pension
Many Americans Lack Access to Retirement Benefits Plans
A new study has revealed that many Americans lack access to a retirement benefits plan. The study also showed that Americans prefer retirement plans offered by their employer when compared to the 401(k) like plans. The study also found out how living in a state or working in a particular sector impacts the access to retirement plans. Recommendations to correct the situation were also given to the policymakers.
Americans Don’t Have Access to Retirement Benefits Plans
Over 40% of Americans have admitted that they don’t have access to an employer-based retirement savings plan or a pension in the study conducted by the Pew Charitable Trust. The study analyzed Census Bureau data and found that about 49% of Americans take part in the 401(k) through the workplace or a pension plan. It also found that 58% Americans have access to a plan through their employer.
The Location Impacts Retirement Plans
The study also revealed that access to retirement plans varied more in the metropolitan areas than across the states. The report found that the access rate for employees living in McAllen, Texas was just 23% while it was 71% in Grand Rapids, Michigan. The study also exposed the fact that metropolitan area with the lowest rate of retirement plans access are heavily concentrated in the states as the bottom 25% belong to Texas, Florida, and California.
Other Factors Impacting Retirement Plans
The report of the study also stated that factors like workers’ race, ethnicity, employer size, employee earnings and sector are among the key factors that can decide on the availability of retirement plans. This was proven by adding in relevant data that states about 69% of workers in the manufacturing sector have access to a retirement plan while just 34% of workers in the leisure and hospitality industry have that access.
Challenges of the Policymakers
The Pew Charitable Trust stated that the study clearly points out the fact that the state, city and federal level policymakers need to deal with complex challenges such as increasing the availability of workplace retirement benefits plans. The policymakers need to ensure that the retirement plans are customized as per the local needs.
The policymakers also need to create effective policies by understanding the existing gaps in retirement benefits savings. The study concluded by adding that the policymakers need to understand the nature of taxpayers, workers, and businessmen working in the metropolitan areas.
Federal government and the 7 trillion pension problem
We have talked long and hard about the fact that the US government hasn’t got enough money to give to retirees. Moody which is a credit rating agency has said that the federal government and the local, state governments are approximately 7 trillion dollars short when it comes to funding regarding pension payments.
FEDERAL GOVERNMENT 7 TRILLION SHY:
A release from Moody this past week read, “The unfunded liabilities of the various federal employee pensions systems, covering civilian and military employee benefits, amount to about $3.5 trillion, or 20% of US GDP. Additionally, Moody’s estimates that unfunded state and local government pension plan liabilities are of the same magnitude, bringing the total shortfall to 40% of GDP.”
The report also expressed that this public pension problem is only one small piece of the puzzle and that the retirement problem is on a whole another level. They said that the biggest challenge is the inability of the government to fund the Medicare and Social Security programs. The funding gap in social security is estimated to be close to 13 trillion (which is 75 percent of the GDP) while the Medicare program’s deficit is around 3 trillion dollars.
This is definitely startling news and many critics including Tony James, who is the president of Blackstone has referred to this shortfall as the main reason behind the crisis that’s affecting America.
Will these factors lead to people not considering retirement at all? Will they fear not getting their hands on their pension and will that make them continue working? Only time will tell. We can’t deny how a big a problem this is for the federal government and it goes without saying that the sooner they get rid of it, the better it will be for them, the federal employees and the soon-to-be retirees.
Retirement Benefits to Become History in Kennesaw
The elected officials of Kennesaw will no longer get any retirement benefits. This was decided unanimously by the city council on Monday. The officials who are already getting the benefits would be allowed to get them in the future, however, all the people who are elected from now on won’t be allowed these benefits. This is not the first move made by the council as many members have already let go of their insurance benefits recently. These moves will save thousands of dollars for the city.
The Previous Retirement Benefits Plan
Before the passing of this mandate, the members of the city council, as well as the mayor were vested after taking up their jobs. Their benefits accumulated with each year they served the post. From now on, the mayor and all the council members won’t get any benefits as they have let it go willingly.
The Decision
This decision was taken by a 4-0 majority and the only council member, not present was Councilman Nimesh Patel. Mayor Derek Easterling was highly pleased with the decision. He said that it’s the right thing to do and everyone that ran in November was in favor of this decision. He also added that approving this decision is a proof that the council is taking actions on the basis of the promises it made.
