Federal Benefits 1
The default life insurance coverage under FEGLI, if an employee takes no action, is called this.
What is Basic Life Insurance?
An employee can change their FEGLI coverage during this event period.
What is an Open Season?
The FERS Basic Benefit annuity is calculated using the average of this number of highest-paid consecutive years.
What is three?
Both CSRS and FERS offer these types of benefits to spouses and dependents.
What are survivor benefits?
This is the minimum age at which LEOs with 20 years of service can retire under FERS.
What is 50 years old?
Under FEGLI Basic coverage, premiums are based on this factor.
What is the employee's salary?
Premiums for FEGLI's Basic coverage are partially paid by this entity.
What is the federal government?
The federal government automatically contributes this percentage of an employee's salary to their TSP, regardless of employee contributions.
What is 1%?
If a federal employee dies while actively employed, their beneficiary may receive benefits from this insurance program.
What is FEGLI?
LEOs can retire at any age with this minimum number of years of creditable service.
What is 25 years?
The three optional FEGLI coverages are Option A, B, and C. This option covers family members.
What is Option C?
To continue FEGLI coverage into retirement, an employee must have had the coverage for this long.
What is 5 years (or since first eligible)
Under FERS, employees can retire with an immediate annuity if they meet this Minimum Retirement Age (MRA) and service combination.
What is age 57 with 30 years of service (or 60 with 20 or 62 with 5)?
CSRS and FERS are both administered by this federal agency.
What is the Office of Personnel Management (OPM)?
Under FERS, this is the formula percentage applied to the high-3 salary for the first 20 years of LEO service.
What is 1.7%?
This benefit doubles the Basic insurance payout if the insured's death is caused by this.
What is an accident?
The FERS retirement plan consists of three parts: FERS Annuity, Social Security, and this plan.
What is the Thrift Savings Plan (TSP)?
Under FERS, this type of early retirement is available due to involuntary separations or reductions in force (RIF).
What is Discontinued Service Retirement?
Taking early withdrawals from the TSP before age 59½ may incur this financial penalty.
What is 10%?
For years beyond 20, this percentage is used to calculate LEO retirement benefits.
What is 1%?
This year marks the beginning of FEGLI coverage for federal employees.
What is 1954?
FERS employees contribute this percentage of their salary toward the FERS Annuity Plan.
What is 0.8%?
FERS-RAE – 3.1%?
FERS-FRAE – 4.4%
To qualify for FERS disability retirement, an employee must have completed this minimum amount of federal service.
What is 18 months?
FEGLI Open Seasons are this frequent.
What is rare (not regularly scheduled)?
This is the maximum mandatory retirement age for most LEOs
What is 57 years old?