Financial Resources

• The Federal Employees Retirement System (FERS) aggregates a collection of employee and agency-matched contributions from three different sources: A Basic Benefit Plan, Social Security, and the Thrift Savings Plan (TSP).
• The Thrift Savings Plan (TSP) is a defined contribution plan that offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans. It is the most flexible component of the FERS, as it allows employees to determine their contribution.
• The Civil Service Retirement System (CSRS) is a defined benefit, contributory retirement system. The employing agency matches the employee's CSRS contributions.
• If you’ve turned 65 and are eligible for Medicare, you may choose to enroll in Medicare as a supplement to your Federal Employee Health Benefits (FEHB) plan. Your FEHB coverage will continue whether or not you enroll in Medicare. If you enroll in Medicare, benefits will be coordinated. If you don't enroll in Medicare, your FEHB plan will pay benefits in full. Your FEHB premiums will not reduce if you enroll in Medicare. For more information about Medicare eligibility and coverage options, visit the OPM Medicare website or call 1-800-MEDICARE (1-800-633-4227).
• The Office of Personnel Management (OPM) provides answers to many common retirement questions.

• If you are caring for an elderly relative, consider enrolling in a Dependent Care FSAFEDS account or accessing the elder care resources available to you through your component-provided Employee Assistance Program (EAP).

• Be sure to review your insurance coverage and keep your beneficiary designations up-to-date for Federal Employees Retirement System (FERS), Thrift Savings Plan, Federal Employees Group Life Insurance (FEGLI), and Unpaid Compensation.
• For additional information, visit the OPM Separations and Divorce webpage, and contact your Component Benefits Officer with any questions.
• Use the Employee Personnel Page (EPP) to change your address for your earnings and leave statements, health insurance benefits, Thrift Savings Plan, PIN, and passwords.
• DHS component Employee Assistance Programs (EAPs) provide several additional resources for DHS employees and their eligible family members, including no-cost, confidential counseling, and financial and legal consultation. EAP providers vary by component.

• The CFPB’s Managing Someone Else’s Money guides include four guides for four different fiduciary capacities: agents under power of attorney, court-appointed guardians, trustees, and government fiduciaries. Each guide contains information on fiduciary responsibilities and tips on how to spot financial exploitation and avoid scams. Also, each guide includes a “Where to go for help” section with a listing of relevant agencies and service providers. State-specific guides have been developed for six states: Arizona, Florida, Georgia, Illinois, Oregon, and Virginia. These guides provide information about the state’s unique laws and practices, as well as state-specific resources.
• You can change beneficiaries at any time without waiting for an open enrollment period. First, review your Electronic Official Personnel Folder (eOPF) for any existing Designation of Beneficiary forms that you may have on file.
• If you are a surviving family member of a DHS employee who has recently passed away, please contact the Component Benefits Office where your family member was employed. A benefits officer will talk with you about the benefits that may be payable to you, help you complete the benefits applications, and submit the completed applications with your documentation (death certificate and marriage certificates) to the appropriate office.

• For newlyweds, the first big financial decisions go beyond how to pay for the honeymoon and how to invest all those checks. They also involve starting a new household on solid ground financially. "Financial incompatibility is a primary reason for a significant number of failed marriages," said Lee Bowman, National Coordinator for Community Affairs. "Achieving harmony regarding financial matters before marriage, or as early in the marriage as possible, is critical to sustaining the relationship and preventing conflicts." Visit Starting a New Househould on Solid Ground Financially from the Federal Deposit Insurance Corporation for more information.
• Visit the OPM Life Events webpage, review and/or update your insurance coverage for your healthcare (FEHB), dental and vision (FEDVIP), life insurance (FEGLI), long term care insurance (FLTCIP), and flexible spending account (FSAFEDS).
• Be sure to keep your designation of beneficiary forms up-to-date for Federal Employees Retirement System (FERS), Thrift Savings Plan (TSP), Federal Employees Group Life Insurance (FEGLI), and Unpaid Compensation. If you don’t submit designation of beneficiary forms, survivor benefits will be paid based on a statutory order of precedence.
• Contact your Component Benefits Officer with any questions.

• The Consumer Financial Protection Bureau's Money as You Grow page provides parents and caregivers activities and conversation starters to help children develop money skills, habits, and attitudes that can serve them well as adults.
• DHS employees who have children through birth, adoption, or marriage should consider adding their children (dependents) to the employee benefits outlined below. Consult OPM’s Healthcare page for more information on your spouse or child’s enrollment eligibility.
• 529 College Savings Plans allow you to save money, pre-tax towards education.
• To add your child to your dental and vision plan, you must first switch your plan to either Self Plus One or to Self and Family coverage. Once you’re enrolled in an appropriate plan, you can add your child to the plan. To change your plan and enroll your child online, visit benefeds.com, or call (877) 888-3337.
• Set  aside pretax money for a full range of childcare services with a flexible spending account. To enroll in an FSAFEDS health care account, you must also be eligible to enroll in the Federal Employee Health Benefits (FEHB) program. For more information or to enroll or change your enrollment, contact FSAFEDS at (877) 372-3337, or visit the FSAFEDS website.

• Eating healthy doesn’t have to be expensive. Visit MyPlate's Healthy Eating on a Budget for tips and materials can help you make healthy choices while staying within your budget. Resources include recipes, tutorials, sample menus, and tips on creating a grocery game plan, shopping smart to fill your cart, and preparing healthy meals.
• Use these 10 financial calculators to help you walk through home financing.
• Ready.gov provides a resource center focused on providing information on financial preparedness, including information for children.
• The Consumer Financial Protection Bureau provides resources to help you understand how to manage your money, including a tool to help you understand your financial well-being.
• DHS employees have access to Federal Credit Unions. If you are searching for a financial institution, visit MyCreditUnion.gov or the National Credit Union Locator for more information.

View the DHS Employee Resources blogs below to read more financial-related information:

• Protect Your Finances During the COVID-19 Pandemic
• Financial Readiness
• Financial Literacy
• Saving for College

• National Domestic Violence Hotline
  800-799-7233
• Suicide Prevention Hotline
  800-273-8255
• Elderly Friendship Line
  800-971-0016

Learn how to financially prepare yourself or your children to pursue education and a career.

• OPM Academic Alliance Partners provide discounts for federal employees, spouses, and dependents at various universities throughout the country.
• In this Consumer Financial Protection Bureau Financial InTuition podcast, learn tips and strategies on how to make more informed financial decisions around managing money, saving and paying for higher education, and repaying student loan debt.
• The Consumer Financial Protection Bureau explains Paying for College with the ins and outs of student financial aid and repaying loans to help you make smarter decisions about how to pay for school. 

• The Federal Employee Education and Assistance Fund (FEEA) offers eligible employees confidential, no-interest loans to help them bridge financial gaps in the event of a financial hardship.
• FEMA and Operation Hope developed the Emergency Financial First Aid Kit (EFFAK) to help individuals and families organize critical financial, medical, and household information.
• Visit Help for Homeowners and Renters if you are struggling with your mortgage or rent or take action if you are in forbearance.