You have an election to make at retirement, and you have three choices. Are you going to leave your spouse 50% of your annuity? If so, you will take a 10% reduction while you're living. The cost will be 10 percent. Alternatively, you can leave them 25 percent at a 5 percent cost, or leave them nothing. You have to choose one of these three options for your FERS retirement system: the 10 percent, the 5 percent, or no reduction in your pension for the rest of your life in exchange for a benefit when you die for your spouse. What do we call that class? When you die and somebody else gets a benefit, that's life insurance. You did it! That's right. So now you have your biggest life insurance decision ever made still in front of you. That was not what you thought coming in today, was it? We're talking 10% of your annuity for the rest of your days. So, let's walk through an example of retiring. You have a $22,000 annuity. 10% of that is $2,200 a year, right? That means you're drawing $20,000 a year. If you pass away, your spouse gets $11,000, which is 50% of the larger $22,000 number. Okay, there it is. There's your cost of insurance and the benefit that they get. Now, let's just assume by accident both of you live 25 years from that date, with colas being built into your pensions. Now, your gross pension would have been $36,000, but 10% of that is $3,600 a year, leaving you with $32,000 a year. If you die, your spouse gets $18,000. So, you have paid $72,000 over that 25-year period just in case you would have died. Your spouse would have picked up a monthly check. If your spouse...
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Fers basic employee death benefit 2023 Form: What You Should Know
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