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  1. Home
  2. About DHS
  3. Employee Resources
  4. My Family
  5. Financial Resources

Financial Resources

DHS cares about your financial health and has resources in place to help. If you are thinking about planning a budget to pay down debt, to buy a new home, to save for college, or to meet another financial goal, Your Component Employee Assistance Program (EAP) can help. Your EAP offers financial consultations for a wide variety of financial concerns.

In addition to your Component EAP, there are other resources available to you as a Federal employee that can help you meet your financial goals. For additional information, contact your WorkLife specialist at worklife@hq.dhs.gov.

Retirement

  • The Federal Employees Retirement System (FERS) aggregates a collection of employee and agency-matched contributions from three different sources: A Basic Benefit Plan, Social Security, and the Thrift Savings Plan (TSP).
  • The Thrift Savings Plan (TSP) is a defined contribution plan that offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans. It is the most flexible component of the FERS, as it allows employees to determine their contribution.
  • The Civil Service Retirement System (CSRS) is a defined benefit, contributory retirement system. The employing agency matches the employee's CSRS contributions.
  • If you’ve turned 65 and are eligible for Medicare, you may choose to enroll in Medicare as a supplement to your Federal Employee Health Benefits (FEHB) plan. Your FEHB coverage will continue whether or not you enroll in Medicare. If you enroll in Medicare, benefits will be coordinated. If you don't enroll in Medicare, your FEHB plan will pay benefits in full. Your FEHB premiums will not reduce if you enroll in Medicare. For more information about Medicare eligibility and coverage options, visit the OPM Medicare website or call 1-800-MEDICARE (1-800-633-4227).
  • The Office of Personnel Management (OPM) provides answers to many common retirement questions.

Elder Care

Divorce

Survivor Benefits and Support

  • The CFPB’s Managing Someone Else’s Money guides include four guides for four different fiduciary capacities: agents under power of attorney, court-appointed guardians, trustees, and government fiduciaries. Each guide contains information on fiduciary responsibilities and tips on how to spot financial exploitation and avoid scams. Also, each guide includes a “Where to go for help” section with a listing of relevant agencies and service providers. State-specific guides have been developed for six states: Arizona, Florida, Georgia, Illinois, Oregon, and Virginia. These guides provide information about the state’s unique laws and practices, as well as state-specific resources.
  • You can change beneficiaries at any time without waiting for an open enrollment period. First, review your Electronic Official Personnel Folder (eOPF) for any existing Designation of Beneficiary forms that you may have on file.
  • If you are a surviving family member of a DHS employee who has recently passed away, please contact the Component Benefits Office where your family member was employed. A benefits officer will talk with you about the benefits that may be payable to you, help you complete the benefits applications, and submit the completed applications with your documentation (death certificate and marriage certificates) to the appropriate office.

Marriage

Parenting and Child Care

  • The Consumer Financial Protection Bureau's Money as You Grow page provides parents and caregivers activities and conversation starters to help children develop money skills, habits, and attitudes that can serve them well as adults.
  • DHS employees who have children through birth, adoption, or marriage should consider adding their children (dependents) to the employee benefits outlined below. Consult OPM’s Healthcare page for more information on your spouse or child’s enrollment eligibility.
  • 529 College Savings Plans allow you to save money, pre-tax towards education.
  • To add your child to your dental and vision plan, you must first switch your plan to either Self Plus One or to Self and Family coverage. Once you’re enrolled in an appropriate plan, you can add your child to the plan. To change your plan and enroll your child online, visit benefeds.com, or call (877) 888-3337.
  • Set  aside pretax money for a full range of childcare services with a flexible spending account. To enroll in an FSAFEDS health care account, you must also be eligible to enroll in the Federal Employee Health Benefits (FEHB) program. For more information or to enroll or change your enrollment, contact FSAFEDS at (877) 372-3337, or visit the FSAFEDS website.

Additional Financial Resources

View the DHS Employee Resources blogs below to read more financial-related information:

Learn how to financially prepare yourself or your children to pursue education and a career.

  • OPM Academic Alliance Partners provide discounts for federal employees, spouses, and dependents at various universities throughout the country.
  • In this Consumer Financial Protection Bureau Financial InTuition podcast, learn tips and strategies on how to make more informed financial decisions around managing money, saving and paying for higher education, and repaying student loan debt.
  • The Consumer Financial Protection Bureau explains Paying for College with the ins and outs of student financial aid and repaying loans to help you make smarter decisions about how to pay for school. 

Last Updated: 04/12/2022
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