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COVER STORY
Market risk Take steps to protect your portfolio in uncertain times
P.24
P.30
Health IT Comes to the FEHBP Volume 92 • Number 1
P.43
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JAN
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WashingTon Watch
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Hatch Act Governs Feds’ Election-Year Political Activities
Grass-Roots Advocacy in an Election Year
8
How NARFE’s Legislative Program Is Made
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Bills Would Provide Payment in Lieu of COLA, Pension Protection
10 NARFE Bill Tracker 12 Using NARFE’s Legislative Action Center
13 Bills “Scored” by NARFE in 2015
24
Columns
Cover Story MARKET RISK. The phrase “timing is everything” is never more true than when you retire. Here are some steps you can take now to address market risk and protect your nest egg.
4 From the President 36 Managing Money 38 The Informed Citizen DEPARTMENTS
14 Questions & Answers 40 For the Record: TSP Health IT. The Office of Personnel Management is encouraging federal health plans to increase their use of health information technology.
30
On the Web
Returns, Retirement Claims Status, Countdown to COLA
42 NARFE News 48 The Way We Worked special section
43 National Convention
visit us online at:
Details and Deadlines
www.narfe.org like us on facebook:
NARFE National Headquarters follow us on twitter:
@narfehq
ON THE COVER
Illustration by Bill Pragluski, Critical Stages, LLC
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january 2016 | Volume 92 | Number 1
Editor Margaret M. Carter Assistant Editor Ken Fanelli Editorial Administrator Toni Vallario
National Active and Retired Federal Employees Association NATIONAL OFFICERS RICHARD G. THISSEN, President; natpres@narfe.org JON DOWIE, Secretary/Treasurer; natsectreas@narfe.org
Graphic Design Charlene Gridley Editorial Board Richard G. Thissen, Jon Dowie
Editorial Office: narfe magazine 606 North Washington St. Alexandria, VA 22314-1914 Phone: 703-838-7760 Fax: 703-838-7781 Email: communications@narfe.org Advertising Sales: Warren Berger Media People Inc. 122 East 42nd St., Suite 1622 New York, NY 10168 Phone: 212-779-7172, ext. 223 Email: wberger@mediapeople.com NARFE for the Visually Impaired On the Telephone: This publication can be heard on the telephone by persons who have trouble seeing or reading the print edition. For more information, contact the National Federation of the Blind NFB-NEWSLINE® service at 866-5047300 or go to www.nfbnewsline.org. On digital audio: Issues of narfe magazine are also available in audio format through the National Library Service for the Blind and Physically Handicapped (NLS). For availability, call 202-727-2142 or your local NLS service provider. The Association, since July 1970, has been classified by the IRS as a tax-exempt labor organization [not a union]; however, dues and gifts or contributions to the Association are not deductible as charitable contributions for income tax purposes.
REGIONAL VICE PRESIDENTS
REGION I James P. Crawford (Connecticut, Maine, Massachusetts, New Hampshire, New York, Rhode Island and Vermont) Tel: 603-630-5191 Email: crawfordjim62@gmail.com REGION II Evelyn Kirby (Delaware, District of Columbia, Maryland, New Jersey and Pennsylvania) Tel: 410-604-1141 Email: ekirby@atlanticbb.net REGION III Jerry Janci (Alabama, Florida, Georgia, Mississippi, Puerto Rico, South Carolina and Virgin Islands) Tel: 662-412-2029 Email: lettermanj@aol.com REGION IV Edward J. Konys (Illinois, Indiana, Michigan, Ohio and Wisconsin) Tel: 937-470-0566 Email: region4vp@gmail.com REGION V Carol R. Ek (Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota) Tel: 620-241-1131, CELL: 620-504-2202 Email: ek617@att.net
Here’s How to Contact Us… to join NARFE:
Call (toll-free) 800-627-3394 OR GO TO www.narfe.org To change your mailing address, phone number or email address:
CALL (TOLL-FREE) 800-456-8410, EMAIL memberrecords@narfe.org OR LOG ON TO www.narfe.org and go to “My Account”
REGION VI Marshall L. Richards (Arkansas, Louisiana, Oklahoma, Republic of Panama and Texas) Tel: 903-660-2784 Email: pappysdad@cobridge.tv REGION VII Rodney L. Adelman (Arizona, Colorado, New Mexico, Utah and Wyoming) Tel: 623-505-4719 Email: narfe7vp@cox.net REGION VIII Helen L. Zajac (California, Guam, Hawaii, Nevada and Republic of Philippines) Tel: 707-644-7565 Email: hlz17@aol.com REGION IX Lanny G. Ross (Alaska, Idaho, Montana, Oregon and Washington) Tel: 360-692-9741 Email: lannyjean@comcast.net REGION X William Shackelford (Kentucky, North Carolina, Tennessee, Virginia and West Virginia) Tel: 703-830-6590, CELL: 703-201-6304 Email: wshack1951@aol.com
TO REACH A FEDERAL BENEFITS Specialist:
Email fedbenefits@narfe.org NARFE HEADQUARTERS
606 N. Washington St. Alexandria, VA 22314 703-838-7760
www.narfe.org
narfe (ISSN 1948-4453) is published monthly by the National Active and Retired Federal Employees Association (NARFE), 606 N. Washington St., Alexandria, VA 22314. Periodicals postage paid at Alexandria, VA, and additional mailing offices. Members: Annual dues includes subscription. Nonmember subscription rate $45. Postmaster: Send address change to: NARFE Attn: Member Records, 606 N. Washington St., Alexandria, VA 22314. To ensure prompt delivery, members should also forward changes of address without delay. Because of the volume involved, NARFE cannot acknowledge nor be responsible for unsolicited pictures and manuscripts, although every reasonable precaution is taken. All submissions become the property of NARFE. Copyright © 2016, NARFE. Advertisements in the magazine are not endorsements of products and/or services by NARFE, unless officially stated in the ad. We shall accept advertising on the same basis as other reputable publications: that is, we shall not knowingly permit a dishonest advertisement to appear in narfe, but at the same time we will not undertake to guarantee the reliability of our advertisers.
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From the President
victories against The odds
A
s we enter a new year, we reflect on the one just past. Such reflection is not unusual, especially for those
of us in the legislative world. Early in 2015, we faced a fiscal year 2016 House budget that identified $318 billion in cuts over 10 years from the federal community. While the budget is nonbinding, the provisions contained within become easy pickings in other legislation. The recent passage of a two-year budget agreement by Congress was a major victory for us on two fronts: First, none of the $318 billion in cuts identified in the House budget were included. Even the most optimistic among us did not expect to prevent all of these reductions.
Second, we were the leader on addressing and finding a solution to the disproportionate increase in Medicare Part B premiums projected for many federal retirees. I understand that some of you are disappointed that we were not able to win “hold harmless” for all Medicare recipients. While we pushed hard, it was a steep uphill battle, and we knew a compromise was more likely. Remember, the last two times this happened, there was no fix at all. Your $40 per year NARFE membership dues, which fund these all-out lobbying efforts, will save those of you affected $450 a year in 2016! As you know, in the past few years, the attacks on the federal community have been relentless. Following the budget fight, the next battle we faced was over the highway bill and the three years of spending reductions Congress needed to find to pay for it. By the time this magazine reaches you, we expect the outcome to be known. In 2016, NARFE will work diligently to ensure that any postal reform bill provides effective changes and is not just a smokescreen for cuts in benefits. NARFE is among the major players in this effort and part of the reason a bad bill has not been enacted thus far. All in all, your legislators heard us, and that made 2015 ─ from a legislative perspective ─ a banner year!
Richard G. Thissen NARFE national President natpres@narfe.org
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Washington Watch
Hatch Act governs feds’ election-year political activities
A
s the 2016 election season begins in earnest, federal employees should keep in mind the rules and regulations established by the Hatch Act regarding
their political activities. The Hatch Act limits certain partisan political activities of federal employees. The law was created to protect the federal workforce from partisan political influence and ensure the nonpartisan administration of laws. Enforced by the Office of Special Counsel (OSC), it applies to all civilian employees in the executive branch, except the president and the vice president. However, the law does not apply to federal retirees. What Is Prohibited. In general, federal employees may not engage in political activity – that is, activity directed at the success or failure of a political party, candidate for partisan political office or partisan political group – while the employee is on duty, in any federal building, while wearing a uniform or official insignia, or using any federally owned or leased 6
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vehicle. Activities prohibited in the workplace include wearing or displaying political items and sending emails or posting on social media content that advocates for or against a partisan political party, candidate or group. The ease of accessing social media accounts at work, either on computers or smartphones, has made it easier for federal employees to violate the Hatch Act. The OSC recently updated its social media guidance for federal employees to simplify the do’s and don’ts of posting on social media. What Is Allowed. Federal employees may contribute to the campaign of a candidate, or to a political party or organization, provided the employee does not do so while on duty or in the federal workspace. Similarly, NARFE members are allowed to make contributions to the Associa-
tion’s political action committee, NARFE-PAC. How about advocacy? Legislative activism by NARFE members, whether by writing letters or calling congressional offices to express an opinion, is not prohibited by the Hatch Act. However, employees still should not engage in such advocacy activities on government time or using government equipment or resources. More information on Hatch Act compliance can be found on OSC’s website, www.osc.gov. Click on “What We Do” and then “Hatch Act.” To access OSC’s new social media guidance, click on “Social Media Guidance” in the left tab bar. Federal employees with specific questions about violating the Hatch Act should contact OSC or their agency ethics officers. Federal Retirees. Federal retirees have no Hatch Act prohibitions, so if you are retired and looking to volunteer for a campaign or engage in other similar political activity, don’t hesitate! —By Jason Freeman, political and legislative specialist
GRASS-ROOTS ADVOCACY IN AN ELECTION YEAR
W
hile it may feel like we’ve been in the middle of an election year for many months, we are only now officially in an election year. This means our grass-roots advocacy takes on a slightly different tinge. Some NARFE members may already be in the midst of their campaign work. Others may just be thinking about how to approach 2016. Some of these decisions are driven by your state’s primary schedule, but regardless of where you are in the election cycle, now is as good a time as any to start planning your election-year grassroots activities. Do not wait until NARFE’s “Meet Your Candidates Month” in August. In many ways, grass-roots advocacy is not that different in even-numbered years than it is in odd-numbered ones. You are still educating decision-makers on NARFE’s issues and making sure NARFE’s collective voice is heard. You are still building relationships. But there are also differences. Because you are contacting incumbents, challengers and candidates for open seats, you are reaching out to more people. Candidates and challengers do not have a voting record, so you are working with different information. You may be asking more hypothetical questions. There also are some practical differences. During 2016, Congress is expected to be less busy on Capitol Hill and in recess
more often. This provides more opportunities to meet with incumbent members of Congress and less legislative activity on which to take action. The challenger or open-seat candidate could be the next member of Congress. Building a positive relationship before he or she is even elected will pay dividends. If you are truly successful in building a strong, working relationship before the election, you can be the go-to resource for the new congressional office. You still will need to do your research before meeting with candidates. Just as you would know a member of Congress’ voting record prior to a meeting, you also should know similar information about a candidate. Ask how a candidate would have voted on a piece of legislation, and compare the response to the voting record of the incumbent. (NARFE’s Legislative Department makes available a candidate questionnaire for such situations.) In addition to individual meetings, chapters and federations can organize candidate forums. And NARFE members should always be prepared to talk to candidates for office during community events. This can include candidate forums sponsored by other organizations, parades and community fairs. Just as you should wear NARFE hats and buttons to congressional town halls, be pre-
pared to wear those items and ask questions at candidate events. Elections are inherently political and, therefore, partisan. But NARFE is a nonpartisan organization. It is important that NARFE members leave their partisan preferences at the door and remain neutral in meetings with candidates, challengers and incumbents. For more tips on election-year grass-roots advocacy, visit the Protect America’s Heartbeat Campaign Activities Toolkit, available at www.narfe.org/heartbeat/. —By Sarah Weissmann, grass-roots program manager
Legislative Resources • Legislative Hotline: A weekly update of legislative news, compiled by the NARFE Legislative Department staff, distributed via email and available by phone (toll-free) at 877-217-8234 and online at www.narfe.org. • Legislative Action Center: A one-stop site to send a letter to Congress, and more, at www.narfe.org.
