure “Payment in Full” notice is filed in OPF

YEARRATEYEARRATEYEARRATE %20035% % % % % % % % % % % % % % % % % % %19869% % % % %19957%198413% % % % % %Before % %

Optional Retirement Voluntary Early Retirement Authority (VERA) Discontinued Service Retirement (DSR) Military Reserve Technician (MRT) Deferred Retirement Disability Retirement Public Law (National Guard dual –status disability retirement) 19

Eligibility requirements for Optional Retirement: Minimum Retirement Age (MRA) with 30 years of service Age 60 with 20 years of service Age 62 with 5 years of service MRA with at least 10 years but less than 30 years of service 5% reduction for each year under age 62 (permanent reduction) Not entitled to annuity supplement NOTE: Must have at least 5 years of creditable civilian service Military service or sick leave may not be used to reach the 5 year rule 20

21 MINIMUM RETIREMENT AGE IF YEAR OFTHE MINIMUM BIRTH IS...RETIREMENT AGE IS... BEFORE & 2 MONTHS & 4 MONTHS & 6 MONTHS & 8 MONTHS & 10 MONTHS & 2 MONTHS & 4 MONTHS & 6 MONTHS & 8 MONTHS & 10 MONTHS 1970 & AFTER 57 NOTE: SINCE EMPLOYEES BORN IN 1948 DID NOT REACH AGE 55 UNTIL 2003, THE MRA UNTIL THAT DATE IS 55

Purpose: To Allow Eligible Employees Not Facing Involuntary Separation to Retire Early Creating Vacancies That Can be Filled by Technicians Who Would Otherwise be Separated or Down Graded 22

Eligibility: Separation must be involuntary and not removal for misconduct or delinquency. Examples: Lose civilian position due to RIF, Reorganization, etc. Age and Service Requirements: Age 50 with 20 years of service or any age with 25 years of service. No supplement until MRA. 23

Unique to FERS Involuntary separation is based on loss of military membership only (not for cause). Eligibility to receive the FERS annuity supplement is immediate even if not at MRA. Age and service requirements are based on date of hire as follows: 24

First hired on/before 10 February 1996 Age 50 with 25 years of creditable “Federal” service. Prior Title 10 active duty and/or temporary service performed prior to 1/1/1989 for which the employee completed a service deposit can be used to achieve the 25 years of creditable “Federal” service. ** First hired after 10 February 1996 Age 50 with 20 years of creditable “military technician” service, or Any age with 25 years of creditable “military technician” service. **Other service creditable under FERS as well as prior Title 10 military service deposits cannot be used to achieve the minimum “military technician” years of service. 25

Eligibility: At least 5 years of creditable federal civilian service. Retirement becomes available at age 62. Not eligible to carry health or life insurance through retirement. Sick leave is not credited. 26

27 To qualify for a disability retirement, you must have at least 18 months of creditable civilian service To apply, you must complete regular retirement forms as well as the Disability Retirement forms You are required to apply for Social Security It can take OPM 2-6 months to approve or disapprove your request Disability retirement annuities ARE subject to Federal taxes

P.L guarantees a disability retirement to National Guard technicians (NGT) who lose their military membership due to medical disqualification. NGT receive 60% the first year and 40% each year after until it is recalculated at age 62 (FERS). Note: NGT are not eligible for disability under P.L if they meet the age and service requirements of the Discontinued Service Retirement-MRT. 28

An estimated amount of Social Security benefits earned during FERS service Benefit paid until age 62 to certain FERS employees who retire before age 62 and are entitled to an immediate annuity Eligibility: Has at least 1 calendar year of FERS service AND Retires with an immediate annuity At or after MRA with 30 years At age 60 with 20 years of service At or after MRA under Early/DSR retirement provisions Under Special Provisions (i.e., FF, LEO, etc.) Individuals NOT eligible for annuity supplement: Disability Retiree MRA +10 provision Deferred Annuity Retiring at age 62 or older CSRS Employees Duration of annuity supplement: Payable through the earlier of the following dates: Last day of the month you become age 62 OR; Last day of the month before the first month you are entitled to Social Security benefits. 29

Paid to a technician who is involuntarily separated from Federal ‘civilian employment’ other than for inefficiency, misconduct, or delinquency Resigns after receiving a written general RIF notice announcing abolishment or transfer of all positions within the competitive area or a specific notice proposing his/her removal 30

May be paid to: Permanent or indefinite technicians (if preceded by qualifying period) on full time or part time work schedule Severance is paid at the same pay intervals as when the technician was employed 31

Amount of severance There is a 52 week lifetime limit on receipt of severance pay One weeks’ pay for every year of service up to 10 Two weeks’ pay for every year after 10 10% adjustment for each year over age 40 32

33 If you die while still an active employee, your survivor MAY be entitled to death benefits In the event of a death, survivors need to contact the HRO

SF Designation of Beneficiary, Unpaid Compensation of Deceased Civilian Employee SF Designation of Beneficiary, Federal Employees Retirement System (FERS) SF Designation of Beneficiary, Federal Employees' Group Life Insurance Program TSP-3 - Designation of Beneficiary, Thrift Savings Plan (TSP) 34

Q uestions 35 Mrs. Alma Pennington (518)