Check Those Pay Statements

This is a good time to take a close look at pay and leave statements. The 1 percent general schedule pay raise that was effective in the first full pay period of the year, covering January 11-24 for most, should be showing up in pay distributions reflecting that period (blue collar employees receive their raise at differing times of the year, varying by location). A raise also may trigger higher coverage under FEGLI Basic and Option B, for those who have them, with a corresponding increase in the premium costs (both types of coverage are based on salary rounded to the next $1,000). Regardless of salary system, changes in FEHB or FEDVIP insurance premiums or changes in coverage elected during last fall’s open season also should be showing up. Meanwhile, a new plan year has started under the flexible spending account program, during which elections also were allowed in the open season.