Check Those Pay Statements

This is a good point of the year for federal employees to take a close look at their pay and leave information. The 1 percent general schedule pay raise that was effective in the first full pay period of the year (January 12 for most) should be showing up in the next pay distributions. The new budget measure extended that raise to blue collar employees, who receive raises at differing times of the year, varying by location; in some cases the raise for them will be retroactive. Changes in FEHB or FEDVIP insurance premiums or changes in coverage elected during last fall’s open season also should be showing up, and employees might wish to review their income tax withholding rates. 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). Meanwhile, a new plan year has started under the flexible spending account program, during which elections also were allowed in the open season, although for those with funds left over from 2013, there is a grace period until March 15 to have spending charged to the 2013 plan year rather than face losing it.