The audit involved reviews of random samples of different types of claims. Image: zimmytws/Shutterstock.com
By: FEDweek StaffThe inspector general’s office at OPM has given a clean audit report for the FEGLI life insurance program and its longtime contractor MetLife, saying that “the costs charged to the FEGLI program and services provided to its users were in accordance with the terms of the contract and applicable federal regulations.
The audit, covering fiscal 2019-2022, resulted in no recommendations after a review of the administrative expenses, cash management, claims processing, performance standards and service charges. It added that findings and recommendations from the most recent prior audit, in 2020 and covering 2015-2018, have been resolved.
Among other things, the audit involved reviews of random samples of different types of claims, including accidental death claims, claims for deaths of covered dependents, and “living benefits” claims.
The IG also examined the profit to MetLife and the program’s financial reserves, although it redacted those figures.
Continuing FEGLI coverage:
Your Basic Life, Option A-Standard, Option B-Additional and Option C-Family insurance coverages (depending on what coverage you may have) are continued into retirement if:
-you retire on an immediate annuity (one which began within a month after you separated); and
-you were insured for the five years of service immediately preceding your annuity commencing date or for the entire period(s) during which the coverages were available to you; and
-you do not convert your life insurance to an individual policy.
If you are receiving annuity payments, your life insurance premiums are withheld from your annuity.
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