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Washington Watch
HOW NARFE’S LEGISLATIVE PROGRAM IS MADE
H
ow does the NARFE Legislative Program come to be? NARFE’s Legislative staff receive this question a lot. The answer is that every two years, the NARFE Biennial National Convention establishes the Legislative Program as a statement of the Association’s judgment on matters of public policy. Delegates at the 2014 National Convention in Orlando, FL, approved the current Legislative Program – for the 114th Congress (2015-2016). The 2016 National Convention is August 28-September 1 in Reno, NV. (See story, p. 43.) But the formulation of the Legislative Program starts long before the Convention. The Legislative Program is the culmination of a democratic process that begins at the chapter level, as NARFE members work collectively to draft resolutions that may propose to alter the current Legislative Program or establish new priorities. All must be consistent with NARFE’s mission “to support legislation beneficial to current and potential federal annuitants and to oppose legislation contrary to their interests.” Chapter-sponsored resolutions, along with those sponsored by federations, are sent to NARFE Headquarters and, ultimately, to the National Convention, where a Legislative Committee, appointed by NARFE’s National President, convenes to consider those resolutions and fashion a Legislative Program strong enough to set a course for NARFE’s advocacy, but flexible enough to allow strategic responses to the often unpredict-
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able activity on Capitol Hill. The Convention’s Legislative Committee establishes criteria to assess the merits of the various resolutions, including intent, the constituencies impacted, federal budget implications, current legislative status, Congress’ track record on dealing with the issues involved, and the views of NARFE’s coalition partners. Working from the previous Legislative Program, the committee then forms the upcoming Congress’ Legislative Program. Convention delegates have an opportunity to speak out if a resolution they support was not included in the program by the committee or if they would like to remove a policy provision. Delegates vote on the issues raised and then vote to approve the Legislative Program, with any corresponding changes. narfe magazine includes the program, in its entirety, in its January issue in odd-numbered years. While there currently is no formal process outside the resolution process for taking into consideration the views of NARFE members regarding legislation being considered by Congress, NARFE’s National President historically has considered input received at Headquarters from NARFE members when he or she makes a decision regarding the Association’s legislative policy and strategy, absent guidance from the Legislative Program. Any NARFE member can, and should, work to make NARFE’s voice stronger in support of matters affecting our interests. Whether that means drafting a
MYTH vs. REALITY Myth: The Federal Employees’ Compensation Act (FECA), which provides benefits to civilian employees disabled or injured on the job, provides more income for recipients than they would have received if they had been able to keep working. Reality: In fiscal year 2014, the program provided $2.9 billion in benefits to approximately 278,000 workers and survivors. Of this, $1.8 billion was for wage-loss compensation, $951.3 million for medical and rehabilitation services, and $113.1 million for death benefits to survivors. Using these numbers, the average wage-loss replacement is less than $6,500 annually. FECA provides compensation based on the illness or injury. If the employee has no dependents, it is generally two-thirds of predisability gross wages, taxfree; if the employee has one or more dependents, it is three-fourths of predisability gross wages, taxfree. FECA payments grow with an annual cost-ofliving adjustment (COLA), while federal salaries are increased by Congress, typically at an amount greater than the COLA.
resolution that addresses an issue you think is not currently being addressed, or stopping in to see your members of Congress when they are back home, you are the key. After all, legislative advocacy is not a spectator sport. —By Alan Lopatin, Legislative Counsel
bills would provide payment in lieu of cola, pension protection
N
ARFE supports two newly introduced bills affecting federal benefits. They are: • S. 2251, the Seniors and Veterans Emergency (SAVE) Benefits Act, introduced November 5 by Sen. Elizabeth Warren, D-MA, in response to the October announcement that there will be no 2016 costof-living adjustment for Social Security, federal retirement and other benefits. It would provide a $581 “emergency” payment to those receiving Social Security retirement or disability benefits,
railroad retirement benefits or veterans benefits. It would grant a refundable tax credit of the same amount, $581, to federal and state government retirees who would not receive the payment because they do not receive Social Security benefits (or any other eligible benefit). The cost would be covered by closing a tax loophole allowing corporations to write off executive bonuses as a business expense for performance pay. • H.R. 3850, Annuity Safety and Security Under Reasonable Enforcement (ASSURE)
Act, introduced October 28 by Rep. Matthew A. Cartwright, D-PA. It targets “pension advance” schemes that offer annuitants immediate cash and, in exchange, require them to sign over all or part of their future monthly pension checks to a bank account managed by the lending company. It would require appropriate disclosures, cap interest rates on these “advances” and create a private right-of-action to allow individuals to enforce these laws in court. —By John Hatton, Deputy Legislative Director
NARFE-PAC CONTRIBUTION FORM I would like to be a SUSTAINER and make a monthly credit card contribution to NARFE-PAC of: q $25/month q $10/month
Monthly contributors of $10 or more will receive the NARFE-PAC Sustainer lapel pin and a NARFE duffle bag.
q Other: ______/month (minimum of $10) OR
q Please charge to my credit card (required for monthly contribution) Credit Card Information Type:
q MasterCard q VISA q Discover q American Express
Card No.: _____________________________________ Expiration Date: _____ /_________ mm
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Signature: ____________________________________
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q $50 BRONZE – Bronze lapel pin q $25 BASIC – Basic lapel pin q Other: _______________
q Please do not send any gifts for my contribution.
Or make check payable to NARFE-PAC. Mail to: National Active and Retired Federal Employees Association Attn: Budget & Finance 606 North Washington St. | Alexandria, VA 22314
NARFE Member #: __________________________________________ Name: ___________________________________________________ Address: ___________________________________________________________________________________________________________ City: __________________________________________________________________
State: ________
ZIP: ___________________
Only members of the National Active and Retired Federal Employees Association may contribute to NARFE-PAC. NARFE will neither favor nor disadvantage anyone based on the amount of a contribution or the failure to make a voluntary contribution to this political action fund. NARFE-PAC contributions are not deductible for federal income tax purposes.
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Washington Watch
narfe bill tracker The NARFE bill TRACKER is your monthly guide to the congressional legislation that NARFE is following. Check back each issue for updates. ISSUE
HEALTH CARE
Bill Number / Name / Sponsor H.R. 2175: FEHBP Prescription Drug Oversight and Cost Savings Act / Rep. Stephen F. Lynch, D-MA Cosponsors: 2 (D) H.R. 313: Wounded Warriors Federal Leave Act / Rep. Stephen F. Lynch, D-MA
SICK LEAVE FOR WOUNDED VETERANS
Cosponsors: 27 (D), 6 (R) S. 242: Wounded Warriors Federal Leave Act / Sen. Jon Tester, D-MT Cosponsors: 2 (R)
H.R. 3351: CPI-E Act of 2015 / Rep. Mike Honda, D-CA Cosponsors: 29 (D)
What Bill Would Do
Latest Action(s)
Provides the Office of Personnel Management greater oversight authority over the prescription drug contracting and pricing methods of the Federal Employees Health Benefits Program.
Referred to the House Committee on Oversight and Government Reform
Entitles any federal employee who is a veteran with a serviceconnected disability rated at 30 percent or more, during the 12-month period beginning on the first day of employment, up to 104 hours of leave, without loss or reduction in pay, for purposes of undergoing medical treatment for the disability for which sick leave could regularly be used. Leave does not carry over into the second year.
Passed the House on 9/28/15 (taken up by the Senate and passed 10/27/15)
Requires Social Security and many federal retirement programs to use the Consumer Price Index for the Elderly (CPI-E) to calculate cost-ofliving adjustments in retirement benefits.
Referred to the House Committees on Ways and Means, Veterans’ Affairs, Oversight and Government Reform, and Armed Services
Signed into law 11/5/15 Passed the Senate on 7/28/15 narfe, December 2015
narfe, October 2015 COLA S. 2251: Seniors and Veterans Emergency (SAVE) Benefits Act / Sen. Elizabeth Warren, D-MA Cosponsors: 19 (D), 1 (I)
Federal Compensation
H.R. 485: Wage Grade Employee Parity Act / Rep. Matt Cartwright, D-PA
Provides a $581 “emergency” payment to those receiving Social Security retirement or disability benefits, railroad retirement benefits or veterans benefits; grants a refundable tax credit of the same amount to federal and state government retirees.
Referred to the Senate Committee on Finance
Gives the president the authority to provide Wage Grade, or hourly, employees a pay raise.
Referred to the House Committee on Oversight and Government Reform
Cosponsors: 9 (D), 3 (R)
Pension Scam Protection
H.R. 3850: Annuity Safety and Security Under Reasonable Enforcement (ASSURE) Act / Rep. Matt Cartwright, D-PA Cosponsors: 23 (D), 1 (R)
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narfe, April 2015 Requires appropriate disclosures Referred to four regarding “pension advance” House committees schemes and caps the interest rates on these advances. Also See story, p. 9 creates a private right-of-action to allow individuals to enforce these laws in court. NARFE’s Position:
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See story, p. 9
Support
Oppose
No position
Editor’s Note: Several items have been removed from the NARFE Bill Tracker. Those bills are all listed online at cqrcengage.com/narfe/home.
ISSUE
Bill Number / Name / Sponsor H.Res. 12: Expresses the sense of the House that the Postal Service should take measures to ensure continuation of six-day delivery / Rep. Sam Graves, R-MO Cosponsors: 175 (D), 50 (R)
Postal Reform
What Bill Would Do
Latest action(s)
Expresses the sense of the House that the U.S. Postal Service should maintain six-day mail delivery. As a resolution, it will not be sent to the president and, therefore, cannot become law.
Referred to the House Committee on Oversight and Government Reform
H.R. 784: Protect Overnight Repeals the service standards Delivery Act / Rep. Rosa implemented by the Postal DeLauro, D-CT Service on 1/5/15 and directs the Postal Service to reinstate Cosponsors: 99 (D), 3 (R) 12/31/2011 service standards.
Referred to the House Committee on Oversight and Government Reform
S. 1742: Rural Postal Act of Returns to service standards of 2015 / Sen. Heidi Heitkamp, July 2012, preserves six-day deD-ND livery and puts two-year moratorium on plant closures. Cosponsors: 7 (D)
Referred to the Senate Committee on Homeland Security and Governmental Affairs
S. 2051: The Improving Postal Operations, Service and Transparency Act (iPost) of 2015 / Sen. Thomas R. Carper, D-DE
Referred to the Senate Committee on Homeland Security and Governmental Affairs
Cosponsors: 0
Requires postal employees and retirees to enroll in Medicare in order to continue receiving their current federal health insurance coverage and cuts workers’ compensation benefits for injured federal employees.
H.Res. 54: Expresses the sense of the House that the Postal Service should take all measures to restore service standards in effect on July 1, 2012 / Rep. Dave McKinley, R-WI
Expresses the sense of the House that the U.S. Postal Service should restore service standards as of July 1, 2012. As a resolution, it will not be sent to the president and, therefore, cannot become law.
Referred to the House Committee on Oversight and Government Reform
narfe, November 2015
Cosponsors: 180 (D), 40 (R)
Campaign finance
H.R. 20: The Government By the People Act / Rep. John Sarbanes, D-MD Cosponsors: 155 (D), 1 (R) H.R. 973: Social Security Fairness Act of 2015 / Rep. Rodney Davis, R-IL Cosponsors: 100 (D), 29 (R)
GPO/wEP
Reforms campaign finance laws Referred to three to put small donors on par with House committees wealthier donors. Provides a tax credit for contributions and government matching contributions. Repeals the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP).
Referred to the House Committee on Ways and Means
S. 1651: Social Security Fairness Act of 2015 / Sen. Sherrod Brown, D-OH
Referred to the Senate Finance Committee
Cosponsors: 14 (D), 5 (R)
narfe, September 2015
(Continued on p. 12) w w w. n a r f e . o r g
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Washington Watch
narfe bill tracker
(Continued from p. 11) ISSUE
Bill Number / Name / Sponsor
H.R. 3029: RECOVER Act / Del. Eleanor Holmes Norton, D-DC OPM Security breach
Cosponsors: 23 (D), 1 (R)
S. 1746: RECOVER Act / Sen.
What Bill Would Do
Latest Action(s)
Expands lifetime coverage of credit monitoring and identity theft protection of no less than $5 million to all individuals affected by the security breaches at the Office of Personnel Management.
Referred to the House Committee on Oversight and Government Reform
Benjamin J. Cardin, D-MD
Cosponsors: 5 (D), 1 (I) H.R. 2827: Competitive Service Act / Rep. Gerald E. Connolly, D-VA federal hiring
Cosponsors: 1 (R)
Allows federal agencies to review and select job candidates from other federal agencies’ “best qualified list” of applicants.
