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NARFE Federal Benefits Institute 2019

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Presentation on theme: "NARFE Federal Benefits Institute 2019"— Presentation transcript:

1 NARFE Federal Benefits Institute 2019
James Marshall Deputy Director NARFE Federal Benefits Institute 7/9/2019 National Active and Retired Federal Employees Association

2 National Active and Retired Federal Employees Association
Team of federal benefits experts offering information and guidance on complex, critical issues Accurate, Timely and Accessible - informed by strong agency relationships Growing NARFE as a resource to meet the needs of active and retired feds 7/9/2019 National Active and Retired Federal Employees Association

3 National Active and Retired Federal Employees Association
Federal Benefits Experts via phone and Resource for NARFE Service Officers and leadership Monthly webinars on critical issues Online Issue Briefs narfe magazine contributions New products and services under development 7/9/2019 National Active and Retired Federal Employees Association

4 National Active and Retired Federal Employees Association
Webinars are a proven recruitment and retention tool Live and archived webinars always free to members For non-members, $39.95 including one-year NARFE membership 7/9/2019 National Active and Retired Federal Employees Association

5 Communications with OPM
Retirement Services Online Login at least once per year to avoid having to reset your password Change your federal and state tax withholding Change your mailing address and/or banking account for direct deposit Change your password View/print your annuity statement / verification of income View/print 1099-R tax form View/print verification of Federal Employees’ Group Life Insurance (FEGLI) And much more…

6 Communications with OPM
Always use your CSA or CSF number Never send your Social Security number via Clearly communicate your request and provide your phone number and mailing address Retirement Operations Center Monday through Friday, 7:40 a.m. to 5 p.m. ET

7 Communications with OPM
Mailing address (always use certified mail) U.S. Office of Personnel Management Retirement Operations Center P.O. Box 45 Boyers, PA

8 Were you a CSRS Offset employee?
Has anyone ever properly explained what CSRS Offset means to you? Has OPM already applied the offset to your annuity? If not, do you know when this offset occurs? Do you have an estimate of the offset amount?

9 Were you a CSRS Offset employee?
Are you married? Are you aware of how the offset is applied to a spousal survivor benefit? If spouse’s own Social Security is higher than yours, then the survivor benefit you elected for them won’t be offset once they are drawing their own Social Security. If spouse’s own Social Security is smaller than yours, the offset to the survivor benefit should be based only on the Social Security you earned for your spouse.

10 FERS Annuity Supplement
Are you receiving the FERS Annuity Supplement? Are you still working OR planning to work before age 62? If so, do you understand how the earnings test works? Only employment/work income is used in this earnings test Supplement payable is reduced by $1 for every $2 earned above $17,640 Survey letters delivered from OPM each Spring are usually due back by mid-May each year Reduction is applied by OPM in July Refer to the RI 92-22, “Annuity Supplement Earnings Report,” for more details

11 TSP-3 (Thrift Savings Plan) SF 1152 (Unpaid Compensation)
Beneficiary Forms SF 2808 (CSRS) or SF 3102 (FERS) SF 2823 (FEGLI) TSP-3 (Thrift Savings Plan) SF 1152 (Unpaid Compensation) if returning to federal service

12 Spousal Survivor Benefits
Elections made if you were married when you retired from federal service Unable to increase or decrease However, may be canceled if you lose your spouse (death or divorce)

13 Spousal Survivor Benefits
What if you get married AFTER you retire from federal service? As an annuitant, although you have two years from date of marriage to elect a spousal survivor benefit, you may want to contact OPM and make this election effective sooner than later.

14 Spousal Survivor Benefits
What if you are divorced and get remarried AFTER you retire from federal service? What does the divorce decree say about former spouse survivor benefits? Regardless, you still might want to elect a survivor benefit for your new spouse.

15 FERS Spousal Supplement
What is it? An extra benefit payable from OPM to the surviving spouse of a deceased FERS annuitant that helps bridge the gap between the time of the annuitant’s death until the spouse qualifies for widow/widower benefits from Social Security.

16 Federal Employees Health Benefits (FEHB)
Open Season Qualified Life Events OPM Form 2809 Medicare TRICARE (military health insurance) Public safety officer annuitants

17 Federal Employees Dental & Vision Insurance Program (FEDVIP)
FEDVIP is not part of the FEHB program Several plans to choose from Open Season Children covered until age 22 FEDS (3337)

18 If you are retired CSRS …
Social Security If you are retired CSRS … Are you close to having 40 credits? Windfall Elimination Provision (WEP) Government Pension Offset (GPO) Considerations for your spouse

19 If you are retired CSRS Offset, FERS, or FERS transferee…
Social Security If you are retired CSRS Offset, FERS, or FERS transferee… FERS not subject to WEP or GPO CSRS Offset and FERS transferee possibly exempt from WEP and GPO What if you become widowed? Former spouse (10+ years of marriage) Restricted application (if born before Jan. 2, 1954)

20 Thrift Savings Plan More flexibility coming soon! Transfers
Partial withdrawal option Full withdrawal option Single payment Monthly payments Annuity Required Minimum Distributions Lifecycle funds

21 Be Prepared Financial Planning Be Prepared For Life’s Events booklet
For individual assistance, NARFE recommends you contact a financial planner who has a stated fiduciary responsibility to act solely in your interest. December 13, 2018 Worry-Free Estate Planning for Feds March 7, 2019 TSP and You: Sound Savings Strategies March 21, 2019 Social Security: A Key Ingredient in Your Retirement Be Prepared For Life’s Events booklet -What Your Survivors Should Know

22 National Active and Retired Federal Employees Association
Federal Benefits Q&A Live!!! Federal Pensions - OPM Social Security Thrift Savings Plan Federal Health Insurance Federal Dental/Vision Insurance TRICARE Medicare Federal Life Insurance Federal Long Term Care Insurance Flexible Spending Accounts 7/9/2019 National Active and Retired Federal Employees Association

23 National Active and Retired Federal Employees Association
Recent issues that NARFE has been fighting: Annuitant/Employee FEHB cuts COLA reduction/elimination High-3 Average Salary to High-5 Average Salary Elimination of the FERS Supplement 2019 employee pay freeze Increase in employee contributions to the CSRDF Reduce the return rate of the G Fund in TSP U.S. Postal Reform – Medicare/FEHB FERS Supplement – Court Ordered Benefits/OPM 7/9/2019 National Active and Retired Federal Employees Association


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