Jim Sebastian, a council member who is the only one to be a member of the previous and current council also pledged to not collect his pension. Though he had previously said he was automatically enrolled for the same.
The Savings
If the statements given by Miranda Jones, Assistant City Manager are to be believed, this decision would save about $16,000 a year for the council. The city had already got savings of worth $78,000 when the council members let go of their dental, vision, medical and life insurance benefits. These figures were given by Mr. Easterling a few weeks back. Hence, the city will end up saving $94,000 from both these council decisions.
The Ordinance
Apart from letting go of the retirement benefits, the council is also taking some other crucial decisions. It passed an ordinance that assists in limiting the consumption of malt beverages or craft beers on the premises. An additional fee of $850 has been levied for acquiring package/pouring license. The $200 growler fee is unchanged and it needs to be paid too.
Disabled vets and spouses to get VA Special pension benefit
The Aid and Attendance pension benefit given by the VA is meant to offset the financial problems and burdens faced by the veterans who have a disability or their spouses who have outlived them.
DISABLED VETERANS AND SPOUSES GET PENSION BENEFIT:
The benefit is hardly known to the majority. The Department of Veteran Affairs has been offering it for quite some time now and it is aimed at helping out the disabled veterans who are unable to work or the spouses who require attention and care.
The Aid and Attendance benefit has been designated as a pension benefit with the hope that many veterans or their spouses can claim eligibility to these funds along with the post-service pensions that they normally manage to earn. Here, it’s worth noting that not every disabled veteran can claim this fund; if the disability requires the care and attention of a nurse or a caregiver or if you are housebound, only then the fund can be claimed.
After claiming, the benefit will add a monthly amount to the monthly pension and the disabled vet or the spouse can claim their VA pension+ benefit the next time they go to collect.
The eligibility for the fund can be found out by contacting the in-state pension management center. If you are unable to do so yourself, you can ask your caregiver or your spouse to do so. The organization will then take into account your disability and the whole situation generally and figure out whether you are eligible for the extra compensation or not. Most of the time the VA will want a physician to be involved in the process so that only the deserving get the additional funds. This is a great way to help out the veterans that served the nation for a long time and are unable to serve themselves.
Federal court declares new pension plan not a church plan
A recent pension plan that was set up by New Brunswick, N.J.- based healthcare system is not capable of qualifying as a plan for the church that can be excluded from the Income Security Act of Employee retirement. This was announced by an appeals court of the federal government.
Pension plan deemed unfit to be called a church plan:
ERISA is the name of the law that these plans need to abide by. According to it, the plans need to be fully funded and should also provide employees with some rights and facilities regarding their benefit awarding.
This pension plan decision was unanimous and was written by Thomas Ambro who is a judge of the U.S court of appeals in the third circuit on the eve of December 29th. It stated “The health care system of Saint Peter is incapable to be considered qualified for the church-plan exemption because its roots weren’t set by a church”.
This healthcare system is creating a new wave of uncertainty in the minds of people regarding the exempt status of other plans. The retirement plan was established in 1974 and at the time operated a plan that abided with ERISA completely.
The employees of the church are more than happy for their request finally getting granted because they had been trying to achieve this for quite some time now. It motivates them to work with a zealous attitude and satisfies their needs of getting attention. It’s hoped that things end up the right way in the longer run as well.
Things to know about federal retirement and taxes
[Photo credit: Lending Memo]If you are a servant of the federal government, then there is nothing you would look forward to more than achieving your federal retirement and enjoy the benefits that follow. The road towards retirement isn’t always an easy one but if you follow the right procedures and fund the right account then when the time comes, you normally have what you would hope for. Here is a list of things that we believe every federal retiree or future retiree should know:
Things to know about federal retirement:
- The federal income tax will purpose all of the incomes that you get out of retirement. This is inclusive of TSP, Social security and IRAs etc. So, this entails that the amount you will lose to federal income tax will be dependent upon the marginal tax bracket within which the income lies.
- It doesn’t matter if you are getting a CSRS or a FERS pension, it won’t be fully taxable. The reason being that you made the contributions from dollars that were already taxed. This does make sense because otherwise you would be taxed twice.
- The deductions because of TSP don’t affect the retirement income either. This is because retirees can’t make TSP contributions.
- The payroll taxes will not be deducted from your retirement income but only from your earned income. So, you won’t be parting with any money pertaining to your Social security tax or the Medicare tax.
