Your Federal Benefits

Employee benefits packages are offered as an incentive to prospective employees as an enticement to join a company or in this case Federal employment. It is also a great incentive for staying with an employer if a retirement package is included or you become uninsurable because of an illness that would preclude you from obtaining your own protection plans, or at the very least make them too expensive.

The Federal Employee has a great benefit plan. These benefits range from a generous Leave and Sick Time policies. Also, the Federal Governments Federal Employee Health Benefit is a valuable benefit.

Other benefits include:

  • A Pension (FERS Basic Benefit): The Federal Employees Retirement System (FERS) provides a basic defined benefit pension after five years of creditable civilian service. Eligibility for this benefit and its computation depends on the combination of years of service age at retirement and your High-Three years of income.
  • Federal Employee Group Life Insurance (FEGLI): A group life plan offering an employer paid portion of their Basic Life insurance.
  • Thrift Savings Plan (TSP) is the government’s version of a 401k plan with matching up to 5% of employee contributions. The federal government provides an automatic 1 percent contribution to your TSP — for all federal employees who are covered by FERS. In addition, the government matches the first 3% of employee contributions dollar for dollar, and the fourth and fifth percent get a 50% match.
  • Social Security: All federal employees covered by FERS are fully covered by Social Security. The FERS special supplement is available to those who retire prior to age 62 with an unreduced annuity. This is not paid by Social Security however your benefit is calculated by your expected Social Security income at age 62 and the number of credible years of service.
  • Long Term Care: All federal employees have permanent disability retirement available while employed. This benefit is part of the FERS retirement system; eligibility ends after federal employment.
  • Workers’ Compensation: Federal employees are covered under the Federal Employees’ Compensation Act (FECA), which is administered by the Office of Workers’ Compensation Programs (OWCP) under the Department of Labor.

Did You Know?

A part-time employee (20 hours per week) is eligible for the same benefits of a full-time employee.

New employees are automatically enrolled in the Thrift Savings Plan.

The Federal Long-Term Care Insurance Alternate life programs, in many cases, can be less expensive for a 42 year old or older employee.

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