Q. I am under civil service offset and in the retirement red zone. I am in the process of updating paperwork and need to know which life insurance forms to fill out. On file, I already have Designation of Beneficiary (Civil Service Retirement System SF 2808). I picked up a benefits package with forms and it contains Designation of Beneficiary (Federal Employees’ Group Life Insurance SF 2823). The election form is also FEGLI (not CSRS). Is there a difference in these? A. The SF 2808 is for CSRS employees; the SF 2823 is for FERS employees.
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Q: I was hired in 1968 and had Federal Employees’ Group Life Insurance deductions from the beginning of employment. However, in 1985 my branch of government was dissolved. As a result, the entire branch was transferred to the private sector (FHLBank). I would like to know what happened to the FEGLI deductions for those years of service. We were never refunded for those years worth of deductions. A: The FEGLI is a term insurance program. As long as you were employed by the federal government and paid your share of the premiums through payroll deduction, you were covered. When you…
Q: Can you define the “no reduction” option? My understanding of it is this: For example, take a basic life insurance policy, prior to retirement, worth $100,000. At retirement, I can choose to keep paying for $100,000 coverage up to age 65 with the “no reduction” option. Is that correct, or is the coverage amount based on your retirement annuity, which would be much less ($58,000)? A: The “no reduction” option allows you to preserve the face value of your insurance on the day you retire. It has no connection to the amount of your annuity.
Q: My brother retired from the U.S. Postal Service a few years ago. He passed away a few weeks ago, and his wife asked the San Antonio post office how she could apply for his insurance. She was told that he had no insurance. He specifically told me that he did: I retired from civil service and have insurance, and my brother said that he had the same sort of coverage. If he has a claim it would be a great aid to his widow. A: His widow should call the Office of Personnel Management’s Retirement Information Office at 888-767-6738…
Q. I am still working and will turn 63 on April 14? When can I indicate that I want a reduction in my life insurance? A. You can do that when you retire, not before.