Under the Federal Employees Retirement System (FERS), individuals can elect a partial survivor benefit which is based on 25 percent of one unreduced annual base annuity. Your spouse must complete and attach Spouse Consent to Survivor Election (SF-3107-2) to your application.
What is a spousal annuity?
A joint and survivor annuity, also known as a “joint-life annuity,” is an insurance product for couples that continues to make regular payments as long as one spouse lives. Annuities are generally used to provide a steady stream of income during retirement.
Are FERS payments monthly?
Upon retirement, FERS will pay you a monthly benefit based upon your years of service worked under FERS, your income and the age you retire. Hence, the basic benefit is often known as the monthly annuity.
Does my wife get my federal pension if I die?
If you choose the full FERS survivor annuity option – your survivor will receive 50% of your monthly pension after you pass away. There is a cost to this benefit. In most cases, it is 10% of your regular monthly FERS pension. When you die, your survivor will receive 50% of your pension for the rest of their life.
When does a former federal employee get benefits?
This column presents benefits paid to a spouse or former spouse upon the death of a former federal employee.
When is a death benefit payable to a former spouse?
The Basic Employee Death Benefit may be payable to a former spouse (in whole or in part), if a qualifying court order, awarding a benefit, is on file at OPM and the former spouse was married to the deceased for a total of at least nine months and did not remarry before reaching age 55.
What happens to your federal employee benefits in divorce?
Former spouses of federal employees or retirees may not continue to receive FEHB coverage under the employee or retiree’s enrollment after divorce. OPM will not honor a court order requiring it to provide FEHB coverage to a former spouse, because federal law preempts state law in matters relating to the nature and extent of coverage or benefits.
What’s the maximum survivor benefit for federal employees?
If you retire under the Civil Service Retirement System (CSRS), the maximum survivor benefit payable is 55 percent of your unreduced annual benefit. If you retire under the Federal Employees Retirement System (FERS), the maximum survivor benefit payable is 50 percent of your unreduced annual benefit.
