Idaho Bulletin 360-6-5

April 28, 2006

SUBJECT:  PER - Financial education for federal employees

TO:  All Employees, NRCS, Idaho

Purpose.  To distribute information on financial education tools through AgLearn

Expiration Date.  September 30, 2006

Retirement is so far away.  Why do I need to take action now?  I know I need to begin saving.  How do I find the money to save?  Are these some of your concerns? 

Help is on the way. 

The Thrift Savings Plan Open Elections Act of 2004 (Public Law 108-469) requires the Office of Personnel Management (OPM) to develop and implement “retirement financial literacy and education strategy” for Federal employees.  OPM has developed and implemented a strategy for Federal agencies to use to help employees plan for retirement and other financial needs.

The U.S. Department of Agriculture (USDA) wants to ensure employees have the right tools to help them meet their retirement goals.  Employees currently have assistance with their Federal retirement/financial planning needs through access to benefits specialists, new employee orientation, retirement and benefits seminars, written materials and web access to further explain their Federal benefits options. In addition to the resources already available,USDA now offers simple web-based learning modules which will help employees with topics such as, debt-free strategies, investing, long-term care, retirement planning and estate planning.  These modules have been developed through the Cooperative State Research, Education, and Extension Service (CSREES) working with six universities and two non-profit partners to develop these up-to-date financial education products with no merchandise sales. 

The Office of Human Capital Management (OHCM) has partnered with CSREES, to make these modules available through USDA’s AgLearn system.  This makes the modules easy to find and will allow the employee to use only the modules they need.  Each module has different learning tools and will direct employees to other training/assessment tools as necessary.  These tools should help employees develop a framework for analysis and decision making which could help them achieve their retirement and financial goals.  OHCM will notify USDA agencies of the availability of additional resources as they become available.

OPM’s Retirement Financial Literacy and Education Strategy offers the following advice:

 “Workplace financial education benefits both the employer and employee.  A more knowledgeable employee will result in better financial decisions and overall financial well-being.  Employees who are taking maximum advantage of the benefits available to them will more likely have greater job satisfaction, which may result in lower turnover.  For the employer, studies have shown that employees who are financially healthy are more productive.  They are absent less often, spend less time at the workplace dealing with financial crises, and earn higher job performance ratings.  Moreover, the study found that employees gain confidence in financial matters and their future financial situation through workplace education, and are more likely to be satisfied with and supportive of their company.”

To help reach that financial well being take advantage of the learning modules available through AgLearn at www.aglearn.usda.gov under the Personal Financial Education category to help you assess your retirement and financial goals.  The steps to follow to access these tools are easy as 1-2-3.  First, log in to Aglearn, click once on the Catalog tab. Next, scroll through the list of available subjects and click once on the Personal Financial Education item. Last, click once on the Launch Content button to immediately launch that learning item.

/s/                                           
RICHARD SIMS                                         
State Conservationist               

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