S. 1580: Competitive Service Act / Sen. Jon Tester, D-MT
narfe, November 2015
H.R. 532: Federal Employees Paid Parental Leave Act / Rep. Carolyn Maloney, D-NY
Allows federal employees six weeks of paid leave for the birth or adoption of a child.
Cosponsors: 57 (D), 1 (R)
Referred to the House Committees on Administration, and Oversight and Government Reform narfe, May 2015
S. 2033: Federal Employees Paid Parental Leave Act / Sen. Brian Schatz, D-HI
Referred to the Senate Committee on Homeland Security and Govern. Affairs
Cosponsors: 1 (D)
DC Statehood
Referred to the House Committee on Oversight and Government Reform Passed the Senate on 9/17/15
Cosponsors: 2 (D), 4 (R)
Paid parental leave
Referred to the Senate Committee on Homeland Security and Governmental Affairs
narfe, November 2015
Sets forth procedures that H.R. 317: New Columbia Admission Act / Del. Eleanor would allow the District of Columbia to become a Holmes Norton, D-DC state known as New Columbia. Cosponsors: 127 (D) NARFE’s Position:
Support
Referred to the House Committees on Oversight and Government Reform, and Administration Oppose
No position
USING NARFE’S LEGISLATIVE ACTION CENTER
N
ARFE makes it easy for members to find out more about the legislation listed in the NARFE Bill Tracker, to see if their legislators are cosponsoring NARFE-backed bills and to write messages to members of Congress about the bills. Simply
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use the Legislative Action Center on the NARFE website. Go to www.narfe.org. Click on the Contact Congress graphic in the carousel on the home page. Click on “Bills and Votes” to see how individual members of Congress voted. Click on “Key Issues”
for briefings on some of the important issues in which NARFE is involved. Click “Contact Congress” to send a message, using one of NARFE’s message templates. Explore the other options, too! For more information, contact leg@narfe.org.
bills ‘scored’ by NARFE in 2015
P
rior to each election, NARFE publishes a congressional scorecard in the October issue of narfe magazine. The scorecard, covering the entire two-year Congress, shows how every member of Congress voted on bills that would have an impact on the federal community and provides the member’s overall NARFE voting record. With 10 months remaining until the election, NARFE has scored seven House bills and three Senate bills so far. A brief explanation of each vote appears below. To see how your members of Congress voted on these bills, go to www.narfe.org/ legislation.
HOUSE
H. Amdt. 3 to H. Con. Res. 27, 2015 House Vote #138. The Fiscal Year (FY) 2016 Republican Study Committee budget substitute would replace H. Con. Res. 27, the House FY 2016 budget. This substitute contained additional cuts to the federal community, including a switch to the Chained CPI for calculating cost-of-living adjustments. Rejected 132-294. NARFE opposed
the amendment. H. Amdt. 4 to H. Con. Res. 27, 2015 House Vote #139. The FY 2016 Democratic budget substitute would replace H. Con. Res. 27, the House FY 2016 budget. This substitute did not contain any cuts to the federal community and contained language promoting the hard work of federal employees. Rejected 160-264. NARFE supported the amendment. H. Con. Res. 27, 2015 House Vote #142. The House FY 2016 budget resolution contained numerous cuts to the federal community, including increasing Federal Employees Health Benefits Program (FEHBP) premiums for employees and retirees, decreasing the rate of return on the Thrift Savings Plan (TSP) G Fund and increasing retirement contributions for current employees, for a total of $318 billion in cuts. Passed 228-199. NARFE opposed the bill. H.R. 1994, 2015 House Vote #489. This legislation, introduced by Rep. Jeff Miller, R-FL, would remove employee due process protections for Department of Veterans Affairs employees, making it easier to fire them for misconduct and lim-
2016 medicare Part B premiums announced Medicare Part B premiums for 2016 were announced November 12 by the Department of Health and Human Services. Individuals who have their Part B premiums taken from their Social Security benefit are “held harmless” and most will continue to pay $104.90 per month. For those not held harmless, the monthly baseline premium is $118.80, plus a $3 surcharge ($121.80 total). Therefore, premiums for most federal retirees who do not receive Social Security
will be $121.80. This is slightly lower than the projected rate following the bipartisan budget agreement, which was $123.70. Rates and surcharges vary for those who pay higher premiums because of their income levels. For example, individuals whose yearly income in 2014 was above $85,000 up to $107,000 if they file an individual tax return or $170.00 up to $214,000 if they file a joint return will pay $170.50 a month. See www. medicare.gov for more information.
iting appeal rights. Passed 256-170. NARFE opposed the bill. H.R. 719, 2015 House Vote #528. This legislation provided FY 2016 continuing funding through December 11, 2015, thereby avoiding a government shutdown. Passed 277-151. NARFE supported the bill. H.R. 1090, 2015 House Vote #575. This legislation, introduced by Rep. Ann Wagner, R-MO, would prohibit the Department of Labor from finalizing a rule to ensure that individuals saving for retirement are protected by a “best interest” standard when receiving investment advice, including when federal employees and retirees receive advice regarding rolling over their TSP investments. Passed 245-186. NARFE opposed the bill. H.R. 1314, 2015 House Vote #579. This two-year budget deal lifted sequestration caps for FY 2016 and FY 2017, raised the national debt limit, and included a compromise fix to stop the 52 percent increase to Medicare Part B premiums. Passed 266-167. NARFE supported the bill.
SENATE
S. Con. Res. 11, 2015 Senate Vote #135. This FY 2016 budget resolution contained numerous threats to the federal community, including increasing FEHBP premiums for employees and retirees, increasing retirement contributions for current employees, and cutting the federal workforce by 10 percent. Passed 5246. NARFE opposed the bill. H.R. 719, 2015 Senate Vote #272. See description of H.R. 719 in House section. Passed 78-20. NARFE suported the bill. H.R. 1314, 2015 Senate Vote #294. See description of H.R 1314 in House section. Passed 64-35. NARFE supported the bill. w w w. n a r f e . o r g
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Questions & Answers
The following Questions & Answers were compiled by NARFE’s Federal Benefits Service Department staff. NARFE does not provide advice or assistance on legal, financial planning or tax matters.
employees Electing an insurable interest benefit
Q
I am under the Civil Service Retirement System and planning my retirement. I will be electing an insurable interest annuity for my son. The paperwork states I must submit with my retirement papers a report from a doctor stating I am in good health. Who pays for this report?
A
If you elect an insurable interest benefit, you are responsible for arranging for and paying the cost of any medical examination required showing you are in good health. The report of the medical examination should be included with your retirement application.
Can Dental premium be taken from annuity?
Q
Tens of thousands of us will be retiring in December and January. Can we keep our optional dental policies when we are no longer getting a
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federal paycheck? If so, will the premiums be deducted from our monthly annuity?
A
When your agency forwards your retirement package to the Office of Personnel Management, it will indicate your federal dental (and vision) insurance coverage under the Federal Employees Dental and Vision Program (FEDVIP) and whether you are eligible to continue that coverage into retirement. You are eligible if you retire on an immediate annuity or because of a disability under the Civil Service Retirement System,
the Federal Employees Retirement System or another retirement system for employees of the federal government, regardless of the length of time you had FEDVIP coverage as an employee. There is no requirement to have coverage for five years of service prior to retirement in order to continue coverage into retirement, as there is with the Federal Employees Health Benefits Program. BENEFEDS administers the program. Here is what it says on its website (www.benefeds.com) about premiums: “You should not need to take any action with your FEDVIP enrollment(s) when you retire. Most payroll offices inform BENEFEDS when an employee retires. You will receive a letter informing you we have been notified of your retirement and that your FEDVIP plan premiums will be deducted from your annuity once adjudication has been finalized. If
you do not receive this letter soon after your last pay period before retirement, please contact BENEFEDS Customer Service. During adjudication, you may receive direct bills for your premium. Please note that FEDVIP premiums cannot be withheld from your interim retirement annuity. You need to pay premiums directly during this time in order to keep your coverage active. If this is the case, you will be sent a letter informing you about the direct bill process.”
retirees IRS Form required by Affordable Care Act
Q
At our recent local chapter board meeting, the legislative officer mentioned that everyone will be required to have an IRS Form 1095 for filing our income tax returns. As no one had ever heard of this, he provided us with the notice that has been provided to members covered by TRICARE. How will federal employees and retirees get this form? Any information will be helpful so that we can notify our members here in Arizona.
A
IRS Form 1095 is required by the Affordable Care Act. The Office of Personnel Management will be providing employees and retirees with information regarding the new tax forms soon. We have included a short article on the subject in this issue, p. 16.
Is Medicare eligibility a “life event?”
Q
I will turn age 65 in March. If I decide to enroll in Medicare, is that considered a “life event” that would permit me to change health insurance carriers outside the annual Open Season?
A
You may change your Federal Employees Health Benefits Program enrollment to any available plan or option at any time beginning 30 days before you become eligible for Medicare. You may use this enrollment change opportunity only once. You also may change your enrollment during the annual Open Season or because of another event that permits enrollment changes (such as a change in family status).
Survivor Eligibility under Self plus One
Q
If I change my health insurance to Self Plus One during Open Season, will my spouse be eligible to continue coverage after my death? I can only find information that states the deceased enrollee must have had Self and Family coverage at the time of death for the spouse to be covered under the Federal Employees Health Benefits Program (FEHBP) as a survivor.
A
Yes, your spouse will be eligible to continue FEHBP coverage if he or she is the dependent named under your Self Plus One enrollment and
you elected a survivor benefit for that spouse at retirement.
Survivor’s new spouse not eligible for FEHBP
Q
I am a survivor of a federal retiree, over age 55 and planning to remarry. Can my new husband be covered under my Federal Employees Health Benefits Program (FEHBP) insurance plan?
A
No. If you remarry as a survivor, your new spouse and his or her children cannot be covered as dependents under your FEHBP enrollment. Only eligible family members of the deceased can be covered. The exception would be if your new spouse was also a federal employee/retiree with his or her own FEHBP coverage.
What is a CSA Number?
Q
My mother, a federal retiree, recently passed away, and when I contacted the Office of Personnel Management (OPM) to report her death, OPM asked for her CSA number. What is a CSA number, for those individuals who never worked in the federal sector?
A
When OPM receives a retirement application from the retiree’s agency, OPM mails a welcome letter, along with a retirement card that contains a CSA number. It is a seven-digit number, sometimes referred to as a “claim number,” w w w. na r f e . o r g
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Questions & Answers
and will be included on all correspondence from OPM. If you are a survivor, OPM will issue you a CSF number after it processes the notification of death. It, too, is a seven-digit number and will be included on all correspondence from OPM. When retirees use the number, they put a capital “A” before the seven-digit number and then put in a zero following the number. Example: A12345670. When survivors use the number, they put a capital “F” before the seven-digit number and then put in a capital “W” following the number. Example: F1234567W.
getting paperwork in order for family
Q
I have been told that I have a terminal illness. I am attempting to get
paperwork in order for my family. The phone number for the Office of Personnel Management (OPM) is constantly busy. I was able to get some information from its website. I hope you can help me with some of the following issues: • I know my family will need to contact OPM immediately upon my death, but the number OPM provides is constantly busy. Can my family notify OPM by mail? If so, what address should they use? • I am retired under the Civil Service Retirement System (CSRS). I found Standard Form 2800, Revised November 2011. Is that the correct form to use to apply for survivor benefits? • Are there forms we need for federal and state withholding for my husband’s survivor annuity?
• Does OPM notify my health and vision insurance carriers? • Do they notify the life insurance company?
A
We are sorry to hear about your illness and prognosis. You are to be commended for making sure your paperwork is in order. • Aside from the OPM Retirement Information Office telephone number, 888-767-6738, your family can contact OPM by email at: retire@opm.gov, or by postal mail at OPM, P.O. Box 45, Boyers, PA 16017. • Yes, the Death Claim Application form for CSRS survivor benefits is SF 2800, which can be found at www.opm.gov/forms/ pdf_fill/sf-2800.pdf. After being notified of the death of a retiree, OPM sends an SF 2800 to the survivor, along
New affordable care act tax forms: 1095-B, 1095-C The Affordable Care Act requires most Americans, including federal employees and their families, to have qualifying health care coverage or “minimum essential coverage.” All Federal Employees Health Benefits Program (FEHBP) plans provide minimum essential coverage. Beginning in 2016, federal employees, annuitants and family members will receive a statement (Form 1095-B) from their health insurance carriers that they have provided them with minimum essential coverage. In addition, federal employees will receive a form (Form 1095-C) from their federal agencies (at the department level) about the health care coverage offered by their employer. This information will be provided to employees at the same time as the W-2 forms. The forms should be used along with the income tax return to show that taxpayers and the individuals claimed as dependents had
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qualifying health coverage in 2015. According to the Internal Revenue Service (IRS), taxpayers do not need to attach documentation or proof of insurance coverage to their tax return. However, since these documents verify they have minimum essential coverage, the IRS suggests they should show these to their tax preparer. For more information, go to www.irs.gov.
