SOURCE: https://www.reddit.com/r/fednews/
**I only post the hottest 10 posts in the subreddit.**
Federal specific financial tips for if you’ve been laid off or think you may be soon
Hey folks. I put this together in another subreddit, but figured it would be useful here too. This is a living document. Please let me know if something I’ve said is wrong or if you have something important to add. I’ll post updates as required. If you been laid off:You'll get all of your Annual Leave paid out as cash. Sadly you will not get the same for your Sick Leave or Time Off Awards. You can ask for a free 31 day extension to your health insurance. OPM guidanceFor long term health coverage I'd look into an ACA plan; If you're unemployed you'll probably get a decent subsidy for your first year with one of those plans. You will be elligible for COBRA health insurance coverage. I would only go this route for emergencies. If something happens medically to you or your family in the next 60 days you can RETROACTIVLY opt-in to it. You do not need to immediately opt in, it will be expensive option. You’ll likely be eligible for unemployment. Everything differs by state. Here’s a fact sheetIf you have less than 5 years of service, FERS (aka pension) contributions can be withdrawn since you don’t qualify for a pension. Suppose you are a GS 7 with ~1 year of service, your payout will be about $2500; ~3 years would be about $7500. Your paystubs should show you how much you've contributed. OPM GuidanceIf you are laid off undergoing a subsequent probationary period but have at least 5 years of service, your FERS contributions can be a large chunk of change (especially if you were contributing 4.4% under FERS-FRAE). You can withdraw it as cash or reinvest it in an IRA. If you take another federal job in the future, you can pay back into FERS (with interest equivalent to the G-fund) to get back into the pension program. OPM GuidanceIf you are 55 or above, you have access to the "Rule of 55" You can withdraw from your TSP tax penalty free. Detailed blog postIf you’re worried that you’ll be laid off soon:Download copies of all SF-50s and paystubs.Polish up your non-federal resume. Make sure to download a copy of your Federal resume from USA Jobs just in case it goes down for an extended time. Start applying for jobs now. Preferentially use Sick Leave or Time Off Awards as appropriate. Then preferentially use Comptime as it is sometimes paid out. Annual Leave is paid out as cash. Bolster Emergency savings. One option to put more cash in your pocket would be to reduce TSP contributions to the minimum for the 5% match, or consider stopping contributions all together. This could put a few hundred extra in savings per pay period. Research the unemployment process in your state so you know what to do immediately. Here’s a factsheetStart buckling down. Cancel all unnecessary subscriptions. Reduce your TV package, or cancel it and purchase an over-the-air antenna. Start saving cheap, healthy recipes and stop eating out. Quit drinking alcohol for now and save the money.
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https://www.reddit.com/r/fednews/comments/1iqw4ok/federal_specific_financial_tips_for_if_youve_been/?utm_source=ifttt
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This robot is NOT affiliated with r/fednews. It merely rebroadcasts the top 10 hottest posts. Responses here are only seen in the Fediverse. YOU SHOULD GO TO REDDIT TO PARTICIPATE FULLY!
High volume posting robot - block me if irritating.
-----
#Coup #Activism #Reddit #subreddit #fednews #FederalWorkforce #FederalGovernment #USpol #Trump #Elon #Musk #DOGE
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2025-02-16 18:15:17
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"content": "SOURCE: https://www.reddit.com/r/fednews/\n\n**I only post the hottest 10 posts in the subreddit.**\n\nFederal specific financial tips for if you’ve been laid off or think you may be soon\n\nHey folks. I put this together in another subreddit, but figured it would be useful here too. This is a living document. Please let me know if something I’ve said is wrong or if you have something important to add. I’ll post updates as required. If you been laid off:You'll get all of your Annual Leave paid out as cash. Sadly you will not get the same for your Sick Leave or Time Off Awards. You can ask for a free 31 day extension to your health insurance. OPM guidanceFor long term health coverage I'd look into an ACA plan; If you're unemployed you'll probably get a decent subsidy for your first year with one of those plans. You will be elligible for COBRA health insurance coverage. I would only go this route for emergencies. If something happens medically to you or your family in the next 60 days you can RETROACTIVLY opt-in to it. You do not need to immediately opt in, it will be expensive option. You’ll likely be eligible for unemployment. Everything differs by state. Here’s a fact sheetIf you have less than 5 years of service, FERS (aka pension) contributions can be withdrawn since you don’t qualify for a pension. Suppose you are a GS 7 with ~1 year of service, your payout will be about $2500; ~3 years would be about $7500. Your paystubs should show you how much you've contributed. OPM GuidanceIf you are laid off undergoing a subsequent probationary period but have at least 5 years of service, your FERS contributions can be a large chunk of change (especially if you were contributing 4.4% under FERS-FRAE). You can withdraw it as cash or reinvest it in an IRA. If you take another federal job in the future, you can pay back into FERS (with interest equivalent to the G-fund) to get back into the pension program. OPM GuidanceIf you are 55 or above, you have access to the \"Rule of 55\" You can withdraw from your TSP tax penalty free. Detailed blog postIf you’re worried that you’ll be laid off soon:Download copies of all SF-50s and paystubs.Polish up your non-federal resume. Make sure to download a copy of your Federal resume from USA Jobs just in case it goes down for an extended time. Start applying for jobs now. Preferentially use Sick Leave or Time Off Awards as appropriate. Then preferentially use Comptime as it is sometimes paid out. Annual Leave is paid out as cash. Bolster Emergency savings. One option to put more cash in your pocket would be to reduce TSP contributions to the minimum for the 5% match, or consider stopping contributions all together. This could put a few hundred extra in savings per pay period. Research the unemployment process in your state so you know what to do immediately. Here’s a factsheetStart buckling down. Cancel all unnecessary subscriptions. Reduce your TV package, or cancel it and purchase an over-the-air antenna. Start saving cheap, healthy recipes and stop eating out. Quit drinking alcohol for now and save the money.\n\n------\n\nhttps://www.reddit.com/r/fednews/comments/1iqw4ok/federal_specific_financial_tips_for_if_youve_been/?utm_source=ifttt\n\nr/fednews is the main subreddit for US Federal government workers.\n\nThis robot is NOT affiliated with r/fednews. It merely rebroadcasts the top 10 hottest posts. Responses here are only seen in the Fediverse. YOU SHOULD GO TO REDDIT TO PARTICIPATE FULLY!\n\nHigh volume posting robot - block me if irritating.\n-----\n#Coup #Activism #Reddit #subreddit #fednews #FederalWorkforce #FederalGovernment #USpol #Trump #Elon #Musk #DOGE",
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