Federal Employees' Group Life Insurance Program; Premium
| Published date | 08 September 2021 |
| Citation | 86 FR 50382 |
| Record Number | 2021-19475 |
| Section | Notices |
| Court | Personnel Management Office |
Federal Register, Volume 86 Issue 171 (Wednesday, September 8, 2021)
[Federal Register Volume 86, Number 171 (Wednesday, September 8, 2021)]
[Notices]
[Pages 50382-50384]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-19475]
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OFFICE OF PERSONNEL MANAGEMENT
Federal Employees' Group Life Insurance Program; Premium
AGENCY: Office of Personnel Management.
ACTION: Notice.
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SUMMARY: The Office of Personnel Management (OPM) is announcing changes
in premium rates for certain Federal Employees' Group Life Insurance
(FEGLI) categories. These include changes to premium rates for Employee
Basic Insurance, Option A (most age bands), Option B (most age bands),
Option C (most age bands), and Post-Retirement Basic Insurance. These
rates will be effective the first pay period beginning on or after
October 1, 2021.
DATES: These rates will be effective the first pay period beginning on
or after October 1, 2021.
FOR FURTHER INFORMATION CONTACT: Marthine Mason-Martin, [email protected],
(202) 606-1413.
SUPPLEMENTARY INFORMATION: This notice announces changes to FEGLI
Employee Basic, Option A (most age bands), Option B (most age bands),
Option C (most age bands), and Post-Retirement Basic Insurance.
FEGLI premium rates are assessed based on Program experience in
accordance with FEGLI statutes at 8711(b), 8714a(e), 8714b(e), and
8714c(e), and OPM's Annual FEGLI Rate Review Process. The premium rates
in the FEGLI program represent estimates of premium income necessary to
pay future expected benefits costs. The rates for all coverage
categories are specific to the experience of the FEGLI group and are
not based on mortality rates within the general population. Actuarial
analysis of changing mortality rates makes periodic premium adjustments
necessary.
OPM has completed a study of funding and claims experience within
the FEGLI Program. Based on this updated actuarial analysis of actual
claims experience, OPM has determined that changes are required to
Employee Basic, Option A, Option B, Option C and Post-Retirement Basic
Insurance premiums. These changes reflect
[[Page 50383]]
updated mortality and claims rates from actual program experience
within each FEGLI category. The legislative structure of the FEGLI
Program assumes that we set premium rates for each age band
independently of the other bands so that each age band is financially
self-supporting.
We will issue guidance to all agencies for the purpose of
counseling employees and we will notify affected annuitants directly
via OPM's Office of Retirement Services. The FEGLI premium rates will
be maintained on the FEGLI website https://www.opm.gov/healthcare-insurance/life-insurance/.
The new FEGLI premium rates for Basic, Option A, Option B, Option C
and the Post-Retirement Basic Option are as follows:
Employee Basic Insurance (per $1,000 of Insurance)
[The premiums for compensationers who are paid every four weeks are two
times the biweekly premium.]
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Bi-weekly Monthly
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Employee................................ $0.1600 $0.3467
Government.............................. 0.0800 0.1733
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Total............................... 0.2400 0.5200
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Option A (for $10,000 of Insurance)
[The premiums for compensationers who are paid every four weeks are two
times the biweekly premium.]
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Age band Bi-weekly Monthly
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