U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-04-2014, 08:47 PM
 
Location: Lakeland, Florida
6,973 posts, read 12,492,210 times
Reputation: 8729

Advertisements

Before I go thru the hassle of calling OPM. Are there any Federal Retiree's that know at age 65, does OPM stop withdrawing the Life Insurance deduction from our annuity? I ask because I just went on Servicesonline, and I see the deduction is not being taken out of my Jan annuity. I'm guessing my turning age 65 has something to do with this. Anyone know?
Reply With Quote Quick reply to this message

 
Old 12-05-2014, 06:44 AM
 
119 posts, read 105,424 times
Reputation: 335
If you have elected full reduction for your basic FEGLI, OPM automatically stops deducting for it effective the month after you become 65.

I just went through this, turned 65 in October and had the increase in the December 1st payment.
Reply With Quote Quick reply to this message
 
Old 12-05-2014, 07:03 AM
 
Location: Lakeland, Florida
6,973 posts, read 12,492,210 times
Reputation: 8729
Quote:
Originally Posted by Bureaucratic View Post
If you have elected full reduction for your basic FEGLI, OPM automatically stops deducting for it effective the month after you become 65.

I just went through this, turned 65 in October and had the increase in the December 1st payment.

I just turned 65 3 weeks ago. I guess its another issue, that I did not even think about the life insurance. It's been deducted from the paycheck, and then the pension for decades now. I only had basic. Evidently I had the full reduction. Does this mean I have no Life insurance at all thru the FEGLI now? If so I better get out there and buy some. Is it still cheaper thru the FEGLI? Can I still get it thru them? Thanks.
Reply With Quote Quick reply to this message
 
Old 12-05-2014, 07:30 AM
 
119 posts, read 105,424 times
Reputation: 335
It seems correct to me. If you turned 65 in November, the deduction stops in December, and you will see this in the January 1st annuity payment.

The insurance does not stop, but the amount of the insurance decreases at 2% a month for 36 months until it reaches 25% of the original value. And of course it's now free.

Log into Services Online. Under "Miscellaneous" go to "Verification of Life Insurance" and you will see the original amount of your insurance, the monthly reduction, and the final amount.
Reply With Quote Quick reply to this message
 
Old 12-05-2014, 08:25 AM
 
8,205 posts, read 11,918,472 times
Reputation: 17999
Quote:
Originally Posted by Jimrob1 View Post
Evidently I had the full reduction.
Yes. This is a choice that you would have made at retirement. If you've kept your paperwork (as we all should always do), you have a copy of your election with your signature on it.
Reply With Quote Quick reply to this message
 
Old 12-05-2014, 01:30 PM
 
Location: Lakeland, Florida
6,973 posts, read 12,492,210 times
Reputation: 8729
Quote:
Originally Posted by Bureaucratic View Post
It seems correct to me. If you turned 65 in November, the deduction stops in December, and you will see this in the January 1st annuity payment.

The insurance does not stop, but the amount of the insurance decreases at 2% a month for 36 months until it reaches 25% of the original value. And of course it's now free.

Log into Services Online. Under "Miscellaneous" go to "Verification of Life Insurance" and you will see the original amount of your insurance, the monthly reduction, and the final amount.

Thank you for the info. I will check on services online and look at the section you mention.
Reply With Quote Quick reply to this message
 
Old 12-05-2014, 01:33 PM
 
Location: Lakeland, Florida
6,973 posts, read 12,492,210 times
Reputation: 8729
I wonder what most people elect to do on this subject. The full reduction or what?
Reply With Quote Quick reply to this message
 
Old 12-05-2014, 07:08 PM
 
Location: Central Massachusetts
4,800 posts, read 4,850,322 times
Reputation: 6379
Quote:
Originally Posted by Jimrob1 View Post
I wonder what most people elect to do on this subject. The full reduction or what?

I am FERS and never even took that insurance. I had SGLI so I was covered. I didn't want to spend the money on very short coverage.
Reply With Quote Quick reply to this message
 
Old 12-29-2014, 07:48 AM
 
Location: North America
5,936 posts, read 4,670,636 times
Reputation: 1924
If you are a federal employee and have no spouse or dependents then shouldn't you opt out of FEGLI?

It doesn't make any sense to have the money deducted from your pay if FEGLI is unnecessary.
Reply With Quote Quick reply to this message
 
Old 12-29-2014, 08:51 AM
 
Location: Tennessee
34,692 posts, read 33,700,331 times
Reputation: 51914
This will help. It's the instructions you read and form you filled out before you retired regarding your life insurance choices:

http://www.opm.gov/forms/pdf_fill/sf2818.pdf

I elected 50% reduction.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top