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Federal Employees' Retirement System; Present Value Conversion Factors for Spouses of Deceased Separated Employees
Plain English Summary
The Office of Personnel Management (OPM) has updated the rules for calculating survivor annuities for spouses of federal employees who die before they can access their retirement benefits. This change affects how the value of these annuities is determined for early payments. However, the payment structure for spouses who choose to receive the basic death benefit in installments remains the same. Agents should review these changes to better assist clients who may be impacted.
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The Office of Personnel Management (OPM) is revising the table of reduction factors for early commencing dates of survivor annuities for spouses of separated employees who die before the date on which they would be eligible for unreduced deferred annuities. The annuity factor for spouses of deceased employees who die in service when those spouses elect to receive the basic employee death benefit in 36 installments under the Federal Employees' Retirement System (FERS) Act of 1986 remains unchanged.