Federal Employees Retirement System Open Season Date: Fri, 22 May 1998 12:37:08 -0400 To: "USGS Employees" From: "Cindy S. Wylie" Subject: Federal Employees Retirement System Open Season In Reply Refer To: Mail Stop 601 MEMORANDUM To: All USGS Employees From: Robert Hosenfeld, Personnel Officer Subject: Federal Employees Retirement System Open Season The open season for the Federal Employees Retirement System (FERS) will be held from July 1 through December 31, 1998. This open season provides the opportunity to change to FERS if you are currently covered by the Civil Service Retirement System (CSRS), including CSRS Offset, or to elect coverage under FERS if you are serving under an indefinite, term or TAPER appointment. Employees serving under temporary appointments covered by Social Security only are not eligible for coverage under FERS. Supervisors should provide a copy of this notice to employees who are in a non-duty status or on leave-without-pay in order to assure they are aware of this open season. The decision whether to stay with CSRS or transfer to FERS is important, and you need to consider it carefully. Electing FERS is an irrevocable decision, so you must make every effort to understand which system is better suited to your personal situation. The Office of Personnel Management (OPM) has developed the FERS Election Opportunity page which can be accessed on the web at www.opm.gov/fers_election/ or through OPM's Home Page at www.opm.gov from the "What's New" section. The web site was specifically designed to assist employees during this open season period. The first part of this site will walk you through the FERS Transfer Handbook, leading you to the most pertinent information first. If you do not have access to the Internet, hard copies of the handbook are available through your servicing personnel office. The second part of this site is a new FERS Transfer Model that employees can use to compare and contrast benefits under both systems. In addition, a CD-ROM is being made available through OPM that mirrors the web site for employees without access to the Internet, but will not be available until sometime in June. Additional information on the FERS transfer decision can be accessed through Government Retirement Benefits, Inc., a private firm specializing in Federal benefits, at www.grbinc.com/ and Fedweek, a weekly benefits electronic newsletter, at www.fedweek.com. Arrangements are being made for onsite workshops that will address FERS and social security benefits where feasible. Information about the workshops will be provided to you as soon as it becomes available. Because Social Security benefits are a part of FERS, you will need to know your current Social Security earnings before making a decision to transfer to FERS. To obtain this information, you may request a Personal Earnings and Benefits Estimate Statement (PEBES) on-line at www.ssa.gov or obtain a copy of the "Request for Earnings and Benefit Estimate Statement" (SSA-7004) through your servicing personnel office to submit to the Social Security Administration. This statement reflects your Social Security earnings history and provides an estimate of future benefits. Any estimates provided by Social Security do not take into account the Government Pension Offset or the Windfall Elimination Provision. These two provisions are explained under Social Security's web site or you can acquire information from your servicing personnel office. If you decide to transfer to FERS, you must complete an SF-3109, "Election of Coverage" form available from your servicing personnel office or through OPM's open season web site. Your effective date of coverage will be the first day of the first pay period after you turn in your election form. Once the election becomes effective, you cannot change your decision. No action is required on your part if you decide to remain in CSRS. If you transfer to FERS, you will have 30 days from the date of your transfer to make a Thrift Savings Plan (TSP) election or to change your current election. You may start, change, or stop your TSP contributions during the 30 day period. This opportunity is in addition to the regular TSP open seasons. You should contact your servicing personnel office for assistance if you require counseling or have questions that cannot be answered through the web resources.