FERS employees have more control over their benefits package then CSRS employees. They need to be informed about the benefit package provided, the areas over which they have control and what options they have early in their career. Rehired employees have a 6-month window to choose FERS or Offset CSRS, a choice which is irrevocable.
Hazardous duty employees require a solid understanding of their benefits package at the start of their career. They can retire at any age with 25 years of service, or at age 50 with 20 years of service, and are mandatorily retired at age 57. Therefore, they have fewer years to plan for what will likely be a longer retirement. All of the subjects covered in the Benefits Orientation are covered but with a focus on a shorter career.
Benefit Orientation for Hazardous Duty Employees
Target Audience: Employees within their first year of service, new hire or rehire. Benefits and requirements change and therefore employees should be required to attend during their first year of employment and invited to attend any year thereafter.
Subjects covered:
- Retirement, Survivor & Disability Benefits
(FERS & Social Security)- When Payable
- How Computed
- Deposit, Redeposit & Military Service Deposit Rules
- Restrictions & Offsets
- Impact of COLA Rules
- Thrift Savings Plan
- Compounding of Interest
- Investment Options
- Participation Rules
- Federal Employees’ Group Life Insurance Rules and Options
- Federal Employees’ Health Insurance Rules and Options
- High Deductible Health Plans with HSAs
- Flexible spending Accounts
- Federal Employee’s Dental and Vision Insurance Program
- Leave
- Annual
- LWOP
- Leave Bank or Transfer Program
- Sick
- Family and Medical Leave