Employee Benefits - NIH Benefits Information - Did You Know? March 2008
What’s New?
Topics Of Interest:
- What Are The Lifecycle Funds (L Funds) Offered By The Thrift Savings Plan (TSP)?
- How Can I Allocate/Reallocate The Way Contributions Are Invested In My Thrift Savings Plan (TSP) Account?
- Does The Federal Long Term Care (LTC) Insurance Program Have Open Seasons?
- What Happens To My Official Personnel Folder (OPF) When I Transfer To Another Federal Agency Or Separate From Federal Service?
- What Is A Health Savings Account (HSA)?
- Why Do I Need A myPay PIN?
Where Do I Go If I Have Questions About My Benefits?
1. BENEFITS CALENDAR OF EVENTS
2. NEW FAMILY AND MEDICAL LEAVE ACT PROVISIONS!
On January 28, 2008, President Bush signed into law H.R. 4986, the National Defense Authorization Act for FY 2008 (NDAA), Pub. L. 110-181. Among other things, section 585 of the NDAA amends the Family and Medical Leave Act of 1993 (FMLA) to permit a “spouse, son, daughter, parent, or next of kin” to take up to 26 workweeks of leave without pay within a single 12-month period to care for a “member of the Armed Forces, including a member of the National Guard or Reserves, who is undergoing medical treatment, recuperation, or therapy, is otherwise in outpatient status, or is otherwise on the temporary disability retired list, for a serious injury or illness.” This provision was effective the date of the signing.The Department of Labor will provide comprehensive guidance, but until that is available, NIH will be allowing this leave to be taken under the current procedures, including allowing substitution of paid leave. Please watch this newsletter for additional information as soon as it becomes available.
3. WHAT ARE THE LIFE CYCLE FUNDS (L FUNDS) OFFERED BY THE THRIFT SAVINGS PLAN (TSP)?
The TSP Lifecycle funds (L funds) provide you with a convenient way to diversify your account among the G, F, C, S, and I Funds, using professionally determined investment mixes that are tailored to different time horizons. Your “time horizon” is the date you expect to retire. L Funds are automatically rebalanced, and the proportions of stocks, bonds, and securities are gradually adjusted to become more conservative as you get closer to your time horizon.
L Funds are beneficial if you do not have the time, knowledge, or interest to manage your account. However, if you have unique investment needs and the discipline to develop and follow an investment strategy, you may not benefit from the L Funds. For details on the different funds, refer to the TSP Comparison Chart and the Fund Information Sheets. You may also obtain information from the Managing Your Account booklet.
4. HOW CAN I ALLOCATE/REALLOCATE THE WAY CONTRIBUTIONS ARE INVESTED IN MY THRIFT SAVINGS PLAN (TSP) ACCOUNT?
You may allocate the way new contributions are invested in your TSP account, as well as reallocate the way past contributions were invested. A contribution allocation specifies the way future contributions to your account will be invested among the TSP funds. An interfund transfer is the movement of some or all of your existing account balance among the funds. It applies to past contributions. You may make a contribution allocation and/or interfund transfer at any time via the TSP web site under Account Access or via the ThriftLine by calling 877-968-3778.
5. DOES THE FEDERAL LONG TERM CARE (LTC) INSURANCE PROGRAM HAVE OPEN SEASONS?
No, the LTC program does not have annual open seasons. You and your eligible relatives may apply for coverage at any time. If you are a new employee, you have 60 days from your appointment date to apply for LTC insurance using the abbreviated underwriting application with only a few health-related questions.If you apply after the 60-day period, you must use the long underwriting application with numerous health-related questions, and possibly a review of medical records and/or an interview with a nurse.
If you already have LTC insurance, it’s important to remember the flexibility and important benefits that it provides. At any time you can decrease your coverage. You can also request to add more options/features to your coverage. In order to receive approval for an upgrade, you must provide evidence, at your expense, of your good health that is satisfactory to Long Term Care Partners. For additional information on LTC, visit www.LTCFEDS.com or call 1-800-582-3337 (TTY: 1-800-843-3557).