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Questions & Answers
Employees’ Group Life Insurance benefit applications to the beneficiaries you have listed in your OPM retirement file, at the same time it sends your spouse the SF 2800. Please remember, your local NARFE Chapter Service Officer is available to assist you or your spouse. You and your spouse also can contact us again at NARFE Headquarters and we will be happy to provide assistance.
with a return envelope featuring a barcode to expedite processing. • There are no forms for federal and state tax withholding. Your husband can inform OPM what he wants at the time he applies for survivor benefits. • OPM automatically will make a change in your Federal Employees Health Benefits Program enrollment from Self and Family or Self Plus One to Self Only when it receives the completed survivor application form from your spouse. Your spouse will need to contact BENEFEDS, www. benefeds.com, to change any Federal Employees Dental and Vision Program insurance you have. • OPM will provide Federal
HMO costs differ depending on location
Q
Page 42 of the November 2015 narfe magazine has a table that shows the 2016
premiums that are associated with the largest health maintenance organizations in the Federal Employees Health Benefits Program. I have been a member of the Northern California Kaiser Foundation Health Plan (Nor Cal KP) for more than 52 years. For years, I have compared the costs of the Nor Cal KP with those of the Southern California Kaiser health plan (So Cal KP). In all plan options, the costs of the Nor Cal KP have been considerably higher than those of the So Cal KP. In 2016, for all of the plan options in these two Kaiser locations, the government pays close to 75 percent throughout the six options in the So Cal KP, whereas
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Questions & Answers
NARFE at Your Service in the Nor Cal KP, the government pays between 51.2 percent to 67.67 percent, with an average of about 58.5 percent. These disparities/discrepancies just don’t make sense to me. Can you provide any rationale?
A
We have received a great many similar questions over the years during Open Season from Kaiser enrollees paying the higher premiums. The best answer we can provide you is that health care costs in your part of California are higher because of fewer providers and less competition than in Southern California. In the past, Kaiser has said
there are many more younger active federal employees in Southern California and more older retirees in the northern part of California. Older enrollees use more health care services and need more expensive services and prescription drugs than younger ones, so the cost to provide health care benefits to that group is higher. To obtain an answer to a federal benefits question, NARFE members should call 703-838-7760 and ask for the Federal Benefits Service Department; send your question by postal mail to NARFE Headquarters, ATTN: Federal Benefits; or submit it by email to fedbenefits@narfe.org.
NARFE service officers are available to answer questions and to assist in helping with a variety of benefit matters. Check your chapter newsletter for the name and phone number of your service officer. For the nearest service officer, call NARFE (toll-free) at:
800-456-8410. NARFE Service Centers also are available in some areas. Use the Service Center listings on the NARFE website,
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TruHearing savings on hearing aids made available to Service Benefit Plan Members through Blue365. Price shown does not include cost of comprehensive hearing exam. Examination and testing for prescribing of hearing aids is covered under the Blue Cross and Blue Shield Service Benefit Plan. The Insured may need to submit for reimbursement. Must be a Service Benefit Plan member to access TruHearing pricing. State and local taxes and/or fees may apply. Prices and products subject to change. The Blue Cross and Blue Shield Service Benefit Plan will pay a hearing aid benefit up to $2,500 total every 3 calendar years for adults age 22 and over, and up to $2,500 total per calendar year for members up to age 22. Do not rely on this communication piece alone for complete benefit information. All benefits are subject to the definitions, limitations, and exclusions in your Service Benefit Plan brochure. The Blue365速 Discount Program offers access to savings on items that you may purchase directly from independent vendors, which may be different from items covered under your Service Benefit Plan or
Examples of Savings (per pair) Sample Product
Retail
TruHearing
(up to $2,500)
Service Benefit Plan hearing benefit
YOU PAY
(up to $2,500)
PHONAK
Audeo Q70
$5,000
$3,100
$2,500
$600
OTICON
Nera
$5,250
$2,700
$2,500
$200
WIDEX
Dream 330
$5,160
$3,190
$2,500
$690
STARKEY
Z Series i90
$4,560
$2,850
$2,500
$350
RESOUND
Verso 7 W
$4,820
$2,500
$2,500
$0
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Invisible-in-the-canal Virtually undetectable
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Prices and products subject to change. TruHearing is off ered through Blue365® which provides exclusive health and wellness deals and is a program of Blue Cross Blue Shield Association, an association of independent Blue Cross and Blue Shield companies.
All appointments must be scheduled through TruHearing. any other applicable federal healthcare program. For hearing aids, acupuncture, chiropractic and vision services, you must exhaust your Service Benefit Plan benefits first. To find out what is covered under your policy, contact the Service Benefit Plan. The products and services described herein are neither offered nor guaranteed under any local Blue company’s contract with the Medicare program. In addition, these items are not subject to the Medicare appeal process. Any disputes regarding these products and services are not subject to the Service Benefit Plan’s Disputed Claims process. Blue Cross Blue Shield Association (BCBSA) may receive payments from Blue365 vendors. Neither the Service Benefit Plan, BCBSA, nor any local Blue company recommends, endorses, warrants or guarantees any specific Blue365 vendor or item. The Service Benefit Plan reserves the right to change, modify, or terminate any item and vendors made available through Blue365, at any time. Blue Cross Blue Shield Association is an association of independent, locally operated Blue Cross and Blue Shield Companies.
Cover Story
By David Tobenkin
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It has been a long, good stock market ride for many federal employees’ investment portfolios, but an August dip that interrupted more than six years of relatively steady growth in key domestic equity indexes has reminded government workers that stock markets go down as well as up. Stock investments are an important component of the retirement investment equation for many federal employees, and how such equities perform in the immediate years before and after retirement can play an
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Steps you can take now to address market risk important role in whether some annuitants will enjoy their retirements or run out of money. But there are some steps that employees and retirees can take to address that risk, say financial advisers.
A TROUBLING DIP
The Standard & Poor’s (S&P) 500, a key index made up of the stocks of large domestic companies, fell 11 percent from a close of 2102.44 on August 17, 2015, to 1867.61 on August 25, 2015. By November 2, the index had fully rebounded to close at 2104.05. While that dip may have caused heart palpitations for some, it was a blip compared to a true bear market. To see how bad things can get, following the S&P 500’s performance from the 2007 through 2009 subprime mortgage and global financial crisis induced market downturn is instructive. During that period, the S&P 500 lost more than half its value, declining from 1549.38 on October 1, 2007, to 735.09 on February 1, 2009. Not until nearly five years later, in February 2013, did the index fully rebound to the October 1, 2007, level. Similarly, the tech stock bubble collapse and the brief recession that resulted triggered a market decline near the turn of the millennium that nearly halved the value of the S&P 500, measured from peak to trough. That did not fully recover until April 2007. (See graph, p. 29, for the S&P 500’s performance since 2000.) The bad news is that no one can predict when the next bear market will come, how bad it will
be or how long it will last. “There is no rule of thumb on how long a downturn lasts,” says Mark Atherton, principal at Reston, VA-based ClearLogic Financial, Inc. “The 2007-2009 downturn was the most severe since the Great Depression. In that example, however, we rebounded quickly. On the other hand, other examples take longer for a recovery, such as in the late 1960s and 1970s. Each one has a different pattern.” Ironically, one danger could be paying too much attention to the most recent 2007-2009 bear market, which was one of the most severe on record. Such anxiety could cause retirees to become too cautious in their investments, notes David Blanchett, head of retirement research at Morningstar Investment Management. Speculation about future equity returns is just that – speculation. While past trends cannot predict the future, some financial advisers say that they are advising individuals that performance considerations, such as the length of the current bull market, do merit some attention when making investment decisions. “I try to be conservative and note that this is one of the longer bull markets in history – it’s in the top quartile,” Atherton says. “You should not count on it lasting forever.” “When I talk or communicate to near or recent retirees, I highlight the criticality of where they are in time,” says Michael Falk, a partner at Focus Consulting Group in Long Grove, IL, who no longer advises individual investors but researches and lectures on retirement planning issues. “There was a bull market through August, then a break. Interest rates are near zero [meaning
Income and Sequence of Returns
At retirement, two brothers each had $500,000 in an IRA tracking the Dow Jones Industrial Average. Both use $30,000 annually for income. “Steve” retired in 1990; “Bill” retired in 2000. After 10 years, the results are:
Steve Retired in 1990
End of Market Withdrawal Year Return1 1990 -4.34% $30,000 1991 20.32% $30,000 1992 4.17% $30,000 1993 13.72% $30,000 1994 2.14% $30,000 1995 33.45% $30,000 1996 26.01% $30,000 1997 22.64% $30,000 1998 16.10% $30,000 1999 25.22% $30,000
IRA Account Balance $449,602 $504,865 $494,667 $528,419 $509,085 $639,340 $767,829 $904,873 $1,015,728 $1,234,328
Bill Retired in 2000
End of Market Withdrawal Year Return1 2000 -6.18% $30,000 2001 -7.10% $30,000 2002 -16.76% $30,000 2003 25.32% $30,000 2004 3.15% $30,000 2005 -0.61% $30,000 2006 16.29% $30,000 2007 6.43% $30,000 2008 -33.84% $30,000 2009 18.82% $30,000
IRA Account Balance $440,954 $381,776 $292,819 $329,364 $308,794 $277,094 $287,345 $273,892 $161,359 $156,081
Chart source: www.fedsavvy.com 26
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lowering interest rates cannot be used as a tool to foster growth] and the entire world – from an economic standpoint, including the slowdown in the Chinese economy – is not in great health.”
THE DANGER OF SEQUENCE RISK AND A POSSIBLE BEAR MARKET
Sharp declines in equity or bond values that occur in the years immediately before and after retirement can have a disproportionate impact on the long-term performance of a retiree’s investment portfolio. For some retired federal employees, this so-called “sequence risk” could determine whether or not they will run out of money before running out of life. Loss of too much equity value in the critical early years of retirement does not allow a sufficient remaining value to permit regeneration of equity value in time to fund retirement needs. In an extreme theoretical case, if stock market values fall to zero, no underlying equity is left to appreciate. Anything that removes the ability to regenerate equity values to fund future years will adversely affect financial outcomes in those later years. Take the hypothetical example provided by the Fedsavvy Educational Services federal retirement website (www.fedsavvy.com) of two brothers, “Steve” and “Bill,” both of whom, upon retiring, had $500,000 in individual retirement accounts (IRAs) in funds tracking the Dow Jones Industrial Average. These funds included the stocks of 30 U.S.-based, large, publicly traded companies. Both brothers followed a strategy of withdrawing $30,000 annually for income. The difference is that Steve retired in 1990, at the beginning of the Clinton-era stock market boom; Bill retired in 2000, just before the tech bubble recession hit. The result at the end of 10 years? Steve would have been comfortable in retirement with $1.2 million in his IRA, while Bill could face some hardships with slightly more than $156,000 in his IRA. (See chart, p. 26.) Estimates of the critical window for those nearing retirement and existing retirees varies. “One research study said eight years before and after – I would use the range five to 10 years before and after,” says Falk.