- Around 85 percent of the Social security benefits are taxable. The specific amount is based on the provisional income. This is a very important keyword and to find out the figure, you can add ½ of your social security, some non-taxable income and all of your taxable income. This provisional income will then be compared with certain thresholds meant for joint and single filters.
Las Vegas Judge’s Pension To Be Taken For Victims
The Clark county judge Steven Jones was incarcerated in the past few weeks and even though it appeared that the case got closed and the matter was cooled down, it now appears that the federal prosecutors are trying to make sure that the judge’s public pension is going to help pay the money owed to all of the victims that fell a prey to the investment scheme that he had started. Nevada’s PERS has revealed that Mr Jones can attain as much as 10 grand per month after he turns 60 during November of 2017. The public employees retirement system is also trying to make sure that their efforts get felt in the opposition of this move by the federal prosecutors. A report was filed by the agency issuing a formal objection intended to disregard the effort.
PERS’ objection to Jones’ public pension propaganda:
The report issued by PERS advocates the fact that the federal authorities are not legally authorized to be taking away the public pension of the former judge. They say that according to the newly formed pension state laws, they are required to get the permission of the judge in order to be able to do anything of this substance.
Assistant to US Attorney Mark Woolf gave the argument this past week that federal law dictates and allows the government to get access to a defendant’s retirement plans and benefits to make sure that the victims get compensated somehow. His statements made a lot of sense and they also managed to instigate some insurgency in Nevada PERS.
Naturally there was opposition from the other side and this matter is not going to resolve itself anytime soon by the looks of it. Whilst Jones, aged 58 is going to have to serve a 26 month long prison-stay near Bakersfield. This resulted from him getting convicted in the faulty investment scheme. He is expected to get released around April 12, 2017.
Federal Employees Face Pension Deficit
Federal employees with the Tennessee Valley Authority face a major pension deficit following a loss of almost $800 million in the pension fund investment this year. The TVA, a federal agency, reached a record-breaking $6 billion shortfall in their retirement benefits system.
More than 23,000 federal retirees receive benefits from the TVA retirement system and nearly 10,000 employees continue to contribute to and rely on the retirement system for their retirement plans. As of September 30, the TVA reported assets totaling $6.8 billion, which is just more than half of what financial actuaries say the retirement plan needs to provide benefits for current TVA employees and retirees.
Retirement Benefits Are a Big Concern
Energy Market Analyst for the TVA, Leonard Muzyn Jr. told reporters that, “Employees and retirees at TVA are worried at the end of the day if they are going to get their promised benefits. We only have slightly more than half the money we need to pay for the program, and the TVA has deferred $5.4 billion to future customers to pay for these benefits. What if the competitive landscape for utilities worsens and the TVA can’t collect that money? It’s a big concern for a lot of people.”
While the deficit numbers are certainly shocking for some employees, the TVA pension fund has been struggling for the last 8 years, according to Muzyn. In response to the shortfall, TVA retirees criticized the organization for not adjusting contribution levels according to recommendations by the TVARS (Tennessee Valley Authority Retirement System). The board consists of seven members and has a fully funded separate executive retirement plan.
TVA Auditor Surprised at Lack of Funds
Dan Pitts, a retired TVA auditor expressed his surprise at the pension deficit and lack of funds needed to support the federal employee retirement plan. “I am astonished to learn that TVA’s pension is now funded at the lowest level in the history of the TVA, and that TVA’s CEO is the highest paid federal employee in the history of or nation,” Pitts said.
TVA’s CEO, Bill Johnson, earned some $6.4 million in 2015, while the TVA earned just over $1 billion. TVA paid Johnson more money than any other federal government employee received, ever.
TVA Director Pete Mahurin, told reporters that he knows the TVA needs to get the pension fund in better shape, but continued to applaud financial improvements that led to a record net income for 2015. Mahurin admitted that the TVA “needs to get our pension liabilities under control. I think we’ve got a real problem with that.” However, he offered no definable plan to help reduce those liabilities.
New Money Added not an Offset of Losses
While the TVA added $282 million to the pension plans this year, these contributions did not offset significantly losses from the plan last year and totaled less than half of what the fund paid out to retirees last year.
Not all TVA officials believe the plan is in trouble. The Chief Financial Officer of the TVA, John Thomas acknowledged a loss of 4.5 percent of the total federal retirement plan value during the year, but said that the TVA will be able to meet future payments.