6. WHAT HAPPENS TO MY OFFICIAL PERSONNEL FOLDER (OPF) WHEN I TRANSFER TO ANOTHER FEDERAL AGENCY OR SEPARATE FROM FEDERAL SERVICE?
If you transfer to another Federal Agency, your OPF will normally be transferred within five working days of your new Agency submitting a records request to NIH. If you separate from Federal service, your OPF will be forwarded to the National Personnel Records Center (NPRC) in St. Louis within 90-120 days of your separation. The NPRC retains OPFs for 65 years from the separation date.
7. WHAT IS A HEALTH SAVINGS ACCOUNT (HSA)?
A Health Savings Account (HSA) (OPM) is an investment account available only to members who enroll in a High Deductible Health Plan (HDHP). Your HDHP credits a portion of your premium to the HSA. You also have the option to make pre-tax contributions to the account. The funds in your HSA can be used to pay for your plan deductible and/or qualified medical expenses that do not count towards your deductible. These accounts earn interest and roll over any remaining balance from year to year. The funds are yours to keep whether you change plans, leave Federal service or retire. Withdrawals can also be used for non-medical expenses. However you will be subject to a 10% penalty if you are under age 65. If you are not enrolled in a HDHP, you cannot have an HSA.
You may use myPay (DFAS) or call 1-877-363-3677 to make pre-tax allotments to your HSA. There are IRS limits to the amounts that can be set aside each year. It is important to note that the premium pass-through amounts from the health plan provider also counts toward the IRS limits. Please also note that it is your responsibility to ensure that your enrollment and contributions are in accordance with IRS rules. DFAS will not verify employee eligibility or check to ensure employee contributions are within annual limits. If you establish an allotment, you may modify or revoke your allotment election at any time.
Please note that an HSA is not a Flexible Spending Account (FSA). An FSA is an account which is available to most Federal employees, while an HSA is only available to members who are enrolled in a HDHP as stated above. FSA enrollments are processed through FSAFEDS.com during the open season or as a result of a Qualifying Life Event. Additionally, new employees have 60 days from their appointment date to enroll in an FSA.
8. WHY DO I NEED A myPAY PIN?
It is very important to have access to your myPay account so that you can view your Leave and Earnings Statement each pay day. You must also use myPay to make changes to your home address, TSP contributions, direct deposit of pay, allotments, and Federal and state tax withholdings. Additionally, all open season health insurance elections must be accomplished using myPay. If you have misplaced your myPay PIN, you may request a new one in one of two ways. One of which is by selecting “New Pin” on the myPay (DFAS) website. Please make sure you use the “Go” button to finalize your request. Using this method your PIN will be mailed to your current address of record within 7 to 10 business days.
If you need it sooner, your second option is to send a fax to 216-367-3549. You will need to include in your request your name, a daytime phone number, and a copy of your NIH ID, and you must sign the fax. Upon receiving your fax, the Defense Finance & Accounting Service (DFAS) will reset your PINusing the last 5 numbers of your SSN as your temporary PIN. You will then be able to log in within 3 days using your temporary PIN. Upon logging in, you will be prompted to reset your PIN.
If you encounter problems with your PIN or technical issues using myPay (DFAS), contact the DFAS Centralized Customer Support Unit toll-free at 1-888-332-7411. This support line is available Monday through Friday, 7:00 A.M. to 7:30 P.M. Eastern Standard Time. The Centralized Customer Support Unit can provide assistance on how to use the options available to you in myPay. The Centralized Customer Support Unit will also provide support for establishing and changing your PIN.
9. HOW CAN I GET IN TOUCH WITH MY BENEFITS CONTACT?
Your contact in the Benefits and Payroll Liaison Branch will be able to help you with a variety of issues pertaining to the health and life insurance programs, designating beneficiaries, the Thrift Savings Plan (TSP), calculating your retirement annuity estimate, working with you to pay a redeposit for prior civilian service if you previously withdrew your retirement funds, paying a deposit for prior civilian or military service for which retirement deductions were not withheld, etc. To find your benefits contact, review our list of contacts. In addition, the Benefits and Payroll Liaison Branch (BPLB) website has a wealth of information regarding your Federal benefits. Human resource topics not related to your benefits are normally handled by your Client Services Division HR Representative.
