Effective January 1, 2012, Federal Employees’ Group Life Insurance (FEGLI) premiums will change for certain age bands for Option B — Additional, and all age bands for Option C — Family, coverage. These premium changes apply to employees and annuitants.
There will be no change in premiums for Basic employee or Option A — Standard coverage.
The Office of Personnel Management determined that the changes are required to Option B, Option C, and Post-Retirement Basic premiums based on a study of funding and claims experience in the FEGLI Program.
Option B premiums will decrease slightly for the following age bands: Under 35, 35–39, 40–44, 45–49, 50–54, 55–59, 60–64, 65–69, and 70–74. There will be no change in premiums for ages 75–79 and 80 and over.
Option C premiums will reduce for enrollees in the following age bands: Under 35, 35–39, and 40–44. Option C premiums will increase for age bands 45–49, 50–54, 55–59, 60–64, 65–69, 70–74, 75–79, and 80 and over.
There will also be changes to premiums for Post-Retirement Basic Insurance (annuitants only). The extra premium for Post-Retirement Basic FEGLI will increase for enrollees who elect the 50% Reduction and No Reduction coverage at retirement. The extra premium for the 50% Reduction election for Basic insurance is $0.64 per $1,000 of coverage, and the extra premium for the No Reduction election for Basic Insurance is $1.94 per $1,000 of coverage.
Employees affected by the FEGLI premiums changes should review their Pay Period 03–2012 earning statements to determine that the correct FEGLI premiums are being withheld.
Discrepancies should be reported to the Human Resources Shared Service Center on 1-877-477-3273, option 5; TTY/TDD 1-866-260-7507.
The premiums for compensationers who are paid every four weeks are two times the biweekly premium.
The premiums for compensationers who are paid every four weeks are two times the biweekly premium.
— Compensation,
Labor Relations 12-29-11
