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Federal Employees Group Life Insurance: retirement benefit and retained asset account disclosures could be improved: report to congressional requester
| AUTHOR | Office, U. S. Government Accountability |
| PUBLISHER | Createspace Independent Publishing Platform (08/11/2017) |
| PRODUCT TYPE | Paperback (Paperback) |
Description
The Federal Employees Group Life Insurance program (FEGLI), administered by the Office of Personnel Management (OPM), insures over 4 million federal employees and annuitants in the event of an enrollees death. As a result, it is important that the program is clearly explained and properly overseen. However, some aspects of FEGLI, such as program disclosures and the use of retained asset accounts (RAA)financial accounts used to settle life insurance claimshave raised questions about the programs operations.GAO was asked to describe and evaluate (1) the FEGLI programs structure and operations, (2) OPMs administration and oversight of the program, and (3) the use of RAAs in FEGLI claims payments. To address these objectives, GAO reviewed FEGLI law and regulations, interviewed OPM, Metropolitan Life Insurance Company (MetLife), and state insurance officials, and met with insurance industry experts.
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Product Format
Product Details
ISBN-13:
9781974442782
ISBN-10:
1974442780
Binding:
Paperback or Softback (Trade Paperback (Us))
Content Language:
English
More Product Details
Page Count:
50
Carton Quantity:
82
Product Dimensions:
8.50 x 0.10 x 11.00 inches
Weight:
0.31 pound(s)
Country of Origin:
US
Subject Information
BISAC Categories
Reference | Research
Descriptions, Reviews, Etc.
publisher marketing
The Federal Employees Group Life Insurance program (FEGLI), administered by the Office of Personnel Management (OPM), insures over 4 million federal employees and annuitants in the event of an enrollees death. As a result, it is important that the program is clearly explained and properly overseen. However, some aspects of FEGLI, such as program disclosures and the use of retained asset accounts (RAA)financial accounts used to settle life insurance claimshave raised questions about the programs operations.GAO was asked to describe and evaluate (1) the FEGLI programs structure and operations, (2) OPMs administration and oversight of the program, and (3) the use of RAAs in FEGLI claims payments. To address these objectives, GAO reviewed FEGLI law and regulations, interviewed OPM, Metropolitan Life Insurance Company (MetLife), and state insurance officials, and met with insurance industry experts.
Show More