Annuity Terms and Definitions

Annuity Starting Date
For most types of annuities, the first day of the month following either the date after the day you separate from service or the date after your last day in pay, whichever is earlier. If you were in pay status for three days or less in the month of your retirement, the annuity starting date is the date after either the day you separate from service or your last day in pay and in which you meet age and service requirements, whichever is earlier

Annuity, Postponed
Delaying your FERS annuity benefit to sometime in the future after meeting your Minimum Retirement Age but before age 62.

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

Annuity
Retirement benefit paid on a monthly basis

Assign and Assignment
Your irrevocable transfer of all ownership of FEGLI coverage (except Dismemberment coverage and Option C) to another individual, corporation, or trustee.

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 C
Coverage, to insure your spouse and eligible child(ren), that you can elect in addition to Basic insurance. You can elect up to 5 multiples of the coverage amounts (each multiple equals $5,000 for a spouse and $2,500 for an eligible child). Also called family optional insurance.

OFEGLI
The Office of Federal Employees' Group Life Insurance, which makes payments to beneficiaries under the policy. OFEGLI is not a Federal agency. It is staffed by employees of the contracted life insurance carrier.

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.)

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").