Posted on Wednesday, 27th November 2013 by

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OPM recently added a new feature to their Retiree Service Online site at https://www.servicesonline.opm.gov/. You can now download and print out a current copy of your FEGLI Verification of Life Insurance (VOLI) Coverage.  You can also print out duplicate 1099s for 2013 on this site when they are released.  Previously you had to request a copy by phone.  If you haven’t registered to use this site yet contact OPM at 1-888-767-6738 and they will send your initial temporary password in the mail. You will need your retirement claim number and the password provided by OPM to register for this service.

Unfortunately FEGLI Beneficiary  designations are not available online and if you are not sure who you designated call OPM or fill out a new SF 2823 Designation of Beneficiary form.  If you wish to change beneficiaries or if any of your beneficiaries moved since you originally completed this form send in an updated form. This is also important for the TSP, CSRS, and FERS Civil Service Retirement System designated beneficiaries.

I retired 9 years ago this December and OPM’s announcement reminded me to review copies of the designated beneficiary forms that I retained with my retirement application and for other insurance policies and financial accounts . All had to be updated because of designated beneficiary address and name changes over the years.  You should also update beneficiary forms for your bank accounts, insurance policies, and investment accounts of all types including savings bonds that you may have.

The SF 2808 and SF-3102 forms are needed if balances remain from your retirement when an annuitant dies before all of their contributions were paid out. These two Designation of Beneficiary forms are used to designate who is to receive a lump-sum payment which may become payable after an annuitant’s death. They do not affect the right of any person who is eligible for survivor annuity benefits.

Click Designation of Beneficiary Forms to obtain copies and detailed instructions for completing the  following form

  • SF-2808 (CSRS lump sum payment that may become payable after death)
  • SF-2823 (FEGLI Designation of Beneficiary)
  • SF-3102  (FERS lump sum payment that may become payable after death)
  • TSP-3 (Designation of Beneficiary)

You do not need to make a designation if you are satisfied with the order of precedence the law provides and you do not have a certified designation on file.  That order of precedence follows:

  1. To the widow or widower. 
  2. If your widow(er) is deceased, to your child or children, with the share of any deceased child distributed equally among the descendants of that child.
  3. If none of the above, to your parents in equal shares or the entire amount to the surviving parent.
  4. If none of the above, to the executor or administrator of your estate.
  5. If none of the above, to the next of kin under the laws of the State in which you live at the time of your death.

Payment of a lump sum will be made to the first person or persons listed above who are alive on the day you die.

Review your beneficiary elections with your annual estate plan review to keep things up-to-date. Estate plan contacts, insurance policy information, and investments must be updated to keep your plan current. Estate planning guidance, including how to compile a comprehensive estate plan binder, is available on our site.

Request a Retirement Benefits Summary & Analysis from a local adviser.  Includes projected annuity payments, income verses expenses, FEGLI, and TSP projections.

Helpful Retirement Planning Tools Distribute these FREE tools to others that are planning their retirement

Visit our other informative sites

The information provided may not cover all aspect of unique or special circumstances, federal regulations, and financial information is subject to change. To ensure the accuracy of this information, contact your benefits coordinator and ask them to review your official personnel file and circumstances concerning this issue. Retirees can contact the OPM retirement center. Our article is not intended nor should it be considered investment advice and our articles and replies are time sensitive. Over time, various dynamic economic factors relied upon as a basis for this article may change. The advice and strategies contained herein may not be suitable for your situation and this service is not affiliated with OPM or any federal entity. You should consult with a financial or human resource professional where appropriate. Neither the publisher or author shall be liable for any loss or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Last 5 posts by Dennis Damp

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Posted in BENEFITS / INSURANCE, ESTATE PLANNING, FINANCE / TIP, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION | Comments (0)


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