Open enrollment for federal benefits extended through January

Employees wanting to make an enrollment change to their health benefits can do so for another two weeks. The Office of Personnel Management has extended the open season enrollment period for Federal Employees' Health Benefits to January 31.

Latasha Ferguson, a representative with Fort Belvoir's Civilian Personnel Advisory Center, said this includes all dental and vision insurance programs, as well as any flexible spending accounts.

Ferguson said depending on the timing of a change and the individual's pay period, it may take one or more pay periods for a federal benefits deduction or allotment to be adjusted to match the new election.

For more information, call 877-276-9287 or visit www.abc.army.mil.

Contribution limits to Thrift Savings Plan increased for 2009

Thrift Savings Plan officials have announced the release by the IRS of new contribution limits for the 2009 plan.

For 2009, the contribution limit jumped $1,000, from $15,500 in 2008 to $16,500 this year. Federal employees can contribute up to that limit in tax-deferred money to the TSP for 2009. Employees can choose to contribute a fixed dollar amount or a percentage of their basic pay.

If an employee is age 50 or older, or turning age 50 in 2009, they can also contribute up to an additional $5,500 in catch-up contributions, assuming if their regular tax-deferred contributions are expected to reach the $16,500 limit.

In order to make catch-up contributions, these employees need to complete a new TSP Catch-Up Contribution Election form for every year they wish to contribute.
Members of the uniformed services serving in combat zones may contribute a total of $49,000 in tax deferred and tax-exempt money.

Employees wanting to enroll in the TSP can do so at any time by notifying their agency's personnel office. Current plan holders may make changes to their TSP online.
Established in the Federal Employees' Retirement System Act of 1986 by Congress, the purpose of the TSP is to provide a retirement savings and investment plan to Federal employees.

It offers federal employees the same type of savings and tax benefits that many private corporations offer their employees under 401(k) plans.
Originally only for federal employees, the TSP was expanded to include members of the armed services on October 30, 2000, when the Floyd D. Spence National Defense
Authorization Act was signed.

For more information, visit www.tsp.gov.