Federal Benefits Update: What You Need to Know for 2021

It’s a new year!  Join Bob Braunstein, Federal Benefits Specialist, to learn about changes that commence at the beginning of the year, including:

• Effective Dates of Open Season changes (FEHB, FEDVIP, FSAs)
  • New enrollment cards and when they will be delivered (what to use as proof of coverage until they do).
  • Double checking with providers to ensure they have information on plan/enrollment changes.

• Likelihood of a Federal Pay Raise and What It Will Be Based Upon

• The New Catch-up Contribution Process, Known as the "Spillover Method" for the TSP
  • Participants will no longer have to make separate catch-up elections and their agencies will submit catch-up contributions on the same payroll records as that used for regular contributions.
  • Once the elective deferral limit is reached, contributions that go beyond the limit will automatically start counting toward the catch-up contribution limit.