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Federal Employees Benefits Q &A

Do you have questions about your federal employee CSRS or FERS pension/annuity or federal employee retirement planning? Concerns about your Thrift Savings Plan (TSP) account or what about federal employee pay and leave issues?

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The Q&A forum is moderated by Ed Zurndorfer -- an expert on federal employee benefits -- and a Certified Financial Planner, chartered life underwriter and chartered financial consultant in Maryland.

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Greenbheal  
#1 Posted : Wednesday, June 12, 2019 11:25:52 AM(UTC)
Greenbheal

Rank: Newbie

Groups: Registered
Joined: 2/14/2019(UTC)
Posts: 2
United States
Location: London, KY

I am a FERS Employee planning on retiring in 6 months with 32+years of service at 66 years of age. I now carry Basic Life Insurance, Option A -Standard, Option B- 1X and Option C at two (2) multiplies. I am planning on retiring with the following FEGLI insurance:

Basic- With 75% Reduction
Option A- Yes
Option B- No
Option C- Two (2) multiplies

From what I understand, There will be no cost for Basic. I will have to pay for Option A. I will have to pay for Option C. Is this correct?
Another question: If I die before my wife who is not a federal employee, will she be able to continue Option C?

Thanks.
Ed Zurndorfer  
#2 Posted : Wednesday, June 12, 2019 1:50:49 PM(UTC)
Ed Zurndorfer

Rank: Senior Member

Groups: Registered
Joined: 9/10/2001(UTC)
Posts: 5,643

Was thanked: 150 time(s) in 139 post(s)
You are correct about FEGLI Basic Life Insurance with 75 percent reduction - no cost once you retire (because you are over age 65). There is no cost for Option A once you retire it too will be reduced 75 percent to $2,500 once you retire. There is a cost for Option C. And if predecease your spouse, she cannot continue Option C.
Greenbheal  
#3 Posted : Friday, June 14, 2019 5:53:42 PM(UTC)
Greenbheal

Rank: Newbie

Groups: Registered
Joined: 2/14/2019(UTC)
Posts: 2
United States
Location: London, KY

Thanks Ed.
Ed Zurndorfer  
#4 Posted : Saturday, June 15, 2019 6:08:06 PM(UTC)
Ed Zurndorfer

Rank: Senior Member

Groups: Registered
Joined: 9/10/2001(UTC)
Posts: 5,643

Was thanked: 150 time(s) in 139 post(s)
You are most welcome.
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