Retirees, as early as possible, should “stress test” their portfolios by examining what could happen in a downturn. SPECIAL CONSIDERATIONS FOR FEDERAL RETIREES
So what is a retiring or retired federal employee in that window to do? The good news is that the annuities in the defined contribution plans that federal retirees have earned may cushion them somewhat against the volatility of equities, notes Morningstar’s Blanchett. “Your readers get a lot from their pensions and from Social Security, so their portfolios don’t have to do as much heavy lifting and, on average, they can take more risk in their portfolios than most investors.” Whether that is enough, however, will depend on the circumstances of each individual retiring federal employee, notes Blanchett and all the other financial advisers who were interviewed. The key determination that a Fed who is nearing retirement or who is newly retired must make is whether he or she can cover likely expenses from anticipated flows of income such as annuities, or if he or she expects to have a monthly cash flow deficit because expenses exceed income flows, which will require tapping savings. Specifically, if an employee can cover his or her retirement expenses, including reasonable contingencies, on proceeds from his or her annuity and possibly Social Security proceeds, worries about the possible effects of a bear market on retirement income may be limited, says Falk. Retirees, as early as possible, should “stress test” their portfolios by examining what could happen if a worst-case scenario occurred and there was a severe downturn. They should, for example, “look under the hood” at their Thrift Savings Plan (TSP) holdings to examine not only the average rate of return needed to reach their goals, but also how w w w. n a r f e . o r g
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Steps you can take now to address market risk much risk they can stomach, recommends Carol Schmidlin, president of Sewell, NJ-based Franklin Planning. “Once a TSP portfolio review is completed, we can show investors what the maximum drawdown was during a particular period and determine if a similar loss is within their comfort level,” Schmidlin says. “For example, if you had been invested in the S&P 500 Index (the C Fund’s investment objective is to match the performance of the S&P 500 Index) from January 2001 through September 2015, you would have experienced an average rate of return of 4.61 percent. When we examine the drawdown from peak to trough during that same period, we find the maximum drawdown was -50.95 percent beginning November 2007 and ending February 2009. The drawdown lasted 16 months and did not recover until March 2012, based on research from www.tspvision.com. Now imagine you are two years from retirement and you lose half of the value of your TSP. Would you still be able to retire as you planned?” One danger may be not realizing the risk of running into trouble further down the road. The average federal employee’s TSP account holds more money than he or she has ever had in a liquid account. It is easy, then, for a seemingly significant amount of money in the portfolio to create a false sense of security, given that those assets may have to last a long time for today’s longer-lived retirees, says Benjamin Muchler, managing partner of wealth management company Boston Research & Management, Inc., in Manchester-by-the-Sea, MA. “You are seeing some of the 2007 retirees who, six or seven years ago, did things like sell everything at the bottom and buy bonds, and now their decisions are starting to catch up to them and lead them to say, ‘I don’t have as much money in my retirement pool as I thought I did.’” Muchler recommends doing everything possible to have enough liquid assets to cover two years of expenses in the event of a severe down market. “For years three to five, it may
be acceptable to move beyond cash equivalents to satisfy the gap, to income with maturing bonds or CDs,” says Muchler. “Beyond that time frame, it is likely safe to rely on the sale of some equities to satisfy the gap, if needed.” Beyond depleting assets to meet absolute financial needs, there is a psychological danger that poses a risk to investor portfolios: Those who panic and sell unnecessarily at the bottom of a bear market lose big. Atherton says investors should recall their behavior in the 2007-2009 bear market. Did they avoid selling off stocks or funds that had declined precipitously and later rebounded? If so, that is a good indicator of their ability to withstand volatility to achieve higher longer-term returns.
PORTFOLIO ADJUSTMENTS
One area to examine in addressing sequence risk is portfolio risk and diversification. For those who may have to tap their retirement portfolios in the first five to 10 years after retirement, real dilemmas present themselves. Invest too aggressively in equities and the risk of being adversely affected by a bear market increases. Invest too much in less risky products, such as government securities and bonds, and returns likely will be low, which may increase the risk of running out of money in the longer term. “To me right now, what makes most sense is 40 to 60 percent in stock,” Blanchett says. “In the past, you could buy a bond portfolio, and that would provide a reasonable return for some growth during your retirement years. But if you buy bonds now, you can expect roughly 1 to 2 percent before taxes and fees, which is not enough to fund your retirement needs. So you have to have a healthy dose of both bonds and stocks, and there is some sequence risk to both. It could be higher than 40 to 60 percent for Feds and could depend on their risk preference. But that means equities in a diversified portfolio of U.S. and international stocks, not just three individual companies’ stocks. The TSP’s offerings are a great starting point.”
Much retirement “risk” depends on what type of retirement is planned.
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8/17/2015 pre-dip level – closed at 2102.44
What may make sense for most employees, however, may not make sense for another employee given his or her circumstances. An example, Atherton says, is the TSP L 2020 Lifecycle Fund (L Funds). “I’m not sure the L 2020 fund’s current portfolio will be conservative enough for some,” Atherton says. “If they plan to retire in five years and they have a market event now, it could be a painful drop for some if they have nearly 50 percent in equities, which is the case for that fund.” Chris Brightman, chief investments officer at Newport Beach, CA-based financial consultancy Research Affiliates, LLC, says that his firm predicts inflation-adjusted U.S. domestic equities returns of between only minus 4 to plus 6 percent over the next decade. He suggests that investors may, if they can tolerate more risk, wish to include in their portfolios more international and emerging markets stocks and emerging market bonds, which he believes have greater growth potential than domestic stocks. One alleged bear market antidote to avoid are stocks and other securities peddled as both offering high returns and being recession-proof. “Longshort funds and bear market funds are things that imply you can have your cake and eat it, too,” Atherton says. “They don’t work because the costs outweigh the benefits. They often don’t perform the way they are advertised in a pinch, and they add more cost and complexity to your portfolio.”
TRIMMING EXPENSES FOR A LESS-THAN-FULL RETIREMENT
The most powerful tools to address sequence risk may lie outside of investment portfolio adjustments. Federal employees who are worried about sequence risk or a negative cash flow in retirement are advised to continue working at their federal jobs longer, take a new full- or part-time job in retirement, and/or reduce expenses. For those with severe savings deficiencies, continuing to work in federal government or in a private-sector equivalent may be the only viable solution. For those in a somewhat more financially secure position, part-time work, phased retirement (if offered) or part-time consulting offer other options.
1/1/2000 peak before dot com bust – closed at 1498.58
7/30/2007 point of full recovery– closed at 1526.75
6/30/2002 low point of dot com bust – closed at 815.28
3/4/2013 point of full recovery – closed at 1551.18
2/1/2009 low point of financial crisis bust – closed at 735.09
11/2/2015 full rebound – closed at 2104.05
8/25/2015 low point of dip – closed at 1867.61
MARKET UPS AND DOWNS. The course of the S&P 500 stock index since 2000 reveals how volatile the equity markets can be.
For those who anticipate being able to rely on a relatively comfortable nest egg and income flows but who wish to design a cash flow hedge, almost any job that will provide some income is welcome. Some suggest a job that somehow relates to an avocation as a bridge between work and retirement. For example, a golf buff could work in a country club pro shop, says Falk. Or a hobbyist could work in a crafts store. In both cases, the retiree could do what he or she loves all day while receiving at least some compensation. The other way to address a possible cash flow deficit is to reduce expenses. “Before or slightly after retirement, erase as much in fixed expenditures in your budget as you can: downsize your house, share a car and get rid of fixed expenses,” Falk says. “That way, if the market goes down, you are less vulnerable, because you can be more flexible and can tighten your belt easily without spending down your nest egg or selling assets cheaply.” Much retirement “risk” depends on what type of retirement is planned. Traveling around the world versus staying at home and visiting friends suggest two different retirement cost profiles. The early years of retirement – during the sequence risk window – are often the retirement “go-go” years, however, when much retirement spending is done. It is especially critical that those who plan such a phase in their retirement carefully budget for it. “Lower returns in the capital markets are sending signals to the retiring baby boom generation that they need to change their behavior by working longer, saving more and living more frugally in retirement,” Brightman says. —David Tobenkin is a freelance writer based in the greater Washington, DC, area. w w w. n a r f e . o r g
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HIT your health OPM encourages federal health care providers to adopt new technologies 30
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By Everett A. Chasen
HEALTH INFORMATION TECHNOLOGY Just What the Doctor Ordered!
“Health Information Technology (HIT) offers people the ability to get the best care possible, to stay healthier longer and to enjoy their lives more,” says Dr. Robert Kolodner, a psychiatrist who was the White House’s National Coordinator for Health Information Technology from 2006 to 2009. “It helps health care providers give the best quality of care available today.” This is good news for many federal employees and retirees and their families, whose participation in the Federal Employees Health Benefits Program (FEHBP) means they benefit from the efforts of the Office of Personnel Management (OPM) to get participating health care providers to increase their use of HIT. HIT is an area of information technology involving the design, development, creation, use and maintenance of information systems for the health care industry. According to the Department of Health and Human Services (HHS), it is “a broad concept that encompasses an array of technology to store, share and analyze health information.” Doctors, nurses and other health care providers use HIT to improve the care they give their patients, but it isn’t only for health care providers. Patients today use technology to improve communication with their physicians, learn and share information about their health, and take actions to improve the quality of their lives.
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HIT Kolodner is currently vice president and chief medical officer of ViTel Net, a health care technology company. Though no longer a federal employee, he continues to be a leading advocate for HIT. Computerizing the health information of millions of Americans benefits the nation’s health care “by automating health information,” he explains. “It becomes part of ‘big data,’ and we can have the positive feedback of a learning health system,” one in which data and insights are shared among health care providers and institutions to drive better and more efficient medical practices and patient care. And interoperability – the ability of health care records systems to interact with other such systems – helps get vital health information where it is needed. “Most of us, in our lifetimes, do not get our care at a single site,” Kolodner notes. “When I see a provider for my care, I want that provider to have all the information about my (previous) care experiences.”
MORE ACCESSIBLE AND SECURE
Among the aspects of HIT used by both health care professionals and patients are electronic health records (EHRs). EHRs are digital versions of patients’ paper charts. They allow doctors to more easily keep track of patients’ health information and to share that information with specialists, hospitals and other providers. Some EHRs let patients log in to a secure website to access many of their records themselves, helping them partner with their health care team. Those using these websites can view their lab results and treatment plans, and safely and securely email health care providers. Personal health records (PHRs) also are available to many people. PHRs allow patients to keep track of their food intake, exercise regimen and blood pressure. They also allow users to keep track of information learned during their doctors’ visits. Other health tools help people set and monitor their fitness goals. Those with smartphones can download apps that serve as personal trainers, provide easy-to-follow workout regimens, and 32
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monitor their diets and nutrition habits. They can also scan barcodes to determine which foods are healthiest and have their smartphones remind them to take medications. Online communities help participants connect with each other to share information with others who have concerns about particular diseases or disabilities. Some use online communities to maximize good health at special times, such as during pregnancy, or to talk about concerns relating to poor health. Finally, e-prescribing reduces or eliminates the use of paper prescriptions. Doctors use this technique to communicate directly with pharmacies, so their patients no longer have to bring, or mail, their prescriptions to be filled.
BETTER OUTCOMES FOR FEHBP ENROLLEES
FEHBP is the largest employer-sponsored group health insurance program in the world, covering more than 8 million federal workers, retirees, former employees, family members and former spouses. In December 2014, OPM prepared a report titled “Federal Employees Health Benefits (FEHB) Program Report on Health Information Technology (HIT) and Transparency.” According to the report, “effective HIT adoption can help health plans and health care providers deliver safer and more efficient care.” “FEHB has been a proponent of electronic health information exchange since 2009,” says Jonathan Foley, OPM’s director of planning and policy analysis. OPM, he says, is publicly committed to supporting the work of the Office of the National Coordinator (ONC) for Health Information Technology, the office Kolodner formerly headed. The office’s mission is to be a resource to health care providers, to support the adoption of HIT and to promote the exchange of health information nationwide to improve health care. Foley believes “the exchange of health data through safe and secure channels using common standards and protocols will lead to better care for our enrollees and a more efficient health system overall. OPM ... commits to working with our
Recently, OPM has seen a number of expansions in the use of telehealth among FEHBP plans. 97 contracted health insurance carriers to incorporate these standards and data-sharing protocol in their information systems.” In 2011, OPM encouraged all plan carriers to participate in “Blue Button,” a program originating on the website of the Department of Veterans Affairs (VA). It allows veterans to click on a blue button symbol to securely download their own health record electronically. OPM also is committed to supporting ONC’s efforts to develop and implement federally recognized national interoperability standards, policies and practices for electronic health information, and to adopt best practices, including those related to safety and security. The agency also supports ONC’s Federal Health IT Strategic Plan, which discusses the benefits of EHRs and their meaningful use. Today, Foley says, “about 90 percent of (FEHBP) plans offer enrollee access to a personal health record on their websites.” Those covered by plans allowing such access can review medical facility, pharmacy and laboratory claims as well as clinical information, all in one location. They can print or download historical claims and personal health information they can take to appointments, be reminded when they need preventive health services and screenings, and be alerted to adverse drug interactions. On their own, patients with PHRs can record their allergies and immunizations, family health histories, advanced directives, and personal contacts. They also can access Web links to the plan’s provider directory, complete health risk assessments, and review online health and wellness information targeted to the member’s specific health condition. Finally, they can access health trackers, allowing them to monitor their blood pressure and cholesterol levels and their body weight. “HIT can assist FEHB members by giving them fast and easy access to their personal health information,” explains Foley. Access to personal health records, he says, helps members become more engaged in managing their own health and the care they receive. Other HIT elements provide members with valuable information about the cost
and quality of their care, empowering them to make educated decisions about their health care. “Overall,” he says, “effective HIT implementation helps to streamline the care FEHB enrollees receive by improving communication between the member and provider.” According to OPM, FEHBP carriers have used telehealth to help individuals to achieve their health goals through lifestyle and behavior adjustments for many years; though recently the agency has seen a number of expansions in the use of telehealth among plans. OPM cites the work of Aetna, which has added coverage of certain primary care and urgent care issues through telemedicine 24 hours a day, seven days a week. GEHA also has expanded its telemedicine offerings and now covers telephone counseling for mental health and substance abuse.
