Employee Benefits - NIH Benefits Information - Did You Know? December 2007
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Where Do I Go If I Have Questions About My Benefits?
1. BENEFITS CALENDAR OF EVENTS
2. THE FEDERAL BENEFITS OPEN SEASON IS ENDING SOON!
The following three programs are participating in this year’s open season for the 2008 plan year: 1) Federal Employees’ Health Benefits (FEHB) Program; 2) Federal Employees’ Dental and Vision Insurance Program (FEDVIP); and 3) Flexible Spending Accounts (FSA) Program. The open season will come to a close on December 10, 2007. You should read the open season announcement thoroughly for information pertaining to each program.
Please remember that there are no longer open seasons for the Thrift Savings Plan (TSP). You may start, stop, or change your TSP contributions at any time via myPay (DFAS), provided you are eligible to participate in the TSP.
3. WHAT IS THE DIFFERENCE BETWEEN A FLEXIBLE SPENDING ACCOUNT (FSA) AND A HEALTH SAVINGS ACCOUNT (HSA)?
A Flexible Spending Account (FSA), is an employee benefit program that allows you to set aside money, on a pre-tax basis, for certain health care and dependent care expenses. There are three types of FSA accounts: 1) Health Care FSA (HCFSA); 2) Limited Expense Health Care FSA (LEX HCFSA); and 3) Dependent Care FSA (DCFSA). If you wish to enroll in an FSA for 2008, you must use the FSAFEDS website. You may also enroll by calling 877-372-3337 (TTY: 1-800-952-0450).
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.
4. HOW DO I MAXIMIZE MY THRIFT SAVINGS PLAN (TSP) CONTRIBUTIONS FOR 2008 WITHOUT LOSING VALUABLE AGENCY CONTRIBUTIONS?
The IRS limit for 2008 remains at $15,500 for regular TSP contributions. If you are covered by FERS, you could lose valuable matching Agency TSP contributions by reaching the limit before the end of the calendar year. If you expect to enter your myPay (DFAS) election for 2008 between December 9- 22*, 2007, and you want equal payments deducted over the calendar year for 26 pay days, you should elect to contribute $597 each pay period. Your election will be effective on December 23rd, which is the first pay period for 2008. If your election is entered after December 22nd, you will need to adjust this amount. To determine the adjusted amount, subtract your 2008 Year- to- Date contributions from $15,500, and then divide that amount by the number of remaining pay days for 2008. The Elective Deferral (OPM) document provides more information. If you have additional questions, refer them to your Benefits Contact. (*It is recommended that you enter your election by December 20th, if you want to ensure an effective date of December 23rd.)
For information pertaining to TSP Catch-up contributions, refer to topic #5 below.
5. CAN I MAKE THRIFT SAVINGS PLAN (TSP) CATCH-UP CONTRIBUTIONS?
In addition to regular TSP contributions, you may also make TSP Catch-up contributions (OPM), if you meet the following: 1) you are age 50 or over (or will be age 50 during 2008), 2) you are in pay status, AND 3) you are contributing an amount towards your regular TSP which will cause you to reach the $15,500 IRS limit by the end of the 2008 calendar year. The 2008 IRS limit for Catch-up contributions remains at $5,000. Unlike regular TSP elections, a Catch-up election is only valid for one year. Therefore, if you want to make Catch-up contributions each year, you must make a new election each year. To make a Catch-up election for 2008, you may make your election at anytime on/after December 9th by using myPay (DFAS). If you have questions, please notify your Benefits Contact.
6. DO YOU HAVE “USE OR LOSE” ANNUAL LEAVE THAT YOU WON’T BE USING? IF SO, CONSIDER DONATING IT TO HELP SOMEONE IN NEED.
As we approach the end of the year, some NIH staff may have annual leave balances above the maximum (most NIH employees' annual leave carryover ceiling is 240 hours) that will not be used by the end of the leave year (January 5, 2008). This is generally referred to as “use or lose” leave. Rather than losing your annual leave, consider donating it to a fellow NIHer. One of the many work/life services available to NIH employees is the Voluntary Leave Transfer Program (VLTP).
This program allows Federal employees to donate their accrued annual leave to others who are faced with a personal or family medical emergency. Our co-workers who have been approved for the VLTP have exhausted their own leave and have a medical emergency that prevents them from working. So if you have “use or lose” leave that you won’t use this year, please consider donating this annual leave to others in need. The VLTP website will give you a listing of NIHers who have been approved for the VLTP; information on the program and how to donate; and the IC contact for the Voluntary Leave Transfer Program.
7. DO YOU HAVE A CHANGE OF ADDRESS?
If you have moved and have a change of address, you must use myPay (DFAS) to update your personnel records. Once you’ve updated your address in myPay (DFAS), the change will automatically transmit to update your TSP account record; however, it does not automatically transmit to insurance carriers. To update your address with your health carrier, you must contact your carrier directly at the telephone number shown on your health plan ID card. To update your address with your dental and/or vision carrier, you must use the BENEFEDS portal or contact BENEFEDS directly at 1-877-888-FEDS. The change of address also does not update a savings bond inscription nor does it change your state tax withholding. Use the Savings Bond link in myPay (DFAS) to change the address on your savings bond. If you have moved to or from Maryland, you must complete a state tax form for your new state and submit it to the Payroll Liaison Team for processing. You should forward your form to Bldg 31/Rm B3C23 or fax it to 301-496-1209. For movement between other states and/or the District, you must use myPay (DFAS) to change your state tax withholding.
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. In addition, to make changes to your Federal and state tax withholding, home address, TSP contributions, direct deposit of your pay check and allotments, you must use myPay. And with the upcoming Federal Benefits Open Season, 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 record of address 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, 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.
