Try the all-new QuickBooks Online for FREE.  No credit card required.

Tennessee Bank Accounts with Children

Document Sample
Tennessee Bank Accounts with Children Powered By Docstoc
					 ABC-C News, Volume 3, Issue 2                                                                                     March 2005

 02028                                                  At Fort Riley, Kansas

      Volume 8, Issue 1                                                                                            February 2010
                     To reach the ABC-C: or 1-877-276-9287 (TDD: 1-877-276-9833)
                                           303 Marshall Avenue, Fort Riley, KS 66442-5004

                                     Gregory Buchanan, Acting Director, Army Benefits Center-Civilian

                    January 18, 2000                                            What Do I Do When My Child Turns 22?
The Presidential campaign heats up. The St Louis Rams                     Once your child turns 22 he or she is no longer eligible to
will face the Tennessee Titans in Super Bowl XXXIV.                       be covered under y our health insurance, even if a full time
Billboard’s number one song is “What a Girl Wants” by                     student. However, your child may qualify for Temporary
Christina Aguilera. The Dow Jones Index drops 162.26                      Continuation of Coverage (TCC). TCC allows your child
points. The top movie at the box office is “Stuart Little,”               to have health insurance coverage for up to three years
AND the A rmy Benefits Center – Civilian ans wers its first               and choose any available health plan. The cost for TCC is
call through the automat ed phone system.                                 not the s ame as your premium as a Federal employee.
                                                                          TCC requires you to pay the full government and
                                                                          employee shares along with a 2% administrative fee.
                                                                          Information on the cost of premiums for TCC is located at
                          HAPPY BIRTHDAY ABC-C!
                                                                          Additional information on TCC is available on the AB C-C
              Your Benefits in Review                                     website at TCC.htm, or
                                                                          you may contact a benefits counselor at 1 -877-276-9287
Could you be paying too much for your benefits? It is a                   for further information.
good idea to verify your benefits coverage and review your
Leave and Earnings Statement (LES) frequently. For
                                                                                                  Did You Know?
example, you might discover that you have been paying
for family coverage (Option C) life insurance, or self and
family healt h insurance, but no longer have any eligible                                Your Leave and Earnings Statement (LES)
family members to cover. An eligible family member                                       includes the benefits paid for you by the
includes: a spouse, an unmarried dependant child under                                   government.        Thes e benefits include
22 or a child incapable of self support over 22. If this                                 Federal Employees Group Life Ins urance
occurs, you may request that ABC-C process a ret roactive                                (FEGLI) premiums, Federal Employees
change to your benefits, which would generate a refund of                 Healt h Benefit (FEHB ) premiums, Medicare, retirement
the excess premiums. You are encouraged to call ABC-C                     contributions, TSP matching and Agency automatic
at 1-877-276-9287 to speak wit h a benefits counselor to                  contributions, and Old Age, Survivors and Disability
review your coverage or report any discrepancies you find.                Insuranc e (OASDI). You have the ability to review what
                                                                          the government has contributed for the current pay period
                                                                          as well as the year-t o-date amount. So, when you are
              The DFAS Corner                                             reviewing y our LES for your net pay amount, take a look
                                                                          at the benefits of working for the government.
Do you know how t o read your Leave and
Earnings Statement (LES)? DFAS has made                                                        A Taxing Question
available on their website an interactive tool that includes
a sample LES with explanations of the information                         One of the most-asked questions heard by counselors at
contained in each block. Clicking on a block of the sample                the Army Benefits Center – Civilian (AB C-C) is “How much
LES will take you to the explanation for that block. This                 federal tax will be withheld from my retirement check?”
document also cont ains an explanation of t he standard                   The answer to this question is not easy. Part of your
remarks that might appear at the bottom of your LES, and                  retirement pay, or annuity, has already been taxed. E very
the situations that generate the remarks. The link to the                 payday, retirement deductions are withheld from your pay
sample      LES    is    on   the    DFAS      website    at              if you are a CSRS, CS RS Offset or FE RS employee.                 These deductions are taken from your paycheck after the
ndearningstatement/LES071.pdf.                                            taxes have been withheld.
ABC-C News, Volume 8, Issue 1                                                                                       February 2010

