Any Federal employees hired after January 1, 1987, are covered under the Federal Employees Retirement System (FERS). However, not all employees covered under FERS have the same retirement options; special category employees, namely law enforcement officers (LEOs), firefighters, and air traffic controllers (ATCs), have different requirements and options available to them. These designated employees areContinue reading “What is the FERS Enhanced Pension Multiplier?”
Tag Archives: Home Feature
Quickstart Guide to COBRA Health Insurance
What is COBRA Insurance? The Consolidated Omnibus Budget Reconciliation Act (COBRA) requires most private sector and state or local government employers with 20 or more employees to provide a temporary continuation of group health coverage for employees who experience a job loss or other qualifying event. And many states have laws like COBRA that coverContinue reading “Quickstart Guide to COBRA Health Insurance”
Quickstart Guide to the HSA
As healthcare costs continue to rise, employer-provided healthcare benefits are becoming a critical part of the employee’s arsenal. One such benefit gaining popularity is the Health Savings Account (HSA), a versatile and effective tool for saving for healthcare expenses. Let’s take a look at the plan’s requirements, advantages, and disadvantages. What is an HSA? AnContinue reading “Quickstart Guide to the HSA”
Snapshot of the FERS Pension
The Federal Employees Retirement System (FERS) became effective January 1, 1987, replacing the Civil Service Retirement System (CSRS); all Federal civilian employees hired after this date are covered under FERS. FERS has three main components: The Basic FERS Retirement Pension, Social Security, and the Thrift Savings Plan (TSP). Our discussion will focus on your FERSContinue reading “Snapshot of the FERS Pension”
Three Advantages of the TSP
The Thrift Savings Plan (TSP) is designed to closely resemble the private sector’s 401(k). Although the TSP is similar to the 401(k), its additional features, including low fees, broad diversification, and a generous government match, make it superior to most 401(k)s and a perfect wealth-building vehicle for Federal Employees. Here’s a closer look the threeContinue reading “Three Advantages of the TSP”