Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

Federal Employee Retirement Calculator - PowerPoint by syi86989


Federal Employee Retirement Calculator document sample

More Info
     First Implemented in January 2000

    Developer and Proprietary Owner
      Economic Systems Inc (ESI)
             January 2005
                Introduction of ESI
• Started as HR consulting firm in 1990
• ESI supports retirement benefits delivery for
  federal agencies
   –   Commercial-off-the-Shelf (COTS) software
   –   On-site retirement processing
   –   Employee Counseling
   –   Early-out/Buy-Out Support Services
   –   Employee seminars

• Federal Retirement Benefits (FRB) Software
   - Web Based or Windows Based Calculations
   - Automated and Pre-filled Forms
             FRB Web – Integrated Solution
              Introduces in January 2000

• FRB Integrated Solution combines four applications
  into one:
   –   HR specialist calculator
   –   HR representative for calculating Service Computation Dates
   –   Employee access to the same comprehensive calculator
   –   Automated and Pre-filled retirement/benefit forms
• Works off one central database
• Data Download Service
   - Pre-fills employee profile
   - Pre-fills salary history
   - Provides a bi-weekly update of salary information
• Works as an Application Service Provider

                                             FRB Platform                   Maintenance
                                                                                                     Service Provider

WEB Interface for Information Management, Counseling                       Data Updates            Central
                                                                         Secured Interface        Database
                Calculators, and Forms
 FRB Web Employee Calculator/         FRB Web Specialist Calculator/
      Automated Forms                      Automated Forms

                        Secured Web Access                                                        Data update
                                                                                              Secured Web Interface

   Inputs                                            Inputs
              Reports      Web Help Desk                       Reports
   What-ifs                                         What-ifs

                                                                                             Federal Government

  Employees              Counselors                 Specialists
           Retirement Calculator
• Handles the full range of retirement or separation
    – Voluntary, early, death-in-service, disability
•   Handles part-time and intermittent service
•   Calculates deposits and redeposit owed
•   Military Deposits (include USERRA service)
•   FERS supplement
•   Calculates Social Security (Old Age/Disability)
•   Calculates TSP and survivor benefits
    Benefits Statement Feature
• Personal Benefits Statement
  – Available on-line/on-demand
• Pre-calculated retirement benefits
  – Optional retirement, early out, disability
  – Quick comparison of options on a single report
• Other benefits
  – Health insurance, life insurance, TSP, sick
    leave, annual leave, death benefits
           Automated Forms
• Automated Forms: integrated into FRB
• 3 sets of forms: CSRS forms, FERS forms,
  OPM forms (total of 32 forms)
• Data flows automatically from FRB
  calculator into Automated Forms
  – E.g., service history data flows into 2801-1
    form and to other forms
 FRB Web – Integrated Solution
• Facilitates employee self-service and communications
  between employee and HR specialist
• Facilitates centralized, automated retirement processing
   – Minimizes data entry or reentry
   – Allows for remote data entry and use
   – Significantly reduces time required to process retirement
   – Optional data download to pre-fill the employee profile,
     salary history and bi-weekly updates of salary information
    HR/Benefits Specialist Role
• Select employee
• Review/enter historical data
• Select scenario/type of retirement
• Select calculation options
• Develop a preferred scenario and obtain
• Select Automated Forms
              FRB Web Login
• Two types of licensing for the HR community:
  - HR/Benefits Specialist
  - HR Representative for calculating SCDs only
• Login procedures
  – Sign-in, controlled access, security procedures
• Employee access
  - Limited to individual employee information
• User accesses iForms after login
    HR/Benefits Specialist Role
        Employee Data Management
• HR specialist searches for employee data in
  the central database
  – Search is conducted by name or SSN
• HR specialist can scroll down roster list of
  employee records
• New employees can be added
Easy Navigation
Informational “Help” Items
     on every screen
       Detailed Service History
• Based on data available in the employee’s OPF
  service history is entered as foundational data to
  support calculations
   – Period of service, retirement plan, employee type
      (LEO/FF, ATC, Military Tech), work schedule,
      deposit/redeposit paid
• Specialist can enter or modify service data
   – Employees can only view the data
• Calculator uses data to determine creditable service,
  eligibility, and retirement benefit
• System maintains data on deposit payments
  and refunds
Service Computation Dates
Salary History
High-3 Calculation
Social Security Calculator
Spousal Social Security
Social Security Approximate
Scenario Manager
Scenario Home Screen - Calculation Menu
         Calculation Options
• Next series of screens show examples of
  different calculation options
• These options can be exercised by
  employee for “what-if” scenarios
• To select an item to include in the
  calculations just check the box from the
  calculation menu.
Retirement Options
Survivor Benefits
Health Insurance
Life Insurance
Deposit/Redeposit Decisions
Salary Projection
Service Projections
Sick Leave Calculator
TSP Calculator
      Social Security Calculator
• Social Security is key component for FERS employees and
  some CSRS employees with Social Security eligibility
  based on non-Federal employment
• Affects CSRS Offset employees
• Needed for calculating “Catch 62” for CSRS employees
  who have not paid military deposit
• Spousal Social Security needed to calculate Public Pension
• Project future entitlement based on employment after
  Federal retirement
Social Security
Output Report - Inputs
Output Report - Benefits
Output Report - Benefits
Output Report - Benefits
Output Report - Service History
Output Report - Salary History
Automated Forms
iForms SF 2801-1
iForms SF 2801-1
   FRB Web – Integrated Solution
Easy/Secure Access   Same Comprehensive       •Federal Retirement
                     Tool for HR and          • Social Security
128 SSL-Dual         Employees                • TSP

Customer Service    Automated and Pre-        On-Line Form
by Telephone and E- Filled Forms (employee    Filling – Ready for
mail                profile and service       Electronic Filing of
                    history)                  Retirement

Available 24/7/365   Calculations and Forms   Saves Time,
                     on the Same Tool         Resources, and
                     Forms Compatible with    enhances
                     E-OPF                    Administrative

To top