1 minute read
Questions & Answers
by NARFE
Q&A
EMPLOYMENT
THE FOLLOWING QUESTIONS
& ANSWERS were compiled by NARFE’s Federal Benefits Institute experts. NARFE does not provide legal, financial planning or tax advice or assistance.
FEHB COVERAGE
QNow that the pandemic appears to be waning, I want to travel to see family, friends, nature, etc. What if I get sick? Does my Federal Employees Health Benefits (FEHB) provide coverage when I am away?
AAll FEHB plans include emergency care. Section 5(d) of the plan brochure provides details on coverage for a medical emergency. Many plans have extensive in-network providers throughout the country. Also, check the details in Section 7 of your plan brochure for submitting overseas claims. In some cases, you will be required to pay for the services up front and then submit a form for reimbursement. Some plans require that the bill be translated into English and the currency converted to dollars. To find your plan brochure, visit www.opm.gov/healthcareinsurance/healthcare/ plan-information/plans/.
TSP CONTRIBUTIONS
QI plan to retire at the end of September 2022. Can I have my lump sum annual leave payment go into the Thrift Savings Plan (TSP)?
ATSP contributions can only be made from basic pay. Basic pay for TSP purposes is the same as basic pay for federal civilian retirement purposes and is the same amount used to determine the mandatory Federal Employees Retirement System (FERS) or Civil Service Retirement System (CSRS) retirement deductions. Basic pay does not include the lump sum annual leave payment, overtime pay, bonuses, allowances, foreign and domestic post differential for General Schedule employees and foreign post differential for prevailing rate employees, severance pay, retroactive pay granted to a retired or deceased employee pursuant to a wage survey, voluntary separation incentive payments (buyouts), or payments made by the Office of Workers’ Compensation Programs (OWCP benefits).
QCan I contribute the annual limitation of TSP contributions if I retire before the end of the year?
AYes, you can contribute the maximum allowed through payroll deductions. Employees may contribute up to 100 percent of their biweekly basic pay or a specific dollar amount. The annual contribution limit for 2022 is $20,500, with an additional $6,500 allowed in catch-up contributions for anyone age 50 or older in 2022.