Thomas told reporters, “You really have to think about the pension as a long-term investment. In the three prior years, we say earning of about 13 percent, on average. Even with the decline this year, the investment returns, on average were more than 8 percent.”
Thomas continued, “We have a 20-year funding plan for this, and we did make contributions this year and will continue to monitor this going forward… Overall we’re going to stand behind our obligations to our retirees.”
Federal Employees Would Pay More For Pension Benefits
Federal Employees Would Pay More For Pension Benefits
A newly raised House bill will make the federal employees of the state pay a considerably larger amount for their future pension benefits. This has received polar critiques from different members but its aim is to relieve the employees of getting their assets confiscated and in turn adding strength to their Medicare and social security.
Scott Rigell is the person who has raised voice and legislated the bill that would help in the restoration of around 3/4th of the spending cuts that get added to the non-defense as well as the defense budgets. This will also ensure that a substantial amount of money is added to the pays that get contributed to the pension funds of the feds that attained office before 2014. Put in simpler and clearer words, once this bill gets passed (which is more than likely) the percentages of contribution that the federal officers (hired in 2014 or later) have to currently give to the federal workers that come under the Federal Employee retirement system will get applied to everyone.
Many federal employees are in support of this bill even when they would now have to pay more towards their pension benefits. The majority pays around 0.8 percent but now it’s expected to go to as much as a staggering 4.4 percent.
The Bipartisan budget act was drafted by Paul Ryan and Senator Patty Murray in 2013 and according to it, the federal employees of 2014 or later would have to part with 4.4 % of their incomes to accumulate as later pensions and the ones that got employed after 2012 would have to pay a little less i.e. 3.1 percent. The rest would just have to pay 0.8 percent.
Now, after Scott’s bill gets passed, all of the employees would have to pay around 4.4 percent to get included in their pension funds. Whether this move is going to end up being positive or not, we shall wait and see.
Public Sector Pensions in Peril
Most employees look forward to the day they can hang up their hat and start retirement. For decades, many employees have relied on the promise on a steady income following leaving the workforce through pension plans. However, times are changing and the pension system is in a state of dire distress. For young employees, there is still plenty of time to secure retirement through smart investments with Thrift Savings Plans (TSP), 401(k) accounts and other means of saving. However, for employees who can see retirement on the horizon, times are scary. Many employees who have given decades of dedicated work may never see their promised pensions come to fruition.
According to a new report from The Pew Charitable Trusts, there is an epidemic of public sector pensions, with a combined deficit for all states estimated to be close to $1 trillion. Leading the deficit are Connecticut, Kentucky and Illinois.
Among the three states, they all fall well below the standard 80 percent funded standard. Connecticut is ranked at 48 percent, Illinois at 39 percent and Kentucky ranked at an astonishing 23 percent. On the heels of the report, all three states have taken drastic steps to attempt to correct their saving habits and build up a healthy pension fund for their employees – some are succeeding, others are not.
Connecticut has taken steps in recent years to improve its pension savings habits. “It’s clear that Pew is trying to get the attention of governors who haven’t gotten it yet that they need to deal with their pension liabilities,” said GianCarl Casa, spokesman for Governor Malloy’s budget office. “Here in Connecticut, Governor Malloy gets it and has been acting consistently to take care of the problem over the last four-and-a-half years, under Governor Malloy, Connecticut has been funding 100 percent of its annual required contribution, something that was not always the case before he took office. Taken in combination with changes in benefits that he negotiated, Connecticut is on track to fully fund our pension system in about 15 years. We have made our pension system more affordable and we are keeping our commitments – at a time when other states are not.”
While all eyes have been on Illinois, Kentucky’s Employee Retirement System is at a dismal 23 percent and is $14 billion in the hole. The state has been paying around 50 percent of the actuarially required contributions (ARC) and 75 percent for teachers over the last 10 years – creating the present day situation. While Governor Beshear implemented a reform in March 2013, the deficit was only slowed down its growth. The reforms were recently ridiculed by a bankruptcy judge, stating, “the solvency of the fund to meet future requirement obligations is dependent upon consistent payment of the ARC…will almost certainly result in a fund that insufficient to pay future retiree benefits.” Areas of Kentucky have seen 6 percent property tax increases to help slow down the deficit. While there are very positive signs of financial gains in Kentucky, Governor Beshear says that the economy is gaining momentum, but the $14 billion liability will need to be handled by the next elected governor.
