Out of the more than two million individuals employed by the Federal Government, it is quite possible that you, and many others, could have important questions regarding your federal benefits.
A limited understanding of FEGLI, your pension, Survivors Annuity, FEHB, and Thrift Savings Plan could cost you thousands of dollars during your working career, and even larger amounts of money during your retirement.
In a Federal Employee Benefits Survey, OPM found a gap between worker participation in benefits programs and their understanding of them.
Employee participation in benefits programs was high, with over 96% of surveyed workers enrolled in the Thrift Savings Plan, nearly 91% in FERS, and almost 80% in FEGLI.
However, Federal Employees indicated varied understanding of their knowledge regarding their benefits. Just 56% of employees reported an “Excellent” or “Good” understanding of their TSP accounts, while another survey showed that only 54% of employees understood the FEGLI program.
Studies and research confirm a connection between employee well-being and understanding workplace benefits, as well as key financial concepts. Here is an overview of different Federal Benefits.
Need Help with Your Federal Benefits?
This is only a general overview. You can use this as a starting point to see how your benefits will fit in with the rest of your financial picture.
If you would like guidance in navigating your benefits and making choices that will help you make the most of them, we can help you.
Contact us or request your no-cost personal CABS Report (Comprehensive Annual Benefits Summary report) today.