ONLINE TOOLS FOR OPEN SEASON SELECTIONS
To help federal employees and retirees make better Open Season decisions, OPM reports that in 2014, 41 percent of FEHBP plans provided online tools that monitor their members’ projected annual health care spending and estimate out-of-pocket costs and tax implications. A slightly higher number (54 percent) provided tools that show current balances for personal health accounts and check spending against plan deductions and out-of-pocket maximums. In addition, 63 percent of plans offer online physician or hospital cost estimators or comparison tools, and 75 percent have tools that compare physician or hospital quality available on their websites. OPM has required all FEHBP plans to make prescription drug cost calculators available on their websites in 2016 – not only for current members, but also for prospective members. “This allows consumers to determine the expected costs of their prospective medicine,” says Foley. Additionally, the websites of many plans include data on accreditation status, care performance measures, health plan member satisfaction data, hospital accreditation status and national quality improvement goals, and hospital patient safety information. w w w. n a r f e . o r g
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HIT “OPM will continue to encourage FEHB plans to successfully integrate HIT in order to increase member engagement and improve the quality of care members receive,” says Foley.
LEGISLATION AND AGENCIES DRIVING HEALTH IT
FEHBP is not the only avenue through which federal agencies encourage the American people and their health care providers to use EHRs. The Office of the National Coordinator, for example, was created in 2004 and was mandated through legislation in the Health Information Technology for Economic and Clinical Health (HITECH) Act of 2008. The HITECH Act authorized $20 billion in federal funding for eligible health care professionals and hospitals that adopt, implement, upgrade or demonstrate meaningful use of EHR technology. ONC manages the disbursement of these funds, which are offered to doctors and hospitals that use EHR to improve health care in specific ways. The Agency for Healthcare Research and Quality (AHRQ) develops and disseminates evidence on how HIT can improve the quality of health care. AHRQ’s Health IT portfolio has invested in research grants and contracts that have been awarded to more than 180 institutions.
VA IN THE VANGUARD OF HIT
The work of the Department of Veterans Affairs stands out among federal agencies that are health care providers. Besides the “Blue Button” initiative mentioned previously, VA offers both an electronic health record and a personal health record to more than nine million veterans enrolled for VA health care. The department regularly releases new applications for mobile devices, such as concussion and post-traumatic stress disorder (PTSD) coaches and programs to help veterans lose weight. VA’s VistA (Veterans Health Information Systems and Technology Architecture) has been in use since 1996. VA health care professions use VistA to track information on patients and to prescribe medications through the program’s e-prescribing component. 34
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VA’s online personal health record is called MyHealtheVet. (www.myhealth.va.gov). It helps users partner with their health care providers, giving them the tools to make informed decisions and to manage their health care. Veterans and their caregivers can refill prescriptions online, view their appointments with primary care teams and clinics, and safely and securely exchange messages by email with their health care providers. They also can read the clinical notes their health care team records during their hospital stays, review their immunization records, read lab reports and maintain a list of their current medical issues.
HOW OTHER AGENCIES ARE ADOPTING EHR
The Indian Health Service also maintains an EHR for its health care facilities. This EHR, called the Resource and Patient Management System, offers health care professionals at many Native American health facilities access to decades of personal health information and epidemiological data on local populations. And NASA also has its own EHR system to better manage the health and safety of astronauts and other employees who use the agency’s occupational health clinics. In August 2015, the Department of Defense (DOD) awarded a $4.33 billion contract to provide an off-the-shelf EHR solution, integration activities and deployment across the military health system’s 55 hospitals and 600 clinics. DOD’s new EHR is expected to begin to go live by the end of 2016, with complete implementation by 2022. An important aspect of this contract is a requirement that the new EHR must be interoperable with other privatesector systems. VA and DOD also will continue to work together to better share information between their systems. From the consumer’s perspective, health information gives health care providers “the information they need to give me the best quality care, to diagnose me better and to help me lead a fuller, healthier life,” says Kolodner. —Everett A. (Ev) Chasen is a writer and communications
consultant in the washington, DC, area. He retired from the federal government After 35 years of service.
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T
he Bipartisan Budget Act of 2015, which passed through Congress at breakneck speed in late October, included groundbreaking Social Security
reform measures. Specifically, the budget act eliminated the file-and-suspend and the restricted application strategies, two key tactics couples used to coordinate retirement and spousal benefits to maximize Social Security income. The Social Security 1939 Amendments introduced spousal benefits and paved the way for nonworking spouses to receive a Social Security benefit equal to 50 percent of his or her spouse’s full retirement age (FRA) benefit. There was one caveat: The primary worker (on whose record the spousal benefit is based) must have claimed his or her own retirement benefit in order for a spouse to claim a spousal benefit. More recently, the Senior Citizens’ Freedom to Work Act of 2000 introduced the ability to voluntarily suspend a retirement benefit. The intent was to allow individuals who had claimed Social Security benefits, but later had a change of heart, to voluntarily suspend his or her benefits. The voluntary suspension, which is available once an individual reaches FRA, enables a married individual to file for his or her own benefit, then immediately request those benefits to
36
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be suspended. Hence the name for the strategy, “file-andsuspend.” Why would the primary worker want to suspend, or delay, his or her own benefit? Because each year you delay your Social Security retirement benefit beyond your FRA, you are credited with an 8 percent delayed retirement credit (DRC). For those with an FRA of 66, that’s a potential increase of 32 percent when retirement benefits are delayed until age 70, the cutoff for DRCs. The beauty of the file-and-suspend strategy is the spouse gets to collect the spousal benefit and the primary worker still gets to collect the annual DRCs. The new rule doesn’t eliminate the voluntary suspension; it does, however, prevent spousal benefits from being paid on a suspended retirement benefit. The new rule becomes effective 180 days after the passage of the budget act. Furthermore, under the old
By Mark A. Keen,
CFP®
rules, an individual was permitted to effectively renege on a voluntary suspension. In doing so, he or she would receive: 1. A lump-sum benefit equal to the amount that otherwise would have been received had he or she not suspended benefits; and 2. Going forward, a monthly retirement benefit equal to what he or she would have been receiving at that time if benefits had not been suspended. The new rules eliminate the lump-sum benefit, and the retirement benefit going forward will be based on the date the benefits were resumed (rather than the date benefits were suspended), including any DRCs. An interesting feature of a spousal benefit is it’s actually available to both spouses, even to those who qualify for his or her own retirement benefit. And this is where planning under the old rules gets fun. Using the so-called “restricted application,” an individual who is entitled to both a spousal benefit and a retirement benefit, may elect to claim only the spousal benefit. In doing so, an individual could receive as much as $60,000 in spousal benefits while still delaying his or her own benefit in order to collect the annual 8 percent DRCs. Under the old rules, the restricted application for spousal benefits was available only
FINANCIAL TOOLS NARFE offers an online retirement calculator and other financial planning tools. Find out more at www.narfe.org/ federalbenefits.
once an individual reached FRA. Prior to FRA, the “deemed filing” rules apply, which require an individual to file for all available benefits – including the spousal benefit and his or her own retirement benefit – and to be paid whichever benefit is higher. The budget act effectively kills off the restricted application strategy by extending the deemed filing rules beyond FRA. The new rule will apply to
ROC3137NARFEhalfAds.indd 3
anyone turning 62 in 2016 or later, which means anyone reaching FRA between now and 2020 still will be able to file a restricted application. The new rules also apply to divorced individuals trying to claim a divorced spousal benefit. Fortunately, the rules won’t affect survivor benefits, so survivors still will be able to restrict an application to claim only a survivor benefit or only a retirement benefit, and then switch to the other later on. The new rules are a definite game changer. Everyone who planned on coordinating spousal benefits must reevaluate their plans to see how the new rules affect them. Mark A. Keen, CFP®, is partner, Keen & Pocock, 10300 Eaton place, Fairfax, VA, and an investment adviser representative and registered principal of The Strategic Financial Alliance, Inc. (SFA). Securities and advisory services are offered through SFA. Email: mkeen@keenpocock.com.
4/15/14 1:28 PM w w w. n a r f e . o r g 37
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The Informed Citizen
Resolve: To participate in state advocacy in 2016
N
ARFE members will find plenty of opportunities for state advocacy in 2016. The 12 states holding gubernatorial elections present the most exciting opportunities. In recent days, three states elected governors: In Kentucky, businessman Matt Bevin defeated Attorney General Jack Conway and will succeed term-limited Steven Beshear. In the Louisiana runoff on November 21, state Rep. John Bel Edwards defeated U.S. Sen. David Vitter and will succeed term-limited Bobby Jindal. And in Mississippi, Gov. Phil Bryant won re-election. Engaging any elected official early in his or her term will pay off in the long run.
State of the State Address Governors deliver an annual state of the state address patterned on a president’s State of the Union speech. Because these addresses announce the governor’s agenda for the legislative session, NARFE activists should plan to attend, view on public television or C-SPAN, or access the archived edition. The governor’s website often will provide details in advance and provide a live stream of the speech. Legislatures Forty-six legislatures will be in regular session during some part of 2016, and the same number (but not the same states) will have elections for some or all legislators. The regular session outliers are Montana, Nevada, North Dakota and Texas. Term limits and, much more numerous, voluntary retirements mean primary and general elections are certain to nominate and elect 38
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By Christopher Farrell, senior analyst
Chapters should coordinate with neighboring chapters that share the same legislative district.
someone new. Turnover presents a special opportunity for groups like NARFE that represent large constituencies of voters.
Post State News to Website A growing number of federations are posting information on their state legislative program. NARFE’s Virginia Federation makes state legislative information available on its website and provides a newsletter on state legislation. Pictures are valuable teaching tools and motivators. Send your captioned photos for the “Out and About” section of NARFE’s website to cfarrell@ narfe.org.
Federations and Chapters NARFE federations and chapters need to harness different resources for maximum advantage. Federations have ready access to accurate statewide counts to impress statewide officials and candidates. Federation annual or biennial conventions present all NARFE’s heaviest hitters at one venue to hear from and question the governor and/or gubernatorial candidates. While surrogates may be acceptable, they must be able to speak for the official or candidate on NARFE issues such as the state tax treatment of federal annuities. The advantage held by chapters is their meeting frequency. Ideally, incumbents, challengers and open seat candidates will come when asked, but flexible scheduling is critical.
Resources • To find 2016 legislative sessions, use: www.multistate. com/site.nsf/2016sessionsprefiles?Openpage or www.ncsl. org/documents/ncsl/session calendar2016.pdf. • The National Governors Association provides a gateway to current governors: www.nga. org/cms/governors/bios. • The best starting place for one’s elected officials is NARFE’s Legislative Action Center: http:// cqrcengage.com/narfe/State_ Advocacy. • For statewide counts of the federal family, see www.narfe. org/departments/home/articles. cfm?ID=3860. • The gateway to Stateside Associates FactPad is www. stateside.com/states/factpad/.
