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FDIC Basic Life Insurance for Retirees - MemberClicks-do beneficiaries increase fdic insurance

FDIC Life Insurance SPD - Retirees Revised 11/20/2013
FDIC Basic Life Insurance for Retirees
Summary of Benefits
Please Note: The FDIC may terminate the Plan or may modify, amend, or change
the provisions, terms, and conditions of the Plan at any time.
Revised 11/20/2013
FDIC Life Insurance SPD - Retirees Revised 11/20/2013
Table of Contents
INTRODUCTION ............................................................................................................................. 1
TERMS YOU SHOULD KNOW....................................................................................................... 2
ELIGIBILITY .................................................................................................................................... 2
DUAL ENROLLMENT PROHIBITED ............................................................................................. 3
AMOUNT OF COVERAGE AVAILABLE ....................................................................................... 3
BENEFICIARIES ............................................................................................................................. 5
A. Your Beneficiary ................................................................................................................... 5
B. More Than One Beneficiary.................................................................................................. 6
C. Death of a Beneficiary .......................................................................................................... 6
D. How to Change Your Beneficiary ......................................................................................... 7
ASSIGNMENT OF BENEFITS........................................................................................................ 7
PAYMENT OF BENEFITS .............................................................................................................. 8
A. Accelerated Benefits Option ................................................................................................. 8
B. Procedures for Presenting Claims for Death Benefits .......................................................... 8
C. Claims Payment Questions ................................................................................................ 10
LIMITATIONS AND RESTRICTIONS ........................................................................................... 11
WHO TO CONTACT ..................................................................................................................... 11
OTHER IMPORTANT INFORMATION ......................................................................................... 11
A. Name of the Plan ................................................................................................................ 11
B. Name and Address of Employer and Plan Sponsor ........................................................... 11
C. Employer Identification Number / Plan Number ................................................................. 11
D. Plan Insurer and Administrator ........................................................................................... 11
E. Agent for Service of Legal Process .................................................................................... 11
F. Contributions and Dividends ............................................................................................... 11
G. Plan Year............................................................................................................................ 12
H. Insurance Contract Governs............................................................................................... 12
I. Discretionary Authority of Plan Administrator and Other Plan Fiduciaries ......................... 12
J. Not an ERISA Plan .............................................................................................................. 12
FUTURE OF THE PLAN ............................................................................................................... 12
i
FDIC Life Insurance SPD - Retirees Revised 11/20/2013
INTRODUCTION
This booklet describes the FDIC Life Insurance Plan for eligible retirees. Please
review the information in its entirety to understand the benefits available to you and
your beneficiaries.
FDIC Basic Life Insurance is in addition to the Federal Employees Group Life
Insurance Program, if you are enrolled in that Program.
The FDIC Life Insurance Plan for eligible retirees includes only the FDIC Basic Life
Insurance coverage. The optional insurance coverages (Option 1: Employee Life
Insurance, Option 2: Spouse/Domestic Partner Life Insurance, and/or Option 3:
Family Life Insurance) and the Accidental Death and Dismemberment benefit
terminate at the time of your retirement. You may convert the optional insurances
(but not the AD&D coverage) to direct-pay policy(ies) within a certain time period
following your retirement.
It is your responsibility to read these materials to understand the Life Insurance
benefits available to you and your beneficiaries. This Summary Plan Description
and form FDIC 2800/36, Designation of Beneficiary and Contingent Beneficiary(ies)
are posted on the FDIC Retiree web site, www.fdic.gov/retiree and on
www.MyEnroll.com, the online recordkeeping and enrollment system for FDIC
benefits, such as the FDIC Life Insurance Plan.
As stated under "Future of the Plan," the benefits described in this booklet are
subject to modification and/or termination by the FDIC at any time to include, but
not limited to, the amount of coverage and payment of premiums by FDIC.
1

How do I add a beneficiary?Click on the Profile tab.Click Update Beneficiaries.Click the Add or Modify button.

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