Your annuity check has three components – a refund of            provide an additional $7. 00 of retirement annuity each
the deductions taken from your salary over your career,          year, plus 20 c ents for each full y ear you are over the age
payment of interest those deductions earned, and                 of 55 at the time of retirement. For example, if you retire
payment from the General Retirement Fund. Since your             at age 60 and have $1,500.00 in your voluntary
deductions have already been taxed, they cannot be taxed         contribution account, you will receive an additional
again. However, the other two components have not been           $120.00 per year, or $10.00 per month.
taxed, and will be subject to taxes when they are paid to
you as part of your retirement check.
This is why the ABC-C counselors cannot answer your              From the Editor
question about the taxation of your annuity check.
There are several tools available for you to calculat e how      The first month of 2010 was gone before I realized. Like
much tax may be withheld from your annuity. The first is a       many of you, I made the us ual New Year’s resolutions to
calculator on the Office of Personnel Management (OPM)           exercise more and eat less. And, like many of you, I have
website,       and        can      be        found        at     already broken thes e resolutions.
The second tool is the Internal Revenue Servic e (IRS )          However, I made one resolution t hat I DID keep, and it
Publication 721, “Tax Guide to U. S. Civil Service               only took a couple of hours. It is a good project for a cold,
Retirement Benefits.” This publication is available on the       snowy afternoon, especially now that football season is
IRS website at          over.

                                                                 The project begins with a question for you t o answer:
                                                                 Does my survivor (it may be a spouse, adult child, or close
                 Time Is Running Out!                            friend) know who to contact if I die? Of course, this
                                                                 question will generat e others: What if my spous e & I die
If you are enrolled in the original Federal Long Term Care       at the same time? Do my adult children know where to
Insuranc e Program (FLTCIP), you have until Marc h 31,           find the information for my bank accounts, life insurance
2010 to decide to keep t he original c overage or change to      policies, and the safe deposit box key?
the new plan, FLTCIP 2.0. The FLTCIP Plan Comparison
chart allows you to see what FLTCIP 2.0 offers and how it        Because the first step when reporting the death of a
compares to the original plan. The c omparison c hart is         civilian employee is to contact the supervisor, I made a list
available      on       t he     FLTCIP       website    at      with the telephone numbers (home and work) for my      supervisor and at least two other members of
More information is available in the Frequently Asked            management within my office. I placed this list in a folder
Questions section on the Long Term Care website at               along with other necessary documents: a copy of my will; faq/second -contract.html.          insurance policies from private companies with the policy
You may also call Long Term Care Partners, the                   number AND the contact information for the insurance
administrator of the FLTCIP, at 1-800-582-3337.                  company; dates and amounts for aut omatic payments
Cons ultants are available Monday through Friday, 8:00           from my bank account; and a copy of all beneficiary forms.
am to 6:00 pm Eastern Time. If you are calling from
outside the United States, please see the instructions at        If you have active duty military service, you will also want html.                  to include a copy of your DD 214 in the file. This form is
                                                                 normally required before a funeral home can arrange for
                                                                 military honors. If you don’t have a copy of your DD 214,
                                                                 you may request one from the National Archives at
   Voluntary Contributions – How You Can                veterans/evetrecs/.
      Increase Your Retirement Annuity
                                                                 I made the decision to get my documents in one place
If you are covered by eit her the Civil Service Retirement       after two of my friends died very suddenly. Dealing with
System (CSRS) or CSRS Offset retirement plans, you               the death of a family member or close friend is never
may establish a voluntary contribution account to                easy, but keeping this New Year’s resolution will remove
purchase additional retirement annuity. However, you             some of the stress and worry from the situation.
must first pay any outstanding civilian deposit or redeposit
before you will be eligible for voluntary contributions.                         Send comments or suggestions to:
Because those covered by the Federal Employees
Retirement System (FERS) are not eligible to make
voluntary cont ributions, if you transfer to FERS you will not
be able t o make additional cont ributions, but the account
will continue to earn interest.

Each $100.00 of voluntary contributions you make will

Description: Tennessee Bank Accounts with Children document sample