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Annuitant
A former employee entitled to an annuity under a retirement system established for employees. This includes the retirement system of a nonappropriated fund instrumentality of the Department of Defense or the Coast Guard.
Living Benefits
Basic insurance benefits (full or partial) paid to you while you are still living, rather than paid to a beneficiary when you die. You must be terminally ill, with a life expectancy of 9 months or less, to qualify for a living benefit.
Annuity, Deferred
An annuity that begins more than 1 month after separation from employment at some future point when retirement age is reached. (Also called deferred benefits.)
Option B
Coverage, equal to up to 5 multiples of your annual basic rate of pay, that you can elect in addition to Basic insurance. Also called additional optional insurance.
Conversion
The exchange of group insurance for insurance under an individual policy purchased from a private insurance company approved by the Office of Personnel Management.
Basic Insurance
The coverage, based on your annual rate of basic pay, which you automatically have as an eligible employee unless you waive it.
Immediate annuity
An annuity that begins no later than one month after the date the insurance would otherwise stop
An annuity under 5 CFR 842.204(a)(1) for which the starting date has been postponed under 5 CFR 842.204.
Designation of Beneficiary
Notice, signed by you and witnessed by two persons, indicating the person(s) you want to receive your life insurance benefits. The form generally used for life insurance designations is the Designation of Beneficiary form (SF 2823).
Annuity
Retirement benefit paid on a monthly basis
Age Multiplication Factor
A factor used to determine the extra amount of Basic insurance payable at the time of your death, if you die before age 45 (also referred to as the "extra benefit").
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