Benefits

As a new employee of the FAA, you may be eligible to enroll in:

  • health insurance
  • life insurance
  • dental insurance
  • vision insurance
  • flexible spending accounts
  • long term disability insurance

Federal Employees Health Benefits (FEHB) Program

FEHB provides comprehensive health insurance.

Federal Employees Dental and Vision Insurance Program (FEDVIP)

FEDVIP provides comprehensive dental insurance and vision insurance.

Federal Flexible Spending Account Program (known as FSAFEDS)

FSAFEDS allows you to set aside money from each paycheck for out-of-pocket health care and dependent care expenses before taxes are deducted, lowering your income tax. As you incur these expenses, you can then receive reimbursement from that pre-tax money.

  • FSAFEDS general information
  • Eligibility – if you are eligible for FEHB, you are eligible to enroll in FSAFEDS.
  • Health Care FSA eligible family members are the same as FEHB.
  • Dependent Care FSA eligible family members are:
    • Children under age 13
    • Children age 13 or over who are physically or mentally incapable of caring for themselves
    • Other dependents who are physically or mentally incapable of caring for themselves
  • To enroll in a Health Care FSA and/or a Dependent Care FSA, visit the FSAFEDS website.
  • You have a maximum of 60 days to enroll as a new employee. However, September 30th is the last day to enroll for the current benefit period.
  • Coverage begins the day after FSAFEDS accepts your election.

Federal Employees’ Group Life Insurance Program (FEGLI)

FEGLI provides group term life insurance.

  • FEGLI Program Handbook (PDF)
  • FEGLI Calculator
  • Eligibility (PDF)
  • You are automatically enrolled in Basic Insurance and you have 60 days to elect Optional Insurance. To enroll in Optional Insurance or waive Basic Insurance, complete an SF 2817 (PDF).
  • Coverage becomes effective:
    • Basic insurance – starts the first day you are in a pay and duty status,
    • Optional Insurance – starts the day after your HR staffing specialist receives your election and you are in a pay and duty status.

Federal Long Term Care Insurance Program (FLTCIP)

FLTCIP offers insurance that helps cover the costs of certain long term care services. This includes assistance with daily activities or supervision due to severe cognitive impairment.

  • FLTCIP general information
  • Eligibility – if you are eligible for FEHB, you are eligible to enroll in FLTCIP.
  • Apply for FLTCIP
  • You have 60 days to apply using the abbreviated underwriting application. After 60 days you must apply using the full underwriting application.
  • If your application is approved, coverage begins the first day of the first month after approval.

Note: For information on all Benefits programs, see RI 70-1, Guide to Federal Benefits for Federal Civilian Employees (PDF).

Back to top

Designation of Beneficiaries

A completed and signed Designation of Beneficiary form is a legal document outlining how benefits (for example, from your life insurance) will be paid in the event of your death.

If you are satisfied with having your benefits distributed according to the Order of Precedence, as outlined in each form below, you do not need to complete this form. The form(s) may be completed at any time.

Important: Each form requires two witness signatures. A witness is not eligible to receive a benefit.

Each of the following programs has its own form for designating beneficiaries:

Back to top

Retirement

If you were first hired in a covered federal government position after December 31, 1986, you are under the Federal Employee Retirement System (FERS). The amount of your contribution depends on when you were first hired.

FERS is a retirement plan that provides benefits from three different sources:

An overview of FERS (PDF) is available on the OPM website.

Important: Your contribution into FERS is dependent on when you were first hired. If you were first hired into the federal government after December 31, 2013, your retirement system is FERS-FRAE and your contribution is 4.4% (4.9% for Air Traffic Controllers) of your salary.

Back to top

Thrift Savings Plan (TSP)

The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services.

The TSP is a defined contribution plan, meaning that the retirement income you receive from your TSP account will depend on how much you and the FAA put into your account during your working years and the earnings accumulated over that time.

General Information

For general information and several helpful calculators:

Here are the major features of the TSP for FERS employees:

  • You may elect to contribute any dollar amount or percentage (1% to 100%) of your basic pay up to the Internal Revenue Code elective deferral contribution limit which is set annually.
  • You will automatically receive a 1% contribution from the FAA.
  • Depending on the percentage you contribute, you may also receive matching contributions from the FAA.
    • The first 3% of your pay that you contribute will be matched dollar for dollar.
    • The next 2% will be matched 50 cents on the dollar.
    • Contributions above 5% of your pay will not be matched.
      Note: If you stop making regular employee contributions, matching will also stop.
  • You may have two different types of money in your account:
    • Traditional (pre-tax) – you defer paying taxes on your contributions and earnings until you withdraw them
    • Roth (after-tax) – you pay taxes on your contributions and, if you meet certain IRS requirements, your earnings are tax-free at withdrawal
      Note: For tax implication details, refer to the tax publication on the TSP website
  • You can transfer or rollover eligible distribution to the TSP. It is suggested you review the potential tax liability before choosing a method.
  • You have a wide variety of investment funds to choose
  • You can allocate your funds daily, that is tell the TSP how you want your money invested
  • You can make interfund transfers, which means that you may redistribute all of part of your account among the different funds
  • You can apply and receive loans
  • You can receive financial hardship or age-based in-service withdrawals while you are still actively employed in Federal service.

Note: For more information on the above topics visit the TSP website.

Enrollment

To enroll in TSP:

Note: to maximize your contributions while maximizing your matching contributions refer to the TSP calculator "How Much Can I Contribute?"

Transfer

Use a TSP-60 (PDF) to request a transfer or to complete a rollover of tax-deferred money from an eligible retirement plan into the traditional (non-Roth) balance of your Thrift Savings Plan (TSP) account. Funds received by the TSP will not be invested until a properly completed Form TSP-60 has been received.

Note: The TSP-60 requires a TSP account number prior to submission.

Back to top

Summary

For a summary of your benefits including insurance, leave (vacation, sick), and retirement program, visit OPM's New Federal Employee Enrollment page.

Important: Once you have started your job at the FAA, you may learn more about benefits and retirement by visiting the employee Benefits & Retirement webpage.

Back to top