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2015
G FUND
F FUND
C FUND
S FUND
I FUND
November
0.17%
-0.24%
0.31%
1.75%
-0.86%
October
0.17%
0.02%
8.45%
5.61%
7.07%
September
0.18%
0.75%
-2.47%
-4.80%
-5.02%
YTD
1.86%
1.21%
3.08%
1.03%
1.55%
1 year
2.05%
1.42%
2.83%
2.03%
-2.64%
3 year*
2.06%
1.98%
16.16%
15.66%
6.92%
5 year*
2.04%
3.41%
14.46%
13.13%
5.85%
10 year*
2.97%
4.87%
7.54%
8.51%
3.88%
L INCOME
L 2020
L 2030
L 2040
L 2050
NOVEMber
0.17%
0.17%
0.20%
0.24%
0.24%
October
1.64%
3.72%
4.88%
5.58%
6.31%
-0.51%
-1.67%
-2.26%
-2.67%
-3.09%
YTD
2.13%
2.29%
2.39%
2.37%
2.34%
1 Year
2.09%
1.78%
1.70%
1.60%
1.38%
3 year*
4.44%
8.06%
9.70%
10.87%
11.88%
5 year*
4.27%
7.55%
8.92%
9.89%
N/A
10 year*
4.22%
5.63%
6.17%
6.50%
N/A
2015
*Annualized
SEPTEMber
*Annualized
RETURNS are net of the effect of accrued administrative expenses and investment expenses/costs. Source: TSP (For additional monthly returns, go to www.tsp.gov.) G Fund: Government securities (specially issued to the TSP) F Fund: Government, corporate and mortgage-backed bonds C Fund: Stocks of large- and medium-size U.S. companies S Fund: Stocks of small- to medium-size U.S. companies (not included in the C Fund) I Fund: International stocks of 21 developed countries L Fund: Invested in the G, F, C, S and I Funds (The proportion of L Fund balance invested in each of the individual TSP funds depends on the L Fund chosen.)
OPM Retirement Claims Processing status
November’s returns were driven by evidence of U.S. economic strength and the resulting increased expectations of a Federal Reserve rate hike. Most directly affected was the F Fund, which suffered a small loss as interest rates rose. The rise in rates led to U.S. dollar strength, which converted gains in international stocks of 1.3 percent to a small loss in the I Fund. The C and S Funds gained, although interest-rate-sensitive sectors such as utilities and real estate detracted from returns. The L Funds performed as expected with moderately positive returns. —BY Ravindra Deo, Chief Investment Officer, Thrift Savings Plan
Countdown to COLA
T
he Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) decreased 0.12 percent in October 2015. To calculate the 2017 cost-of-living adjustment (COLA), the indices of July, August and September 2016 will be averaged and compared with the 2014 third-quarter average of 234.242. The percentage increase, if any, determines the COLA. October’s index, 232.373, is down 0.80 percent from the base. Benefits awarded under the Federal Employees’ Compensation Act (FECA) to individuals suffering work-related injuries or illnesses are adjusted according to each calendar year’s percentage change in the CPI-W. October’s index is 1.07 percent higher than the December 2014 base index of 229.909. The CPI represents purchases of food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services. Included are various government fees, such as water charges, auto registration fees, and sales and excise taxes. Month
Claims Received
2015
For the Record
Interest rates influence TSP NOVember returns
Thrift savings Plan fund returns
Claims Processed
Inventory
% Processed in 60 days or less (YTD)
% Processed in 60 days or less (Monthly)
Avg. # of Days to Process Case in 60 days or less
Avg. # of Days to Process Case in more than 60 days
November December
May
7,845
10,697
15,374
68%
45%
47
79
January 2016
Jun
6,920
7,783
14,511
69%
75%
44
99
February
Jul
9,862
7,918
16,455
69%
72%
45
97
March
Aug
7,341
7,446
16,350
70%
76%
45
98
April
sep
6,300
7,944
14,706
70%
76%
43
94
May
Oct
8,374
10,438
12,642
74%
74%
38
86
June
THIS CHART tracks progress by the Office of Personnel Management (OPM) in reducing its backlog of retirement claims. For data going back to October 2013, and for the number of new retirement cases OPM receives each month by agency and percent with errors that it returns to those agencies, go to www.opm.gov/retirement-services/. 40
October 2015
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July August September
CPI-W
232.373
Monthly % Change
-0.12
% Change from 234.242
-0.80
Donate to NARFE Programs Support Alzheimer’s Research
Your charitable contribution is tax-deductible to the fullest extent allowed by law.
Write your chapter number on check; make it payable to: NARFE-Alzheimer’s Research
Enclosed is my NARFE-Alzheimer’s contribution: $ Every cent that is contributed is used for research. Please circle: Mr. Mrs. Miss Ms. and mail to: Name: Alzheimer’s Association Address: 225 N. Michigan Ave., 17th Floor City: State: ZIP: Chicago, IL 60601-7633 Chapter Number: Credit Card Information: MasterCard VISA NARFE members contributed for If you have any questions, write to: Discover AMEX Alzheimer’s research: $12 Million Fund National Committee Chair Card Number: Merv Stuckey, 2272 E. Buster Mountain Dr. Expiration Date: (mm)/ (yy) Oro Valley, AZ 85755-4709 *Total as of October 31, 2015 3-Digit Security Code: 100% of all contributed funds go to Name: (please print) Email: narferoadrunner@comcast.net
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YOUR CHARITABLE CONTRIBUTION IS TAX-DEDUCTIBLE TO THE FULLEST EXTENT ALLOWED BY LAW.
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Enclosed is my Silver Circle contribution: $ ID # (ID # may be found on your narfe magazine label or your NARFE membership card)
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Date
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Please check appropriate box(es). To make credit card contributions, call 800-338-0755. Scholarships are available to children, grandchildren and great-grandchildren of federal civilian retirees and current federal employees who are NARFE members. NARFE-FEEA Disaster Fund
Amount: $
NARFE-FEEA Scholarship Fund
Amount: $
Name: Address: City:
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NARFE News
submit photos now!
Credit Union Adopts New Name
N
ARFE Premier Federal Credit Union has changed its name to InFirst Federal Credit Union. The name change was approved by the National Credit Union Administration in August and announced October 28. “NARFE and InFirst Credit Union will continue to have a special relationship,” says NARFE President Richard G. Thissen. “There will be no impact on in-
dividual NARFE members or on chapters and federations that have accounts with the credit union.” Throughout its 80-year history, the credit union has served active and retired federal employees and their families. Its field of membership now has been expanded to include anyone who lives, works, worships or attends school in King George, VA. The credit union is in
It’s time to get creative and send your images of the things that make America unique and extraordinary in your eyes to the 2016 NARFE Photo Contest. The theme for this year’s contest is “Made in America.” Submission deadline is March 15. Winning photos will be used in the NARFE 2016-2017 calendar and 2016 note card collection. Photo contest details are available at www.narfe.org. Log in as a member, click on “Special Programs” on the left side, then “Photo Contest.”
the final stages of purchasing a fullservice branch bank there. “In light of this expansion, the credit union’s management felt that a name change that resonated with its entire membership was appropriate at this time,” says Thissen.
?
Confused About Your Federal Benefits Find your answers in the NARFE Federal Benefits Institute www.NARFE.org/Institute Watch Now! Will You Be Ready for Retirement?
A Pre-Retirement Webinar Presented by Tammy Flanagan on Oct. 15, 2015 (60 minutes PLUS Q&A Transcript)
FEHBP and Medicare: Make the BEST Choice A Federal Benefits Webinar Presented by Tammy Flanagan on Nov. 12, 2015 (60 minutes PLUS Q&A Transcript)
NARFE Federal Benefits Institute
42
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Tammy Flanagan, nationally recognized federal benefits expert and NARFE member, helps you take control of your future with straightforward guidance on complex federal benefits.
NARFE members go to NARFE.org/Institute Not yet a member? Join NARFE today at www.narfe.org/join to access all NARFE Federal Benefits Institute recorded and upcoming live events.
Convention Details and Deadlines
N
ARFE will hold its 34th Biennial National Convention August 28-September 1 at the Grand Sierra Resort and Casino in Reno, NV. The theme for the Convention is “Progress. Protect. Persevere.” Registration. Beginning March 1, online registration for the convention and banquet will be available at www.narfe.org. A mail-in form will be included in the April issue of narfe magazine. (This is later than in the past so that NARFE can inform chapters of their voting strength before registration starts.) The registration fee for all convention attendees is $99 if payment is submitted online or postmarked no later than August 1. On-site registration is $125. (The increased cost for the 2016 Convention covers lunch for all attendees on Monday, Tuesday and Wednesday.) Banquet tickets are $70 per person. Refunds will be available only if reservations are canceled at least 72 hours prior to the banquet. All convention activities will be held at the hotel. The convention banquet takes place from 6-11 p.m. on Thursday, September 1, so hotel reservations will be required for the night of September 1 for those planning to attend the banquet. Other Convention deadlines are: • Candidate Statements. NARFE’s National Officers and regional vice presidents will be elected at the Convention. Candidate statements will be published only in the May issue of narfe magazine. Statements are limited to 400 words and must be emailed to communications @narfe.org as a Microsoft Word attachment by March 1. No copy corrections will be made. Candidates should submit a head-and-shoulders photo (JPG) with the statement. Statements and photos will be posted on the NARFE website. Candidates also are entitled to send two statements to the mem-
bership between March 1 and July 31 using the NARFE Email System. Statements are limited to 400 words. Send statements as Microsoft Word attachments to IT@narfe.org. • Committee Assignment Requests. Delegates wishing to be appointed to a National Convention committee must submit their request on Form C/16-22, Request for Committee Assignment, by March 4. The form is available at www.narfe. org and should be completed online. Click “submit,” and the form is sent to NARFE Headquarters and copied to the chapter president, federation president and regional vice president. To have the form mailed, call Towanda Franklin at Headquarters or email convassmnt@narfe.org. After reviewing the requests and considering the
regional vice presidents’ comments, the National President will appoint the committees. Committees are: Ballot & Teller, Bylaws, Credentials, Legislative, Membership, Resolutions, Rules, Sergeant-at-Arms, Secretary and Timekeeper. • Resolutions. Resolutions must be received by the Office of the National Secretary/Treasurer no later than May 13. • Delegate/Proxy Form. Form C/16-2, Designation of Chapter Delegates, Voting Representative and Proxy, will be posted on the NARFE website March 1 and should be completed online. Click “submit” to send the form to Headquarters. To have the form mailed, contact Dana Esposito at Headquarters (desposito@narfe.org). When used to designate chapter delegates and the voting representative, Form C/16-2 must be received by NARFE Headquarters no later than June 1. If a chapter does not send a delegate, it may select a proxy delegate to represent it. When used to designate a proxy delegate, Form C/16-2 must be received by NARFE Headquarters no later than August 1. A delegate cannot hold proxies for more than three chapters.
HOTEL Arrangements Grand Sierra Resort and Casino 2500 E. Second St., Reno, NV 89595 800-648-5080 www.grandsierraresort.com NARFE Rate: Singles/Double Tier 1: $79 + tax Luxury Summit Single/Double: $129 + tax Additional person, more than two per room: $20 each For the NARFE Rate, use Group Code: NRF16 / Cutoff date: July 24
AIRLINE DISCOUNTS Delta Airlines: www.delta.com/meetings. When booking online, select “Book Your Flight” and enter meeting ID NMMM5. A $25 charge will apply if booking by phone (800-328-1111). United Airlines: www.united.com. When booking online, select “All Search Options” and enter Offer code ZVVB272256. A $25 per ticket charge will apply if booking by phone through United Meeting Reservations, 800-426-1122. w w w. n a r f e . o r g
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43
Active and Retired Federal Employees ...
JOIN NARFE TODAY!
National Active and Retired Federal Employees Association The only organization dedicated solely to protecting and preserving the benefits of all federal workers and retirees, NARFE informs you of any developments and proposals that affect your compensation, retirement and health benefits, AND provides clear answers to your benefit questions.
Who Should Join?
Three Easy Ways To Join
If your future security is tied to federal retirement benefits — 1. Complete this application and return by mail with your payment. federal retirees, current employees, spouses, and individual 2. Join online at www.narfe.org. survivors — you should join NARFE. 3. Call 800-627-3394, Monday through Friday, 8 a.m. to 5 p.m. ET.
NARFE MEMBERSHIP APPLIC ATION
1Q5
q YES. I want to join NARFE.
I am a (check all that apply) q Active Federal Employee q Active Federal Employee Spouse q Annuitant q Annuitant Spouse q Survivor Annuitant
Street Address _____________________________________
Apt./Unit __________________________________________
q Please enroll my spouse
City _______________________ State _____ ZIP __________
Spouse’s Full Name ________________________________
Phone (__________) _________________________________
Spouse’s Email
Email _____________________________________________
NARFE respects the privacy of our members. Personal information is used to provide content and relevant communications to our members, and will not be sold or rented to third parties without your express permission.
q Mr. q Mrs. q Miss q Ms.
Full Name _________________________________________
Choose Your Membership Type
All NARFE members receive narfe magazine, access to federal benefits specialists, NARFE’s News Watch, legislative Hotline, and exclusive member discounts, along with professional lobbyists advocating on your behalf. Members choose one of two chapter options.
q Local Chapter
Under the direction of local leadership, chapters offer regular meetings often with invited speakers, as well as networking, volunteer and grass-roots lobbying opportunities. Annual chapter dues, determined by the locality, are charged in subsequent years.