The state of Illinois has struggled to ease their monumental public pension deficit, and seem unable to gain their financial footing. Recently, the state has received a downgraded credit rating and have the worst-funded pension system in the country with $105 billion unfunded liability. Governor Rauner’s sweeping changes have included the option for the state to file for municipal bankruptcy to save billions of dollars for the local and state government – which is not a possibility, only insolvency of the pension payments can occur. However, if the state is able to obtain insolvency there will be massive layoffs in the public sector which is nothing short of catastrophic itself.
Most recently, Illinois, more specifically Chicago received another piece of bad news. Cook County Circuit Court Judge Rita Novak has deemed Mayor Emanuel’s pension reform act, void, unconstitutional and adding that “A public worker’s pension is a contract that cannot be diminished or impaired.” While many public sector employees rejoice over the ruling, one scary truth remains the same, without some type of reform to the current pension systems the funds will run out of money and Chicago cannot borrow any more money or continue to raise taxes. Currently, the city has a hefty $20 billion pension deficit that is only growing.
Compounding the Illinois’ dire financial situation is the recent downgrade of the state’s credit score.
Throughout the country 15 states have an overall funded ratio of 80 percent or higher, according to the Pew report. Many experts say a healthy pension program should have enough funds to cover at least 80 percent of its long-term obligations. South Dakota and Wisconsin ranked among the highest, each with 100 percent funding.
Lisa Grasso Egan, undersecretary for the Office of Policy and Management’s labor relations unit.
This debt “will remain higher as a percentage of U.S. gross domestic product than at any time before the Great Recession,” the Pew report states. “State and local policymakers cannot count on investment returns over the long term to close this gap and instead need to put in place funding policies that put them on track to pay down pension debt.”
Overall, if the state pension programs are unable to implement a stable legislation that has a solid path back to financial health then it could be disastrous. According to the Voya Retire Ready Index, nearly half of all public sector retirees (48 percent) say pension plans are a vital and major source for their retirement income.
Federal Retirement Related Articles
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FEGLI vs. Private Life Insurance
Survey Shows Lack of Retirement Savings Among Federal Employees
Is The Pension ‘Survivor Benefit’ Best For You? by Todd Carmack
Both CSRS and FERS have an option when they retire to choose a Survivor Benefit option which allows their spouse continued partial pension payments in the event of your death.
For CSRS, the Survivor Benefit option would provide a 55% annuity payout. For FERS, the Survivor Benefit has two options: a 25% or 50% continued benefit option. Both provide for lifetime income for the employee and a reduced payout for the surviving spouse. However, there are several other options that exist that may provide for a much great lifetime income stream and those alternatives are certainly worth consideration.
Here is an example for CSRS:
For CSRS the election of Survivor Benefits will reduce the retirement annuity payout by approximately 10% for life.
Alan, a CSRS employee, and his wife Jane decide to take the joint life option (electing the survivorship option) and while both are living, their monthly income is $4000 per month (which includes the 10% reduction of Alan’s Pension described above). If Alan dies first, then Jane will receive 55% of the $4000, or $2200 a month for the rest of her life. If Jane dies first, then Alan will still receive his full monthly income of $4000.
For FERS, the Survivor Benefit has two options: a 25% or 50% continued benefit option.
Here is an example:
For FERS, the election of Survivor Benefits will reduce the retirement annuity payout by either 5% or 10% depending on the Survivor Benefit option selected. Likewise, these choices are irrevocable, once chosen.
Carol, a FERS employee, and her husband Mike decide to take this joint life payout (survivor benefit) and while they are both alive, the monthly pension is $4000. If they choose the 25% option, and Carol passes away, Mike will receive $1000 monthly for her life. If they choose the 50% option, Mike would receive $2000 monthly for life.
Is there an alternative? For both FERS and CSRS employees often times a life insurance policy may be a reasonable option to consider. For FERS, the 5% or 10% employee Pension reduction and for CSRS the 10% reduction should all be considered an expense used to purchase the surviving spouse’s lifetime income. Therefore the logical question is to consider the amount that is being spent to ensure the future income and ask whether or not that money could be better spent somewhere else – in essence, Is There A Cheaper or Better Option?
