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tek_munk posted:First time federal employee here. Are there any resources that break down TSPs/Roth IRAs and the health insurance options? It was pretty overwhelming when I first encountered it during the new employee paper work. If there isn't, I'll just old fashion it up and read word for word. 1. TSP: Make sure that you contribute at least 5%. You get a 1% agency contribution no matter what, but you have to contribute 5% to get your agency to contribute an additional 4%. Your TSP account will start out in the Lifecycle 2050 fund, which is pretty good but a tad bit conservative for some. I wouldn't do anything besides Lifecycle funds unless you have a very good reason to. FYI it takes 3 years to vest your agency contributions. 2. FEHB: I think this is quite possibly the best benefit for Feds. The government contributes 75% of the annual premium, and OPM mandates minimum coverage requirements so almost all of the plans are decent. The OPM tool and Checkbook.org are good resources for comparing plans. Once you have narrowed it down to 2-3 read the Summary of Benefits and Coverage forms to determine what meets your needs. 3. FEDVIP (Dental & Vision): From what I've read, this really isn't insurance, it is more like prepaying for dental and vision coverage. Unlike FEHB, the government does not make any contributions to FEDVIP coverage. If you are married you might want to compare dental & vision benefits with what their employer offers. 4. FSAFEDS (Health Care FSA, Limited Exp. FSA, & Dependent FSA): This is pretty straight forward. You can elect to set aside pretax funds into these accounts depending on your needs. Just make sure that you understand what costs are eligible for reimbursement, whether you can carryover funds, and when you have to submit claims by. I recommend only doing this if you are absolutely certain that you will have specific health or dependent costs in the next year. 5. FEGLI: You can get much, much better term life insurance coverage on the private market if you are young and healthy. I canceled mine. FYI open season for FEGLI is very, very infrequent. So I wouldn't cancel it if you are older and near the minimum retirement age since it provides partial coverage for retirees at no or minimal cost. 6. FERS: At retirement, take the average of your highest 3 years of salary, multiply it by 1%, and then multiply that figure by the number of years you worked. So a high 3 salary of 100k * .01 * 35 years worked comes out to a annual pension of 35k a year. You are also eligible for social security. This a very healthy amount to drawn down each year in retirement, but you absolutely want to prioritize your TSP savings if you want to maintain your pre-retirement lifestyle. FYI it takes 5 years to vest in FERS.
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Nov 15, 2018 03:13
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BCBS is probably the best all purpose health insurance plan. I use GEHA HDHP because I don’t give any fucks and it has a vision subsidy plus HSA contributions that I use for mundane stuff like contact lens solution and prescription skincare.
Josh Lyman fucked around with this message at 04:12 on Nov 15, 2018 |
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Nov 15, 2018 04:07
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laxbro posted:1. TSP: Make sure that you contribute at least 5%. You get a 1% agency contribution no matter what, but you have to contribute 5% to get your agency to contribute an additional 4%. Your TSP account will start out in the Lifecycle 2050 fund, which is pretty good but a tad bit conservative for some. I wouldn't do anything besides Lifecycle funds unless you have a very good reason to. FYI it takes 3 years to vest your agency contributions. Good summary. Kinda wish I had had this list when I started. The only thing I disagree with is FSAFEDS. $500 can be rolled over every year, so it makes no sense not to use this. The allowable reimbursable costs are pretty extensive, you just need to keep a receipt.
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Nov 15, 2018 05:36
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Josh Lyman posted:BCBS is probably the best all purpose health insurance plan. I use GEHA HDHP because I don’t give any fucks and it has a vision subsidy plus HSA contributions that I use for mundane stuff like contact lens solution and prescription skincare. I'm rolling with the GEHA HDHP this year, and have been pleasantly surprised how well its gone.
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Nov 15, 2018 06:38
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GEHA HDHP as well. Serves what I need which is just basically routine check-ups and exams. If I had kids or chronic issues, BCBS would be my pick. Though in my region BCBS pissed my co-workers off by dropping one of the major clinics out of the blue a few years back . Some FEDVIP dental plans do have coverage for adult orthodontics if you're looking for that sort of thing.
