Benefits Housekeeping 101 For Federal Employees and Retirees
We are halfway through the year. Has anything in your life significantly changed such as getting married, having a baby or perhaps moving to a new house or apartment? If any of these life events happen during the year you need to update your federal personnel forms and beneficiaries. The federal government has a form for every occasion. Sometimes we get so involved in the moment that we neglect to take care of the housekeeping of our federal paperwork. Here are some suggestions.
- Contact your human resource department and ask how to update your employee profile.Your agency may retain their employees’ profiles in a database as part of the human resource payroll and benefits. Perhaps, you can access that database and make any necessary changes to your address, telephone number, marital status along with an emergency contact.
- As an active federal employee, you should fill out a form SF1152 Designation of Beneficiaries. This form relates to unpaid wages in the event that you pass away as an active employee. You need to designate your spouse, a family member or other person who will receive your last paycheck or other outstanding payments owed to you such as a travel reimbursement.
- If you get married or have a baby, you need to fill out the Federal Health Benefits form SF 2809, the Tables of Permissible Changes in Enrollment. In these situations, there is no need to wait for the Health Benefits Open Season, because these are qualifying events.
- If you carry the Federal Employees Group Life Insurance (FEGLI), you should update your SF2823 Designation of Beneficiary. If you are divorced, you may not want your life insurance going to your ex-spouse. This is a common oversight for federal employees.
- With respect to your Thrift Savings Plan (TSP), you should update your TSP-3, Thrift Savings Plan Designation of Beneficiary. The Thrift Saving Plan website allows you to change your beneficiaries online and also allows you to select primary and contingent beneficiaries.
- What should you do if you are a federal retiree. The Office of Personnel Management (OPM) has a specific website for federal retirees. You need to register and have your information updated on the OPM Retirement Services website www.servicesonline.opm.gov
Make a check list and review each one of these items. Remember proper planning prevents poor performance!
Citation: FEDweek, Abraham Grungold, AG Financial Services