Personal Financial Management | FERCCA Calculator

Personal Financial Management Services

Personal Financial Management is an extremely important part of one’s everyday life but an often-overlooked problem in today’s society. EconSys developed a sound plan for personal financial management for employees and high school and college students using proven methods:

• Power Point Presentations with Audio Narration
• Employee and Student Self Study, On-line Tutorials
• Employment Benefits Training Seminars
• Financial Benefits Maximizer (FBM) software for long range forecasting of financial matters

Our services and products can be purchased individually or as a group packaged together based on the needs of the client.

EconSys understands the need for communication and feedback when clients attain fresh knowledge about personal financial management. Our systems address this need using personalized services through email, chat forums, and telephone for each and every employee.

A. Power Point Presentations with Audio Narration

EconSys offers twelve (12) topics related to personal financial management that are available as individual presentations or the topics can be packaged for a comprehensive presentation with multiple subject matter.

• Budgeting
• Establishing an emergency fund
• Debt management
• Understanding credit and credit reports
• Personal banking
• Planning for retirement and retirement products
• Investing 101
• Mutual funds 101
• Life insurance
• Car buying 101
• Home buying 101
• Financial planning for a child’s education

B. Employee and Student Self Study, On-line Tutorials
The Power Point presentations can be offered as an employee/student self study through on-line training courses. The content is provided in multiple formats (narrated power point presentations, downloadable informational documents, and spreadsheet files).

The course material can be printed and reviewed at the employee’s/student’s convenience and will be available 24/7/365 days a year and can be made available on employer’s or school’s website.

Money Management Seminars for Students: A seminar designed for high school seniors and college students is just one example of how we can group financial management topics designed for each client’s needs. We can offer your students any combination of the topics listed above. In addition, we developed seminars for the following topics: Credit Cards, Living on Your Own, Saving Money Wisely, and Consumer Issues

C. Employment Benefits Training Seminars
Some private sector employers and the Federal government provide a comprehensive package of benefits for their employees. Often employees do not examine their benefits deeply enough to make informed decisions.  Employers may not have resources to provide this training. EconSys believes that the benefits training can benefit both the employer and the employees. Benefit training topics may include retirement plans, life insurance, and flexible spending accounts.

D. Financial Benefit Maximizer (FBM)
FBM is a comprehensive tool to estimate and analyze long-range personal financial management in many areas.  FBM can assist clients with their financial shortfalls, enhance financial awareness, project future financial date, deal with inflation, economic assumptions and uncertainty in the future by encompassing a broad range of benefits (retirement, disability, life insurance and long term care).

Seminars and modules are designed strictly for educational and informative purposes only, not intended for personal investment advice.

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FERCCA Calculator

The U.S. Office of Personnel Management (OPM) chartered Economic Systems Inc. to build a retirement calculator that will provide information and facilitate counseling to individuals who have certain election options between retirement plans or, in certain cases, be entitled to make up contributions to the Thrift Savings Plan. These choices result from the enactment of the Federal Erroneous Retirement Coverage Corrections Act (FERCCA).

The Development History of FERCCA

FERCCA addresses various combinations of coverage errors and gives individuals choices between coverage that they thought they had and the coverage they were legally entitled to.

These choices are available to affected employees, retirees if the person has retired, and survivors of deceased employees and annuitants who would have had choices if they were still living.

Most individuals will have choices of alternative retirement coverage, providing TSP make-up contributions, or using an actuarial reduction in lieu of paying a deposit or redeposit for retirement service credit deposits.

EconSys has enhanced its FRB calculator with a FERCCA module that enables specialists to make comparisons among available options for affected employees, annuitants and survivors.

The calculator is a tool available to counselors to perform “what-if” analysis of benefit options. The calculator will be used to provide information to individuals who are making FERCCA decisions and to agencies responsible for implementing the decisions.

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The Features

Some features of EconSys' FRB© Web with FERCCA include:

•      When the employee has choices of retirement coverage, the         retirement benefits under each coverage choice are displayed,
         side-by-side, for the retirement year and three later periods.
•      A net present value statistic is shown for each optional coverage.
•      FRB applies the special FERCCA rules for actuarial reductions for         unpaid service credit deposits.
•      FRB displays the quantitative effects of make-up TSP contributions         and government matching with their associated lost earnings.
•      FRB enables the computation of the special rules for actuarial         reductions that apply to previously made “deemed” FERS elections.

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