John Grobe is President of Federal Career Experts, a consulting firm that specializes in federal retirement and career transition issues. He is also affiliated with TSP Safety Net. John retired from federal service after 25 years of progressively more responsible human resources positions. He is the author of Understanding the Federal Retirement Systems and Career Transition: A Guide for Federal Employees, both published by the Federal Management Institute. Federal Career Experts provides pre-retirement seminars for a wide variety of federal agencies.
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In this follow up to his article on the FEHB and the five year requirement, FedSmith.com author John Grobe provides clarification based on questions he received from readers asking if the five year requirement also applies to a federal employee’s spouse.
Expanded eligibility has been announced for applying for coverage under the Federal Long Term Care Insurance Program (FLTCIP). The change will be effective on November 30th.
An individual who reaches the age of 65 becomes eligible for Medicare. However, if at the time they become eligible for Medicare, they are working at a job that provides them with health insurance, they will not be subject to the 10% Medicare Part B late enrollment if they enroll in Medicare Part B later than age of 65, as long as they enroll within the eight months after they retire.
OPM calls temporary time and other time for which retirement deductions were not taken “deposit service”. Under FERS, deposit service will not count for either your eligibility to retire or in the computation of your annuity unless you make a deposit. The author provides examples of both deposit and re-deposit service to illustrate the impact they have on your pension.
It is not uncommon for an employee to separate from federal service with an outstanding TSP loan. What happens to your loan when you retire or otherwise separate from federal service?
Most federal employees are aware that, in order to carry your FEHB into retirement, you have to have been enrolled for the five-year period immediately preceding retirement (with few exceptions). There is generally a great advantage in being able to carry your FEHB into retirement, but there are some things to keep in mind in order to be able to do this.
Many federal employees consider leaving their positions for various reasons. The author provides a summary of what you can expect to happen to your benefits should you leave your job before retiring.
While the subject is one most of us would rather not ponder, it is helpful to know what will happen to your federal benefits should you die while still employed in your federal job.