A case for life insurance; Although this may not be for everyone and you should always discuss your individual circumstances with a knowledgeable financial professional before making any decisions, life insurance could provide a higher benefit for your spouse and give you more control over your pension.
Let’s consider the fact that your spouse could pre-decease you. In that event, if you had chosen the Survivor benefit, you would have spent 5-10% of yoru potential retirement income and received nothing for it. Not to mention, once your spouse has passed on, your pension reduction will continue – your elections are permanent, regardless of circumstances and how much longer you have in retirement.
What happens if you and your wife pass much earlier than expected. Life expectancy is no guarantee. Car accidents, slip and falls, and just poor health can all lead to pre-mature death. If you and your spouse pass much earlier than expected your CSRS and FERS annuity stops – there is no cash value or payout to your children or loved-ones. In this case, the government keeps whatever you haven’t taken and your heirs receive nothing.
Moreover, the cost for the Survivor Benefit Option is rather high when compared to many life private life insurance policies that could provide a guarantee of income either equal to or greater than the FERS or CSRS Survivor Benefit – not to mention numerous other reasons why the Survivor Benefit may not be the only option to consider. You may be able to use the costs associated with your Survivor Benefit and purchase a life insurance policy that provides your spouse and or your heirs with a much greater benefit.
Life is about knowing the options and choosing what is best for your situation.
About the Author
Todd Carmack
Financial Advisor
Bedrock Investment Advisors, LLC
Arizona
Other Todd Carmack Articles
Understanding The Thrift Savings Plan, by Todd Carmack
Social Security for FERS Employees, by Todd Carmack
Understanding Your FEGLI Coverage. by Todd Carmack
Disclosure: BWM Advisory, LLC reserves the right to edit blog entries and delete those that contain offensive or inappropriate language. Content will also be deleted that potentially violates securities laws and regulations. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor’s portfolio. All investment strategies have the potential for profit or loss. Hyperlinks on this website are provided as a convenience. We cannot be held responsible for information, services or products found on websites linked to ours. BWM Advisory, LLC is registered as an investment adviser with the SEC and only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.
More On FEGLI
Each time I think I have said enough about FEGLI, someone or something always reminds me that I have not, or at least I could be a bit clearer on certain aspects of FEGLI.
Over the weekend, a friend called for some advice on her pending retirement. We started to talk about FEGLI (watch the video) and her understanding of elections and goals for life insurance. Right off, she wasn’t sure about what she had and how it worked and if she elected reductions or named a beneficiary(s).
The point being she is about 4 months from deciding on an exact date to retire and one of the most important aspects of her planning process remains vague. There is no denying, there is no easy way of getting around understanding your benefits and what they mean in retirement. She is doing the right thing; she is talking NOW about what she does not understand about her benefits.
Many employees are missing out on a great opportunity to engage their human resources offices and gather as much information as possible about their benefits in retirement. Your agency human resources office has your folder and they can answer so many critical questions and help you via the wonderful online calculators and e-tools to estimate what your annuity from your years of service will look like in retirement.
Another important issue she unearthed was not having a full understanding of her TSP being separate from the pension (annuity) she would receive upon retirement. She also did not have a clear understanding of whether she had named a beneficiary on her TSP account.
Some of her issues were easy to resolve. First, if you are planning to retire, you should not bother yourself about whether you named a beneficiary or even who it was. So many changes take place in our lives over the course of our work careers that the easiest approach to the beneficiary question – is to do a completely new set of forms as part of your retirement check-up list.
Many of us enter into the federal service very young and we make our choices and designations, often not revisiting those forms for a very long time, if ever. This was certainly the case with my friend, even some of the designees she named had passed away.
Getting ready for retirement is a huge undertaking so wherever you can simplify the process, do it. Take the fuss out of what you did not do and what you thought you did and just complete a whole new set of forms for FEGLI. Also contact the Thrift Savings Plan (TSP) and complete a new set of forms with the TSP as well.
We are going to discuss and clarify a couple of things about FEGLI to follow.
P.S. Always Remember to Share What You Know.
RELATED TOPICS – More Federal and Postal Insurance Information
Federal Employees Health Benefits (FEHB)
Federal Flexible Spending Account (FSAFEDS)
Federal Long Term Care Insurance Program (FLTCIP)
Federal Employees and Medicare
Federal Employee Dental and Vision Insurance Program (FEDVIP)
