CSRS / FERS Federal Retirement Planning Tools and Resources: Thrift Savings - TSP, FEGLI, FEHB and more.
Home     Articles     News     Resources     GS Pay Scale 2014     Find A Professional     Retirement Seminars     FREE NEWSLETTER    
 Financial Professionals Directory

Find a financial professional in your area. Click here


 Retirement Seminars

Federal retirement seminars for agencies.
Learn more
.


 Top 5 Resources

1. TSP Roth option
2. GS pay scale 2014
3. Best dates to retire
4. Latest TSP returns
5. Discount dental plans


 CSRS Retirement
 Overview - CSRS
 Eligibility - CSRS
 Creditable Service -CSRS
 Survivor Benefits - CSRS
 Annuity Calculation-CSRS
 FERS Retirement
 Overview - FERS
 Eligibility - FERS
 Creditable Service -FERS
 Survivor Benefits - FERS
 Thrift Savings Plan
 Thrift Savings -Overview
 TSP Investment Choices
 TSP Loan Program
 TSP Contributions
 TSP Roth Option
 TSP Withdrawals
 TSP Returns
 TSP.gov Account Access
 TSP Forms Library
 TSP Talk Online Forum
 Insurance
 FEGLI - Life Insurance
 FEHB - Health Benefits
 Medicare
 FEDVIP - Dental/Vision
 FLTCIP - Long-Term Care
 FSAFEDS - Flex Spending
 Financial Planning
 Calculators
 Tax Tips
 Find A Professional
 Retirement Seminars
 Retirement Benefits Tax
 Retirement Living
 Relocation / Real Estate
 Retirement Jobs

_

Home | Articles | Bill Requires Lump Sum Payment as FEGLI Default Option

Bill Requires Lump Sum Payment as FEGLI Default Option
September 27, 2010
Printer-Friendly Format

Last week, a proposed bill in the House would require lump-sum payments as the default payout option for Federal Employees Group Life Insurance (FEGLI) program beneficiaries.

If passed, the Federal Life Insurance Transparency Act, H.R. 6175, introduced by Rep. Gerald Connolly, (D-VA), would require a lump-sum payment the default option for the distribution of FEGLI benefits if the insured party makes no other election.

Under the current regulations, the default option under FEGLI transfers benefits to a checking account known as a Total Control Account, which has been widely critcized for not being federally-insured and subject only to state regulation.

The National Treasury Employees Union (NTEU) offered support of the bill.  "NTEU believes the lump-sum payment is the most straightforward and sensible approach to paying insurance benefits if no election is made," said NTEU President Colleen M. Kelley.



·  Federal Employees Are Being Misinformed About Life Insurance (FEGLI) Death Benefits









Featured Columnist
Read federal retirement articles written by federal benefits expert and Certified Financial Planner, Edward Zurndorfer

Recent Articles & Resources
 An Update to Federal Retirement and Insurance Benefits for Same-Sex Married Couples
 Guide to CSRS Offset Retirement Benefits and Rules
 2014 FEHB Open Season Dates Announced by OPM
 OPM Issues Final Rule on Phased Retirement
 TSP Participants Who Want to Name Non-Spouses as Beneficiaries Should Complete Proper Form