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Career News | April 13, 2021

The Benefit of Benefits: Securing Your Financial Future

By DCAA Staff Writer

While some prospective employees focus on salary, there are many other job benefits that also significantly contribute to your financial health. A career with DCAA affords you a wide array of valuable federal employment benefits that can save money, provide financial security for your future and family, and help you advance in your career. Check out a few of the federal benefits that can address each.

Save Money

  • Flexible spending accounts let you save on your taxes as you save for health care and/or dependent care expenses. You set aside money, pre-tax, for qualified medical or dependent care expenses, which can reduce your taxes in the long run.
  • Transit subsidies provide partial reimbursement for regular commuting expenses for transportation such as commuter buses, registered van pools, ferries, or subways.
  • Public Service Student Loan Forgiveness forgives the balance of student loans when employees meet program requirements. This includes being employed full-time by a U.S. federal, state, local, or tribal government or not-for-profit organization and making 120 qualifying payments.

Help Secure Your Future

  • Federal Employees’ Group Life Insurance provides group term life insurance from the day you start at DCAA. In addition to Basic coverage, you can also enroll Older women talking with two men in any of three optional insurance programs for additional personal coverage, or coverage for your spouse and eligible dependent children.
  • Federal Long Term Care Insurance provides insurance to help pay for care when enrollees need help with daily activities or have a severe cognitive impairment, such as Alzheimer's disease. Most federal employees and their qualified relatives are eligible to apply for this coverage.
  • The Federal Employees Retirement System (FERS) is a three-part plan that provides retirement benefits from three different sources:
  • The Basic Benefit Plan provides lifetime monthly annuity payments, based on your years of service under FERS, your income, and the age at which you retire.
  • Social Security also pays out lifetime monthly annuity payments, adjusted for the market, and is portable.
  • The Thrift Savings Plan (TSP) works similarly to a 401(K) plan. The government contributes the equivalent of 1% of your base salary and matches part of your optional contributions. Employees have several options for investing and for distribution at retirement.

Get Financial Assistance to Advance Your Career

  • Professional Development Programs include financial support for certifications and job-related higher education. Subject to funding availability, DCAA may partially pay for job-related professional licenses and certifications (such as Certified Public Accountant or Certified Internal Auditor), and for post-secondary degrees in job-related fields.

Interested in learning more about these and other federal benefits? Visit the DCAA website to learn more.