Benefits Newsletter: July, 2021

The cost for Basic insurance is shared between you and the Federal government, and your age does not affect the cost for Basic coverage. You pay the full cost for any Optional insurance and the cost depends on your age. The change in premiums resulting from age begins at age 35 and continues to increase in five year increments. If you notice a change in your FEGLI premiums on your Leave and Earnings Statement (LES), you should verify the cost based on your salary and age.

The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services. If you are covered under the Federal Employees Retirement System (FERS, FERS-RAE, and FERS-FRAE), contributing to the TSP is extremely important, as the TSP will be a very large part of your retirement income. To learn about the importance of contributing to the TSP, take a few minutes to view the following short, informative videos:

If you are covered by the Civil Service Retirement System (CSRS) or CSRS-Offset, your spouse is entitled to a survivor annuity provided you have at least 18 months of civilian service and you were married for at least 9 months. The 9-month requirement does not apply if your death is accidental or if there is a child born of the marriage. Generally, your spouse is entitled to 55% of your earned annuity based on your length of service and high-three salary at the time of your death.

You will pay the same health insurance premiums in retirement that you paid while you were an employee. However, annuitants are paid on a monthly basis, so you will pay your premiums at the monthly rate.  In retirement, the government’s contribution towards your premium will continue to be the same.

Questions may be directed to your Benefits Contact or AskBenefits@nih.gov.

Your eligibility to retire depends upon your age, years of creditable service, and the retirement system under which you are covered. For information on the Civil Service Retirement System (CSRS and CSRS-Offset).  For information on the Federal Employees Retirement System (FERS, FERS-RAE and FERS-FRAE).

The Internal Revenue Service (IRS) determines what are considered eligible expenses for all Flexible Spending Accounts. A listing of eligible expenses can be found on the FSAFEDS website.

Questions may be directed to FSAFEDS at 877-372-3337.

For information on the FEGLI Program, you can view the FEGLI Program Booklet for Federal Employees and the FEGLI Handbook. Information on current premiums is available.

The TSP has a selection of individual funds that offer broad market diversification. You can choose to have your retirement dollars invested in everything from a short-term U.S. Treasury security to index funds made up of domestic and international stocks. The TSP also offers Lifecycle (L) Funds. Each of the ten L Funds is a diversified mix of the five core funds (G, F, C, S, and I).