Q. Can you make changes to any options on life insurance when you leave and are approved on FERS disability? I will be 62 in a year and a half. Can you increase or decrease amounts?
Browsing: LIFE INSURANCE
Q. I am a FERS employee due to retire with 31 years of service in 2015. Upon retirement, if I elect no survivor benefit and elect to purchase life insurance instead, will my spouse continue to receive health benefits if I die before she does?
Q. Do they ever have an open season on life insurance? Are you allowed to ever change anything other than open season-like options, amounts, etc.? Do you know of any open seasons coming up?
Q. I am 58 years old, with 24 years with Veterans Affairs Health Care System in the Midwest at GS-6. I have multiple health conditions including several brain surgeries and don’t understand all the nuances with retirement. I have been told I’m eligible to retire in December 2014 with full benefits but would like to continue working until I’m at least 62 years old. I understand I can keep my Federal Employees Health Benefits insurance and life insurance after retirement. I have heard rumors of Voluntary Separation Incentive Pay or buyout at $25,000. I think I have several options of…
Q. My husband will retire next year under FERS and he is interested in working seasonally for the National Park Service. I realize his salary would likely be offset by the amount of his annuity. Is there any problem with doing this year after year? (e.g., work seasonally for four to six months, then be unemployed the rest of the year). Would it affect our federal benefits carried into retirement (e.g., FEHB, life insurance)?
Q. My brother retired under FERS disability because he was in need of a kidney and liver transplant. He has since received both organs and is now able to work again. Can he return to work for the federal government again? If so, what benefits will he have to give up?
Q. What are the deductions/withholdings from the lump-sum payment of unused annual leave at retirement? Obviously, federal and state taxes will be deducted, but what about federal pension, Thrift Savings Plan, federal health and life insurance, etc.? I plan to take out a loan from my TSP which will have to be repaid when I retire, so I want to make sure I have sufficient funds from payment of my annual leave balance at retirement to pay off the loan. Therefore, I need to know what deductions will be.
Q. My husband recently started working for the federal government. I am his second wife. His former wife died. I did not see his benefit papers, so I’m assuming that when he passes away, I will be able to receive his benefits and not his grown children from his first marriage. Is that correct? Is he allowed by law (without my consent) to add his grown children to his benefits without my knowledge and/or consent?
Q. I am a Postal Service employee under FERS. I am going to retire soon with 26½ years at age 60. Do I have to take the special retirement supplement, or can I waive it? If I take it, do I have to start taking Social Security at 62, or do I have an option to wait until I am older? If I decide to purchase an annuity with my Thrift Savings Plan balance from MetLife, is that annuity protected if MetLife folds?
Q. Is Federal Employees’ Group Life Insurance, survivor benefit and Thrift Savings Plan matching based on GS base pay or firefighter base pay?