Federal Employees Facing Layoffs

If you're a federal employee, or any other employee, facing current layoffs, it's important to be prepared by printing out key documents for both your immediate financial needs and future planning. Here’s a list of documents you may need to gather and why they are important:

Key Documents to Print:

1. Notice of Layoff/Separation: This document officially outlines your layoff, including the date it goes into effect. You’ll need this for any benefits claims and severance pay. Your agency's human resources department should provide this.

2. Pay Stubs and Earning Statements: Collect several of your most recent pay stubs, as these are essential for income verification, severance packages, and unemployment benefits.

The Office of Personnel Management Also has summaries and compensation package information that can be found here:

OPM Home - OPM.gov (By clicking the link, you will leave Ameriprise.com. Be aware that the linked site will be subject to rules, regulation, and privacy and security provisions that are separate, and may differ, from Ameriprise Financial.)

3. Federal Employee Retirement System (FERS) Documents: FERS Information: If you're part of the FERS, print out your retirement plan documents, including your contribution history, projected annuity, and any benefits you’re entitled to after your layoff.

4. Health Benefits (FEHB) Information: You’ll need to understand your options for continuing health insurance after you’re laid off. Print any relevant information about your Federal Employee Health Benefits (FEHB) plan, especially if you're considering COBRA continuation.

5. Life Insurance (FEGLI) Information: If you have life insurance through the Federal Employees Group Life Insurance (FEGLI) program, get a copy of your policy to see your coverage and options for continuation.

6. Unemployment Insurance Documents: Collect any paperwork or records related to unemployment eligibility, which may require documentation of your separation and earnings. Having your pay stubs and separation notice ready is crucial.

7. Tax Documents: W-2 Forms: Keep your most recent W-2 and any other relevant tax forms. This will help when filing taxes or confirming your income. In case you need assistance later, make sure you have the correct contact information for HR, your benefits coordinator, or any relevant departments that can answer questions.

Documents your team at Inspire Confidence Group would need are:

1. Pay Stubs: For income verification, to help us understand your current financial situation.

2. Retirement and TSP Accounts: Statements for retirement planning, especially if you plan to roll over TSP or continue contributions in another retirement account.

3. Health Insurance and Life Insurance Details: So we can help plan for any changes to your health or life coverage after your separation.

4. Unemployment Benefits Information: To factor in unemployment income when helping you plan your budget.

5. Severance Package Information: This is important to determine if you’re receiving severance and what that means for your finances.

6. Tax Documents: Past W-2 forms, we will need to help with tax planning or guide you on estimated tax payments, especially if your income fluctuates due to unemployment.

Tips for Accessing Documents:

• Backup your digital records: If you have access to your work email or agency systems, download these documents onto your personal computer or cloud storage before losing access.
• HR/Benefits Contact: Stay in contact with your agency’s HR or benefits office to ensure you have the necessary paperwork and information for your transition.