Description:
Improve your retirement outlook by obtaining important information now. Prepare a retirement readiness index and a financial plan. Learn how to optimize the contributions to your tax-deferred Thrift Savings Plan (TSP) retirement savings and investment account, and also your Federal Employees Retirement System (FERS) defined benefit, contributory retirement account. Learn how Social Security benefits are calculated, and how your health and life insurance benefits carry over into retirement.
Who Should Attend?
FERS participants with more than 10 years until retirement
Tuition:
$679.00
Credits:
1.2 CEU's
Class Type:
This course is currently being offered in the following training modalities:
- Online
- Virtual Instructor-Led - BENE8120A
- Class Length: This class is listed as a 2-day course.
- Virtual Instructor-Led - BENE8120A
- In-Person Classroom
- Mid-Career Retirement Planning (FERS Only Participants) - BENE8120D
- Class Length: This class is listed as a 2-day course.
- For in-person training sessions, participants are required to download the course materials to a personal device (e.g., laptop or tablet) and bring their device to class for use during classroom instruction.
- Mid-Career Retirement Planning (FERS Only Participants) - BENE8120D
- On-site
Learning Outcomes:
- Determine when you will be eligible to retire
- Identify the major steps involved in retirement planning
- Explain how your retirement benefit will be computed
- Explain how payment or nonpayment of refunded service, non-deduction service, and military service can affect your future retirement benefits
- Identify benefits that would be payable to your survivors upon your death once you have retired
- Determine the requirements for enrolling in health benefits and life insurance as well as continuing health benefits and life insurance into retirement
- Understand the Social Security benefits you may be entitled to
- Identify benefits that would be payable to your survivors if you die as a federal employee
- Determine the types of benefits that you may be eligible to receive if you become disabled as a federal employee
- Explain how the TSP can be used today as well as in retirement
Course Outline
Introduction to Federal Benefits
- Course and student objectives
- Overview of course content
- Definitions of retirement benefits terms
- Retirement questions
Retirement Eligibility
- Retirement eligibility under FERS
- Establishing your a minimum Retirement Age
- Determining the best time to retire
- Eligibility considerations for special employee categories
Determining How Your Benefits is Computed
- Computing creditable service
- Components of the average salary
- FERS basic annuity computations
- Components of special employee categories
- Parameters for reductions to annuities
- How 'Cost of Living Adjustments' impact annuities
Disability Benefits Under FERS
- Disability Eligibility Requirements for FERS
- Disability Annuity Computations under FERS
- Social Security disability benefits
Survivor Benefits of Deceased Employees and Retirees
- Survivor benefits of deceased federal employees
- Death after separation from federal service
- Insurable interest eligibility
- Court awarded survivor annuities
- Selecting survivor benefits
- Parameters for children's survivor benefits
Thrift Savings Plan
- TSP participation requirements
- Meeting your retirement financial needs
- TSP and FERS
- TSP investment fund options
- Withdrawal and transfer options of TSP funds
- Estimating a TSP account balance
Social Security/Medicare Benefits
- Key terms and definitions of the Social Security program
- Social Security eligibility requirements
- Calculating Social Security benefits using PIA and AIME
- Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)
- Eligibility requirements for Medicare
Health and Life Insurance Benefits (FEHB/FEGLI):
- Eligibility considerations for the FEGLI
- FEGLI continuation coverage options
- Order of Precedence for FEGLI benefits
- Post-retirement coverage under the FEHB
- FEHB and Medicare
- Long Term Care Insurance
- Flexible Spending Accounts (FSA)
Planning for Retirement:
- Retirement Application Process
- Steps to prepare for retirement
- Identify forms used in the application process
