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Defined Benefit Pension Plan
A pension plan that promises participants a specified monthly benefit at retirement.
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.
COLA, CSRS
CSRS cost of living adjustments (COLA's) provide an increase that is equal to the rate of inflation as measured by the Consumer Price Index (CPI). CSRS cost-of-living-adjustments are provided to retirees at all ages
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).
Duly Appointed Representative of the Insured's Estate
An individual named in a court order granting the individual the authority to receive, or the right to possess, your property. The order must be issued by a court having jurisdiction over your estate.
Option A
$10,000 in coverage that you can elect in addition to Basic insurance. Also called standard optional insurance.
Accidental Death
Bodily injuries sustained solely through violent, external and accidental means, and as a direct result of the bodily injuries, independently of all other causes, and within 90 days afterwards, you lose your life.
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").
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.
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.)
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