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Nov 15, 2018 10:03
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El Mero Mero posted:Good summary. Kinda wish I had had this list when I started. The only thing I disagree with is FSAFEDS. $500 can be rolled over every year, so it makes no sense not to use this. The allowable reimbursable costs are pretty extensive, you just need to keep a receipt. I agree for the Health Care FSA, but the Dependent Care FSA has no carryover. Also, your Health Care FSA funds only carryover if you continue to fund the HC-FSA into the next year. Finally, you cannot have a HSA (w/ the HDHP) if you have a Health Care FSA so make sure to spend down those HC-FSA funds if you are thinking about switching to a HDHP. edit: I am also switching to GEHA HDHP for 2019. grenada fucked around with this message at 14:56 on Nov 15, 2018 |
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Nov 15, 2018 14:47
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laxbro posted:I agree for the Health Care FSA, but the Dependent Care FSA has no carryover. Also, your Health Care FSA funds only carryover if you continue to fund the HC-FSA into the next year. Finally, you cannot have a HSA (w/ the HDHP) if you have a Health Care FSA so make sure to spend down those HC-FSA funds if you are thinking about switching to a HDHP. I actually found out that there's a "limited" HSA that you can open with a HDHP. It mostly just works for dental and vision expenses
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Nov 15, 2018 15:42
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Slig posted:I might be misremembering but I believe Roth TSP (post tax funded) will not do matching contributions whereas regular TSP (pretax funded) will match dollar for dollar for the first 3% and .5 on the dollar for the next 2%, meaning 5% in TSP will yield you 4% in funds from the gov. Hitting at least 5% in TSP is great if you can afford it and then maybe look into a Roth IRA. As others have mentioned, you get the match from the government no matter if your contributions are traditional or all Roth. The government match itself is always pre-tax though. I personally don't have much in my IRA because the TSP funds have historically had one of the lowest expense ratio fees compared to industry 401k/IRAs. Though very recently (this year) some companies are starting to offer zero expense ratio fees for certain funds. I still think the TSP funds currently still provide a better product that is diversified enough. The zero fee industry funds from what I have seen are still somewhat limited in number and in their diversification, but that should change in the future as competition forces them to offer more funds / choices.
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Nov 16, 2018 17:33
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You guys don't forget to increase your contribution to $19k for 2019 for TSP.
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Nov 17, 2018 06:08
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gently caress I wish I made enough to max out my TSP. GS-7 problems.
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Nov 17, 2018 06:53
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At least do 5%. Never toss away free money. Always throw your cola and your WGI (at least some of it) into additional TSP until it hurts. E:. Here's some info on how to compare fehb plans. Some agencies pay for access to their comparison tool. I was BCBS for years, but I switched to APWU Cigna about 7 years ago. Either are probably a good fit for 90% of you who want a PPO. https://www.checkbook.org/ Evil SpongeBob fucked around with this message at 07:28 on Nov 17, 2018 |
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Nov 17, 2018 07:22
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Evil SpongeBob posted:At least do 5%. Never toss away free money. Always throw your cola and your WGI (at least some of it) into additional TSP until it hurts. If they give you a percentage contribution option consider it rather than a specific dollar amount, your contributions will automatically rise in proportion with your raises.
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Nov 17, 2018 07:43
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This depresses me a lot: we have a bunch of homeless employees at my facility. I personally know two of the homeless working here: a GS-12 and GS-11. The only reason I know is because they are friends and trusted me enough to tell me about their situations. There is a large amount of shame that keeps people from talking about it. I have no clue how the GS-5 mailclerks or GS-7 admin staff exist. I know some have 3-5 hour commutes per day. This place (bay area) is broken beyond repair.
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Nov 17, 2018 16:00
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Speaking of TSP, what's the latest on the pay freeze situation? I was hoping on shoveling it all (+ step increase) into my TSP to finally max it out.
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Nov 17, 2018 20:47
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Testvan posted:This depresses me a lot: we have a bunch of homeless employees at my facility. Homeless because of the fires, or homeless before that? 
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Nov 17, 2018 20:56
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Spacewolf posted:Homeless because of the fires, or homeless before that? I take it you are unfamiliar with the bay area.
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Nov 17, 2018 21:09
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AndrewP posted:Speaking of TSP, what's the latest on the pay freeze situation? I was hoping on shoveling it all (+ step increase) into my TSP to finally max it out. Supposedly happening but not official yet, last I heard.
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Nov 17, 2018 21:11
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Network42 posted:I take it you are unfamiliar with the bay area. I am.
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Nov 17, 2018 21:32
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Testvan posted:This depresses me a lot: we have a bunch of homeless employees at my facility. The way my agency deals with the high COL of DC is to allow employees who are full time tellework eligible to work anywhere in the US. https://www.uspto.gov/sites/default/files/documents/Telework_Annual_Report_2017%20%28508%20compliant%29.pdf Just about everybody in my unit ghosted out of the DC area when the time came to work from home.
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Nov 17, 2018 21:45
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Evil SpongeBob posted:You guys don't forget to increase your contribution to $19k for 2019 for TSP. lmao
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Nov 19, 2018 05:08
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What? Ok, I'll admit I'm nuts about saving for retirement. My parents are working in their late 60s because they have to. Apparently, mustangs and guns don't make for a good IRA. I don't want to be them. I'm about 4.5 years until retirement eligibility. E: at least try to save until it hurts.
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Nov 19, 2018 07:03
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It already hurts. As a GS 12 in the Midwest sole earner for a family of 4 the max I can contribute is 6% without having trouble paying for everything else. My wife left and took $24000 with her in support. I see people maxing out TSP and I just dream. I pray to God that Social Security is around in 30 years when I retire at 70 because I can’t afford anything else.
