Federal employees who are required to file confidential financial disclosures have done so already, and now it’s time to face the infamous Form 278: public financial disclosures. As with other financial disclosures, the point is to ensure public servants have no conflicts of interest. The difference here is that these disclosures are made available to the public, albeit for specific purposes only.
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Most federal employees probably know that means it is time to check whether their Federal Employees Health Benefit (FEHB) Program health insurance plan is the best for their needs and to also check whether enrolling in a second federal benefits program, the Federal Employees Dental and Vision Insurance Program (FEDVIP), makes sense.
But there is a third benefit federal employees should be evaluating each Open Season and may not be: the Federal Flexible Spending Account Program (FSAFEDS), a federal benefits program that can reduce tax bills by using pretax dollars to pay for health and dependent care out-of-pocket expenses.
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The Office of Government Ethics requires federal employees to annually submit a Confidential Financial Disclosure Report (Form 450) each year before February 15.
Federal News Network sat down with Shawn Steel, a certified financial planner with ClearLogic Financial, to learn how this can affect federal employees’ retirement plans and what they need to consider when investing.
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