Federal Life Insurance Changes Would Improve Benefits and Decrease Costs
FPCD-81-47
Published: Aug 21, 1981. Publicly Released: Aug 21, 1981.
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Highlights
GAO was requested to assess certain aspects of the Federal Employees' Group Life Insurance program. The objectives of the review were to evaluate alternatives for improving post-retirement life insurance benefits, to evaluate a change proposed in an earlier GAO report, and to obtain current data on payment of risk charges.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| Congress should amend the Federal Employees' Group Life Insurance Act to: (1) increase the minimum post-age 65 coverage to 50 percent of the coverage at retirement and correlate post-retirement benefits with length of participation in Group Life program; and (2) rescind the requirement that Group Life pay insurance company risk charges. | Please call 202/512-6100 for additional information. |
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Federal employee retirement programsLife insurancePersonnel managementRetirement benefitsRetireesFederal employeesInsurance coverageInsurance ratesGovernment employeesBenefit payments