Chapter Affiliation: Chapter # __ __ __ __
OR
_____________________________
PAYMENT OPTIONS q Check, Money Order or Bill Pay (Payable to NARFE) q Bill me (NARFE membership will start when payment is received.) q Charge my: q MasterCard q VISA q Discover q American Express Card No. ____________________________________ Expiration Date _____ /_________ mm yyyy Name on Card ________________________________
q eNARFE
The eNARFE Chapter provides a place for members to keep active in and informed about the federal community without the formality of a local chapter. Advocacy is encouraged within the e-community, and members may join with local groups for grass-roots participation. There are no additional dues for the eNARFE Chapter.
TOTAL DUES $40 First-Year Dues X __________ = __________ Per Person # Enrolling Total Dues
Signature ____________________________________ Date ________________________________________ MAY WE THANK SOMEONE? If applicable, please provide the name, membership and chapter number of the member who introduced you to NARFE: Recruiter’s Name_________________________________ Recruiter’s Membership ID _________________________ Recruiter’s Chapter Number ________________________
MAIL THIS APPLICATION TO NARFE Member Records 606 N. Washington St. / Alexandria, VA 22314-1914
NARFE’s Dues Withholding Program What is dues withholding? It is a dues-payment method that gives NARFE members (retirees) the option of having their annual NARFE membership dues deducted from their annuities on a monthly basis. How does it work? One-twelfth of your total dues is automatically deducted from your monthly annuity. Your monthly deduction is determined by the following formula: (National dues ÷ 12) + (Chapter dues ÷ 12) = Total Monthly Deduction
Advantages • Save 15% off your annual membership dues! • Sign up your spouse and double your savings! • You’ll never get another dues reminder from us! • Your monthly payment is affordable and convenient! • You may cancel your dues withholding at any time! Application process It takes 60-90 days to process your application. Once the process is complete, you will receive a special membership card distinguishing you as a NARFE dues-withholding member.
To learn more about dues withholding, call 800-627-3394. Retirees, spouses of retirees and annuitant survivors are eligible for dues withholding.
NARFE Dues Withholding Application for Retirees n YES. I want to enroll in NARFE’s Dues Withholding Program (Annual dues of $34 plus Chapter dues of record to be withheld annually.) Social Security Number (9-digit number)
–
Civil Service Annuity Number
–
C S
–
–
–
(Include prefix, CSA or CSF) (Include any applicable suffix)
n Mr. n Mrs. n Miss n Ms. Full Name _______________________________________
NARFE MEMBERSHIP INFORMATION
Street Address ___________________________________
NARFE Membership ID ____________________________________
Apt./Unit________________________________________
NARFE Chapter Number____________________________________
City _________________________ State _____ ZIP _____
n YES. I Also Authorize My (NARFE Member) Spouse’s Dues To Be
Phone (__________) ______________________________ Email ___________________________________________ Date of Birth _________ /_________ / ____________________ dd
mm
yyyy
Withheld From My Annuity. (Additional annual dues of $34 plus Chapter dues of record to be withheld annually.) If YES, enter spouse’s information below. Spouse’s Name ___________________________________________ Spouse’s Membership ID ___________________________________
AUTHORIZATION (Withholding will begin in 60-90 days). No payment should be forwarded with application. I authorize the United States Office of Personnel Management to make appropriate deductions from my annuity payments, not to exceed the amount certified by the National Active and Retired Federal Employees Association as the amount of dues for which I am annually obligated, in accordance with elections I make below, and to pay the deducted sum to the National Active and Retired Federal Employees Association (NARFE). This authorization shall also apply to any and all dues changes certified by NARFE membership in accordance with elections I make below: Please allow 60-90 days for processing.
I understand that this authorization shall be valid until NARFE receives and processes my written notice of cancellation in accordance with its agreement with the Office of Personnel Management and that any disputes regarding this authorization shall be a matter between NARFE and myself. I hold the Office of Personnel Management harmless for any erroneous allotment deduction made pursuant to this authorization. ___________________________________________________________________________ _______________________________
Signature of Annuitant or Survivor-Annuitant
Date
Dues payments and gifts or contributions to NARFE are not deductible as charitable contributions for federal income tax purposes. MAIL THIS FORM TO: NARFE, ATTN: Member Records, 606 N. Washington St., Alexandria, VA 22314-1914 www.narfe.org 800-627-3394 rr@narfe.org Do not send money with this form
DW-2 (08/12)
Member Perks
SAVE MONEY WITH NARFE Perks NARFE appreciates your service, and so do businesses across the country. Whether you are planning your next vacation or planning for retirement, members can save money on everyday purchases, thanks to our Affinity Partners. It’s just one more way we’re able to say “thank you” for being a NARFE member. union puts members first by offering low-rate loans and a high-interest checking account. Members have access to 5,000+ shared branches and 56,000 surcharge-free ATMs.
finance and Legal
new
ID Shield 571-830-5489 www.legalshield.com/info/narfe LegalShield along with Kroll will monitor your identity from every angle, not just your Social Security number, credit cards and bank accounts. This takes the work required to restore your identity off your shoulders, placing it in the hands of a licensed fraud investigator. NARFE members receive the discounted monthly rate of $8.95 for individuals or $17.95 for families when you sign up through the website above.
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ne LegalShield 571-830-5489 www.legalshield.com/info/narfe Whether it’s big, small or somewhere in between, you have affordable legal help when you need it. With your legal plan, you or your family members can contact your law firm anytime you need legal advice or assistance. NARFE members receive the discounted rate of $16.95 for individuals or $18.95 for families of 10 (two adults and up to 8 children) when you sign up through the website above.
InFirst Federal Credit Union 800-328-1500 www.infirstfcu.org As a member of NARFE, you are eligible to join InFirst Federal Credit Union, formerly NARFE Premier FCU, serving active and retired federal employees and their families since 1935. The credit 46
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insurance
Federal Long Term Care Insurance Program 800-LTC FEDS www.LTCFEDS.com Make long-term care insurance part of your retirement plan. With benefits designed specifically for the federal family, the Federal Long Term Care Insurance Program offers a smart way to help protect savings and assets, and remain independent should you need long-term care services someday. Start planning for the future. Visit www. LTCFEDS.com today.
GEICO 800-368-2734 www.geico.com/fed/narfe GEICO continues to offer a special discount opportunity for NARFE members. To find out how much you could save, visit our website or call today and mention that you are a NARFE member. Have your current coverage information available in order to secure a comparable quote. On top of a great discount, your completed quote will help benefit NARFE’s causes and initiatives!
NARFE Insurance Services 800-233-5764 www.narfeinsurance.com Designed and administered by Mercer Consumer, exclusively for NARFE members: senior age whole life, term
life, Medicare supplements, hospital income plan, short-term recovery insurance, pet insurance, accidental death and dismemberment, cancer care, enhanced dental insurance and long-term care.
Moving services
Bekins Van Lines 800-248-4810 narfe@bekins.com All NARFE members will receive contracted pricing for all interstate shipments. This will apply to packing, transportation and full-value coverage against damages. Please mention you are a NARFE member.
Wheaton World Wide Moving 800-248-7960 narfe@wvlcorp.com At Wheaton, we know interstate relocating is much more than trucks and boxes. Moving is not simply an address change. It’s a life change. With a network of top-quality agents throughout the United States, Wheaton provides peace of mind with every relocation. We offer you, as a NARFE member, benefits to help you have a positive interstate relocation experience. Call today and mention you are a NARFE member to start the moving process.
narfe merchandise
NARFE General Store 855-99NARFE (855-996-2733) www.narfegeneralstore.com As the official provider of NARFE merchandise, the NARFE General Store
offers NARFE-approved name badges, business cards, clothing, accessories, cups and mugs, plaques and clocks, and much, much more. Check out our online catalog for our customizable product line.
Telecommunications
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Sprint 877-746-8249 www.sprint.com/fed NARFE members receive a 15% discount with Sprint! Access www.sprint. com/fed, call 877-746-8249 or visit the Sprint store nearest you to take advantage of this offer. Please bring your member ID card with you to our stores to sign up for the discount, and provide code GNARF_ZMB.
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Verizon FiOS www.verizon.com/ connectionsprogram Members of NARFE can save up to $10 a month on a new qualifying Triple Play bundle with Verizon FiOS Internet, TV and home phone service – savings of up to $120 per year. The FiOS 100% fiberoptic network delivers award-winning broadband and entertainment to your home. Only FiOS Internet customers get upload speeds as fast as their download speeds. With FiOS TV, 625+ channels are available, including 185+ in HD, and over 120,000 On Demand titles, thousands free. These exclusive online-only savings are available only through our partner website, above.
travel
Alamo 800-462-5266 www.alamo.com Drive Happy® with Alamo® where NARFE members receive year-round discounts. Call or visit our website today and reference Contract ID 262544.
Choice Hotels International 800-258-2847 www.choicehotels.com With 6,200 hotels in the United States and throughout the world, Choice Hotels® offers something for everyone. Join the Choice Privileges® rewards program and earn points with every qualifying stay toward free nights, Airline Rewards, gift cards, charitable donations and more. As a NARFE member, receive 20% off your next stay at participating hotels when you use Special Rate ID 00801967. This offer is subject to availability and cannot be combined with any other offer. Advance reservations required through phone number or website above; cannot be redeemed at individual hotels.
ticipating locations. Call and give the agent your special discount ID number, 8000002694, at time of booking to receive discount. Whether you are looking for an upscale hotel, an all-inclusive resort or something more costeffective, we have the right hotel for you ... and at the right price. Call to reserve your room today at one of these fine hotels: Wyndham Hotels and Resorts®, Days Inn®, Ramada Worldwide®, Baymont Inns and Suites®, Hawthorn Suites® By Wyndham, Microtel Inns and Suites®, Howard Johnson®, Travelodge® and Knights Inn®. Advance reservations required through phone number above; cannot be redeemed at individual hotels.
Wellness
Beltone Hearing Care 888-418-6763
Local Hospitality www.narfe.org/travel
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NARFE is pleased to offer its members an exclusive travel discount service. Savings may exceed 50% and average 10-20% below market on all hotels and car rental suppliers around the world. Any hotel, any car, anywhere, anytime!
National 800-CAR-RENT www.nationalcarrental.com You Drive A Hard Bargain. Receive up to 20% off rentals at National Car Rental. To make a reservation, call National Car Rental at 1-800-CARRENT® and reference Contract ID 5282909. For complete terms and conditions, visit www.narfe.org/ memberperks.
Wyndham Hotel Group 877-670-7088 NARFE members receive up to 20% off the “Best Available Rate” at par-
Beltone has been helping the world hear better for 75 years. NARFE members receive 25% off, and those with Blue Cross Blue Shield Service Benefit Plan insurance coverage may be eligible for two Beltone True 3™ hearing aids for ZERO out-of-pocket.
Life Line Screening 800-324-9906 www.lifelinescreening.com/ NARFE Life Line Screening, America’s leading provider of community-based preventive health screenings, will conduct health screenings using state-ofthe-art ultrasound technology in your neighborhood. To schedule an appointment, please call the number above and give the operator code number BKHN075 or visit the website.
NARFE Member Perks are designed to provide NARFE members with a quality option in their search for commonly used products and services. NARFE makes no guarantee on any products and services listed and encourages its members to shop and compare before making a decision on any financial matter. w w w. n a r f e . o r g
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The Way We Worked
reaching rural america by air In this 1933 photo, staff of the Forest Products Laboratory (FPL), part of the U.S. Department of Agriculture (USDA), participate in a broadcast of the National Farm and Home Hour from FPL’s headquarters in Madison, WI. Also pictured is the host, Everett Mitchell; University of Wisconsin President Glenn Frank; and staff of Madison’s radio station WIBA. This radio program, produced by USDA, ran from 1928 to 1960 and served as a public service for rural America. Photo from the Records of the Forest Service, National Archives; courtesy of the National Archives History Office; in collaboration with the Society for History in the Federal Government (SHFG), bringing together government professionals, academics, consultants, students and citizens interested in understanding federal history work and the historical development of the federal government. To join, visit http://shfg.org. 48
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Did you know? Today, the U.S. Department of Agriculture continues to broadcast on radio – and television – news and events related to agriculture, in addition to communicating online and through social media. Check out the USDA’s latest news and blogs, its radio and TV hub, as well as links to its social media channels at: www.usda.gov/wps/portal/ usda/usdahome.
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