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Fegli s Form: What You Should Know
Federal Taxpayers. Life Insurance (FELL) Plan Forms. Federal Employees' Group Life Insurance (FELL) Program. The following is a short summary of the information contained in the above-described form: 1. The life insurance is not payable until a person dies, and the beneficiary is a qualifying individual or a deceased spouse, children, parents, or siblings. 2. A beneficiary cannot be a designated beneficiary, as that would allow the beneficiary or the designated beneficiary to inherit the funds. Form 712–Current Revision 1. The beneficiary is generally the employee or the individual's legally adopted child. 2. The beneficiary's beneficiary designations cannot be made after the beneficiary reaches age 21 unless the beneficiary is a spouse, sibling, grandparent, parent, or deceased relative. 3. The plan does not provide for an annual annuity, and the benefit is limited to amounts payable to the beneficiary within 60 days after the date of death. 4. The person has to pay for his or her portion before it becomes payable. 5. The beneficiary does not receive an immediate annuity or an amount payable on the beneficiary's death. 6. The beneficiary's portion is the amount of the death benefit under Federal Employees' Group Life Insurance (FELL) Plan and can be paid in six equal annual installments. 7. An advance payment of a portion or all of the annuity is not allowable. 8. The payment of the entire annuity is paid from the death benefit. Form 712–Current Revision 2. The death benefit is equal to the difference between the amount payable under the current retirement account (which is an amount in the annuity account and is equal to 10 percent of the deceased's salary or wages, or the amount of the value of the life insurance the person purchased before taking employment with a Federal agency) and the amount payable to an employee who has a death benefit under FELL Plan, as provided in section 2.04.02(5). If the value of the life insurance exceeds 10 percent of the deceased's salary or wages, the death benefit over the life of the beneficiary is reduced by the amount of the excess. The amount that would decrease the value of the life insurance under section 2.04.02(5) is the excess amount. 9. The death benefit is not included in the amount of the employee's pension that is funded from the employee's retirement benefit. 10.
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