This is the best place to ask this. What is your take and your denominations take on Federal Vision?
As to the rites of baptism and communion. adherents view these sacraments as an imputation of the efficacy of the thing signified in the sign itself. For example, baptism is seen as conferring the benefits of union with Christ in the act of performing the sacrament. This view is more in line with the doctrine of baptismal regeneration such as with Roman Catholicism and Lutheranism, more so than with the classic Reformed doctrine of baptism.
The followers of Federal Vision Theology deny the imputation of Jesus’ active obedience to His followers for their justification. Their contention is that His followers are one with Christ and, as such, share in His resurrected life, but do not obtain His righteousness. This teaching is at variance with the core doctrine of Reformed and Protestant orthodoxy, which teaches that one can indeed be declared righteous before God through the work of Christ on the cross on our behalf (2 Corinthians 5:21).
Federal Vision Theology teaches two facets of election. One is what’s called the common election to the church. This means that they will receive blessings for their obedience as well as discipline for disobedience. The other pertains to those called to a special election to salvation meaning that salvation is awarded only to those who persevere to the end. This two-tiered approach to the body of Christ is unsupportable scripturally.
The Federal Vision is the view that seeks a restatement of traditional Reformed theology in order to apply a more robust Covenant theology in the study of the relationship between obedience and faith, and the role of the Church and Sacrament in one's salvation.
“It is a necessary basic assumption of biblical interpretation that attention to the plain meaning of the text is the door to healthy understanding of the Bible.” (Paul Karleen Ph.D.)