The Postal Service has mailed employees personal statements detailing their overall compensation packages.
When you receive your statement, USPS encourages you to pay close attention to these three sections:
• How much you contribute to your Thrift Savings Plan (TSP). If you are under the Federal Employees Retirement System (FERS) and aren’t contributing at least 5 percent toward your TSP, experts say you are throwing away free money.
For 2017, both Civil Service Retirement System (CSRS) and FERS employees can contribute as much as $18,000 toward a TSP. If you are 50 years or older, you can contribute an additional $6,000 in catch-up contributions.
• What you paid in 2016 for your health benefits. By taking time to select the right health plan, you can be confident that you have the right benefits to meet your health needs without overpaying.
The Checkbook Guide to Health Plans can help you compare health plans to find the right fit for you.
• Your Federal Employees’ Group Life Insurance (FEGLI) coverage. Throughout the course of your career, your life insurance needs change.
Although there is no annual open season to add or increase your life insurance coverage, you can reduce or cancel FEGLI coverage at any time. Make sure your current coverage is still the right amount for you and your family.