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It provides your beneficiaries with a $10,000 death benefit in the event of your death.
Where do I send my FERS beneficiary form?
If you have left Federal employment, if you are receiving recurring benefits from the Office of Workers' Compensation Programs, or if you have retired, file this form with the Office of Personnel Management, Retirement Operations Center, Federal Employees Retirement System, P.O. Box 45, Boyers, PA 16017-0045.
What happens to federal life insurance when you retire?
Effective at the end of the month after the month in which you become age 65 or retire (if later), your Option A coverage will reduce by 2 percent of the pre-retirement amount per month until it reaches 25% of the pre-retirement amount ($2,500.00). Coverage is free after you turn age 65 or retire (if later).
What level of basic do you want in retirement compensation?
Your Basic insurance in retirement is equal to your final annual basic pay, rounded up to the next $1,000, plus $2,000 (or a minimum of $10,000). This amount continues until you reach age 65.
Where do I mail OPM Form RI 79 9?
you the form you need to use to confirm this in writing. If you prefer, you can write to us at: U.S. Office of Personnel Management Retirement Operations Center P.O. Box 45 Boyers, PA 16017-0045.
Your Full Reduction Option B multiples are free after you reach age 65 or retire (if later), but reductions start. The Full Reduction multiples will reduce by 2% of the pre-retirement amount per month for 50 months, at which time that coverage will end.
Is FEGLI basic worth?
Keeping full coverage can become considerably expensive, but if you are suffering from a life-threatening illness, maintaining FEGLI-Basic probably makes a ton of sense. As for reducing it, FEGLI coverage can be cut by 50% for a cheaper price, or slashed by 75%.
When can you suspend FEHB coverage?
If we receive this signed form and documentation within 31 days before to 31 days after the effective date of your Medicaid or similar state-sponsored enrollment, we will suspend your FEHBP coverage at the close of business the day before your Medicaid or state-sponsored program coverage begins.
How do I contact OPM after retirement?
Our number is 888-767-6738 but you may also contact us via email at retire@opm.gov.
What happens to my FEGLI after I retire?
When you retire, your Basic insurance will be equal to your salary at the time you retired (rounded up to the next higher $1,000) plus $2,000. The cost of that insurance to you will depend on the post-retirement option you choose.
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