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Thread: Beneficiaries

  1. #1
    Join Date
    Feb 2002
    Location
    Atlanta, GA
    Posts
    6,371

    Beneficiaries

    Topic that a number of us harp on all the time, usually in the Fall around Open Season time for Feds. Mothership ATF delivered the in-house monthly newsletter today with a good article on keeping designations of beneficiaries current.

    Worth sharing that there needs to be on file at your desk and at home with copies of the following:

    SF2823: FEGLI Designation of Beneficiary - persons named to receive your Federal Employees Group Life Insurance proceeds, both Basic and any optional coverage for which you are enrolled

    SF1152: Unpaid Compensation Designation of Beneficiary - name of person(s) you want to receive your unpaid salary and lump sum for unused annual leave

    SF 2808: Civil Service Retirement System (CSRS) Designation of Beneficiary - few if any of these left, but it designates who is to receive a lump sum payment which may become payable

    SF 3102: Federal Employees' Retirement System (FERS) Designation of Beneficiary: Same as SF 2808

    TSP3: Thrift Savings Plan Designation: Distribution of TSP account

    If you have never named a beneficiary then it goes to:

    1. Widow or widower
    2. If none of the above, Child or children in equal shares. Share of any deceased child equally distributed among their children
    3. If none of the above, to parents in equal shares or all to a sole surviving parent
    4. If none of the above to the duly appointed executor or administrator of the estate.
    5. If of the above to the next of kin entitled under the laws of the domicile of the insured at date of death.

    If you have ever name a beneficiary it goes to whoever you named the last time you updated the forms.

    If you do not have copies of these forms and they are not current (should be checked at least annually) and are not along with a will and appropriate beneficiary designations for other insurance and investments you are actually not worth knowing or having around.

    More info at https://www.opm.gov/insure/designations/index.asp
    ret.

  2. #2
    Join Date
    Nov 2003
    Location
    Alabama
    Posts
    87

    Thanks

    Quote Originally Posted by ATF SAC View Post
    Topic that a number of us harp on all the time, usually in the Fall around Open Season time for Feds. Mothership ATF delivered the in-house monthly newsletter today with a good article on keeping designations of beneficiaries current.

    Worth sharing that there needs to be on file at your desk and at home with copies of the following:

    SF2823: FEGLI Designation of Beneficiary - persons named to receive your Federal Employees Group Life Insurance proceeds, both Basic and any optional coverage for which you are enrolled

    SF1152: Unpaid Compensation Designation of Beneficiary - name of person(s) you want to receive your unpaid salary and lump sum for unused annual leave

    SF 2808: Civil Service Retirement System (CSRS) Designation of Beneficiary - few if any of these left, but it designates who is to receive a lump sum payment which may become payable

    SF 3102: Federal Employees' Retirement System (FERS) Designation of Beneficiary: Same as SF 2808

    TSP3: Thrift Savings Plan Designation: Distribution of TSP account

    If you have never named a beneficiary then it goes to:

    1. Widow or widower
    2. If none of the above, Child or children in equal shares. Share of any deceased child equally distributed among their children
    3. If none of the above, to parents in equal shares or all to a sole surviving parent
    4. If none of the above to the duly appointed executor or administrator of the estate.
    5. If of the above to the next of kin entitled under the laws of the domicile of the insured at date of death.

    If you have ever name a beneficiary it goes to whoever you named the last time you updated the forms.

    If you do not have copies of these forms and they are not current (should be checked at least annually) and are not along with a will and appropriate beneficiary designations for other insurance and investments you are actually not worth knowing or having around.

    More info at https://www.opm.gov/insure/designations/index.asp

    Hey thanks for the thread. I've been meaning to update all that info and you just made it that much easier.

  3. #3
    Join Date
    Jun 2000
    Location
    Birmingham, AL
    Posts
    356
    I know there are others with well more public accounting tax knowledge than I have, but I want add that if you don't have a will, you need to get one.

    I'm glad that ATF SAC posted about this topic. No one wants to think about what will happen when they "go." Some folks will say, "but if I get a will, I might die." Well, you're going to die, so do it with a will so it is clear what you want to happen with your estate. It can be as cheap as going to a site that has legal forms and doing it that way, or by seeing a lawyer. I know we all love our families and I'm sure we want to take care of them the best we can. The worst thing that can happen is leaving them a mess to figure out along with your departure.

  4. #4
    Join Date
    Oct 2001
    Location
    Where I hang my hat.
    Posts
    1,696
    in the same topic....

    Do you know anything of a pay out by Department of Justice for LEO's killed in the line of duty?

  5. #5
    Join Date
    Oct 2000
    Posts
    7,369
    Quote Originally Posted by Sandles2Sidearm View Post
    in the same topic....

    Do you know anything of a pay out by Department of Justice for LEO's killed in the line of duty?
    Start here:

    http://www.ojp.usdoj.gov/BJA/grant/psob/psob_main.html


    Then try Concerns of Police Survivors for more comprehensive info. First link covers some of the LOD benefits available to survivors:

    http://www.nationalcops.org/forms/benefits/all.pdf

    And this is the main LOD benefits page with links to documents on the benefits available in each state and for federal officers:

    http://www.nationalcops.org/deathbenefits.htm

  6. #6
    Join Date
    Feb 2002
    Location
    Atlanta, GA
    Posts
    6,371
    There are a number of programs and payments to survivors. These can include a cash payment, support for dependents education if you are killed an a host of support program. If you catch it, your agency, COPS (Concerns of Police Survivors) and others will do everything they can for those you leave behind. The core problem is far too many of you do nothing for those survivors in terms of leaving a will, a clean record of desired beneficiaries or anything that will actually help get all this stuff to the right person. If you can't lay your hands on a file with your will, copies of the forms I listed and any other relevant insurance or benefit designations within five minutes of reading this (provided you are at home or in the office) and that file or the forms in it do not show that you have reviewed it and/or amended it within the past 12 months you are screwing up beyond any hope of forgiveness. The Grim Reaper loves screw ups, indeed he does - ask any of us who have worked through the aftermath of some of this.

    If you are a Mr. or Mrs. LEO, next time sweetie tries a soulful "I luuuv you," tell them they have 10 minutes to produce that file or they can go look for a Red Roof Inn.
    ret.

  7. #7
    Join Date
    Feb 2002
    Location
    Atlanta, GA
    Posts
    6,371
    I got an email today on the new OPM FEHB rates. It reminded me that Open Season is approaching so I am deliberately violating the rule on posting old threads as I move this one to a sticky. DMClark and I and other mods and members used to post on this regularly. You can search "beneficiaries" and find more. I'll forgive me for the violation, since I am just giving this topic a bump. You might also want to search up "First Day(s)". Insurance, retirement, leave, are not part of the excitement of a successful job search. Be prepared and make sure they are never a source of excitement.

    I also want to stick a note in here for veterans, particularly in terms of "First Days". You'll want to search up military time buy back. You can buy back your military time and have those years added upon retirement increasing your retirement calculation. You have a couple of years from when you start to pay back interest free and then interest is charged on the balance. You can do it lump sum or by installments.

    http://www.plan-your-federal-retirem...y-buyback.html
    Last edited by ATF SAC; 12-02-2014 at 18:43.
    ret.


 

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