Employees covered by FERS may be eligible for “postponed” retirement. This week’s column discusses how “postponed” retirement works and which employees are eligible. Also included in the discussion are any possible reductions to the FERS annuity and the effect of “postponed” retirement on Federal health, life, dental and vision, and long care insurance benefits associated with “postponed” retirement.
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Long Term Care Partners, which administers the Federal Long-Term Care Insurance Program, said it will offer a “Virtual Benefits Fair” during the upcoming federal benefits open season that runs from Nov. 14 through Dec. 12.
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Question: “I am set to retire Dec. 31, and plan to increase my spouse's life insurance to five multiples of coverage during the FEGLI open season Sept. 1-30. According to the OPM site: ‘Coverage elected during the open season will be effective the first pay period beginning on or after October 1, 2017.’ If I increase my Option C during open season, then retire on Dec. 31, 2016, will my change be eligible, or will I be stuck with my current election?”
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