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Defined Benefit Pension Plan
A pension plan that promises participants a specified monthly benefit at retirement.
Accidental Dismemberment
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 limb or eyesight.
Annuity
Retirement benefit paid on a monthly basis
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.)
Incontestability
A statutory provision permitting erroneous enrollments that have continued for at least two years to become valid, if you have paid the applicable premiums during the period of erroneous coverage.
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.
Automatic Cancellation of Waiver
The automatic entitlement to Basic insurance and ability to elect Optional insurance if you are reinstated after a break in service of at least 180 days.
Option A
$10,000 in coverage that you can elect in addition to Basic insurance. Also called standard optional insurance.
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).
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.
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