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Nov 19, 2018 14:30
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Yeah, no hard feelings and I'm actually glad you're saving. It was just the assumption that we were all already sitting at the previous cap that literally made me lol. I am going to revaluate increasing my contribution, which I've left pegged at 5% since starting as GS-5. Beerdeer posted:It already hurts. As a GS 12 in the Midwest sole earner for a family of 4 the max I can contribute is 6% without having trouble paying for everything else. Hang in there. Now that dems have the house our chances of an annual raise have increased? I don't have it bad, but I have been the sole earner for a family of 3 starting from GS-5, which sucked, to a 12 now, which gives breathing room--but not "max out TSP" levels. I can't imagine if I had to pay for childcare for even one kid. Edit: A GS 12, grossing approximately $80k, puts aside $4,000/year at the 5% rate. To hit the cap I'd need to cough up another $15,000. Perhaps feasible for 12s with limited obligations, but increasingly less so as you drop grades. Thesaurus fucked around with this message at 06:18 on Nov 20, 2018 |
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Nov 20, 2018 06:08
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I was going through an old filing cabinet here the other day and found an old employee onboarding manual from 1967 sitting around. It was funny to see how little had changed, as well as maybe a couple things that have...  
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Nov 20, 2018 06:49
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Old Cold War stuff like that is kinda neat. Does SBA's current onboarding stuff make any reference to Continuity of Operations or COG planning at all, even?
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Nov 20, 2018 13:25
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Spacewolf posted:Old Cold War stuff like that is kinda neat. Does SBA's current onboarding stuff make any reference to Continuity of Operations or COG planning at all, even? Yeah. There's a COOP that we have to update every year, so even that part is kinda the same. Onboarding most definitely got worse though. I didn't even get a manual!
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Nov 20, 2018 15:41
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Anyone know anything about transferring GS <-> FP? How well do the systems sync re:benefits?
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Nov 22, 2018 02:41
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El Mero Mero posted:Anyone know anything about transferring GS <-> FP? How well do the systems sync re:benefits? I went from FP to GS and everything transferred (leave/insurance/fers retirement). Shouldn't be an issue but of your HR person is new this may confuse them so triple check everything.
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Nov 22, 2018 02:56
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Ensure there's no break in service too. Also, I hope you guys don't think I was trying to TSP shame you. I started as a GS7 in a moderately high COL area. At least consider what you can increase each time you get a grade, WGI, or COLA. Evil SpongeBob fucked around with this message at 03:11 on Nov 22, 2018 |
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Nov 22, 2018 03:09
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Another weird application question. I think I checked boxes that I would be eligible for revenue agent at gs-7, gs-9, and gs-11. The career portal indicates that I’ve successfully applied and eligible for all three grades. Today I got the “congratulations, here is the next step” email, which is great, except based on that email it looks like I am moving forward under a gs-7 application, even though I definitely qualify for gs-11, and would even be taking a pay cut at step 10. I think the automated email must be pulling from the lowest grade applied for. Does this mean I am only a candidate for gs-7 now, or will all of this be determined over the course of the hiring process? I am super interested, but gs-7 would be a tough sell in my location. Hopefully this is just another technical hiccup and I didn’t screw myself over. Edit: Apparently what I did was correct. Seems completely random whether or not the system gave credit for qualifications and documentation. This is frustrating. Mush Mushi fucked around with this message at 03:20 on Nov 27, 2018 |
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Nov 27, 2018 01:11
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ROs and TCOs dont need accounting backgrounds right? I just got an email asking me to take a test about accounting. My fairly basic financial accounting courses were ages ago. Uh oh.
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Nov 27, 2018 16:27
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Artificer posted:ROs and TCOs dont need accounting backgrounds right? I just got an email asking me to take a test about accounting. My fairly basic financial accounting courses were ages ago. Uh oh. I took that test to become a TCO. It’s sub accounting 100 level. I never took an accounting course and easily passed it with a $5 review book. The hardest question was about knowing which line items comprise cost of goods sold.
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Nov 27, 2018 16:29
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 As you go through these next nine momths of training for the CS position, it's important to remember to rely on eachother and get to know one another.*everyone sits at different tables during lunch*
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Nov 27, 2018 18:32
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SSA CS? Which PC are you at?
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Nov 28, 2018 16:43
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Man_of_Teflon posted:SSA CS? Which PC are you at? Mid-Atlantic.
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Nov 28, 2018 18:35
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I hope your trainers are better than (most of) ours are here at GLPSC.
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Nov 28, 2018 20:22
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From what I've gathered, they're hurting for CSs. They have 11 modules here. Each module has 12-14 Bas and only 2-3 CSs. We're the first "off the street" class in 10 years.
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Nov 28, 2018 20:25
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Yeah, same here. Giant case backlogs from years of not hiring CS classes (I was an internal promotion, which I kinda feel like all CS classes should be but that's a whole other story). Even now, starting to catch up, our workload every day is divided between the most important cases and the easiest high volume cases so our numbers don't look like garbage and managers get promotions. Not a lot of thought put into what would prevent the most work in the future.
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Nov 28, 2018 20:35
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Man_of_Teflon posted:Yeah, same here. Giant case backlogs from years of not hiring CS classes (I was an internal promotion, which I kinda feel like all CS classes should be but that's a whole other story). What's a BA and what's a CS in this context?
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Nov 28, 2018 21:25
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Benefit Authorizer/Claims Specialist.
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Nov 28, 2018 22:17
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