
BAL 02 301 DOC Form
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People also ask
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Are annuity payments for life?
An income annuity is not an investment that provides you with a rate of return over a fixed period of time, like a CD. Rather, it's an income product that provides you with fixed monthly income that is guaranteed for life, no matter how the markets perform.
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What happens to the OPM annuity after death?
If a retiree dies, a lump-sum benefit equal to the annuity due the deceased but not paid before death may be payable. If no survivor annuity is payable based on the retiree's death, the balance of any retirement deductions remaining to the deceased retiree's credit in the Fund, plus any applicable interest, is payable.
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Is an OPM annuity a lifetime benefit?
Your agency withholds the cost of the Basic Benefit and Social Security from your pay as payroll deductions. Your agency pays its part too. Then, after you retire, you receive annuity payments each month for the rest of your life.
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Are OPM annuity payments for life?
As soon as we are notified of your death, we will stop your annuity payments and send an Application for Death Benefits to the person(s) who appears to be entitled to death benefits. If Federal Employees' Group Life Insurance is payable, we also will send an application for the benefit.
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What is an OPM letter?
The U.S. Office of Personnel Management (OPM) has Government wide responsibility and oversight for Federal benefits administration. These pages contain the Benefits Administration Letters (BALs) used for program administration. The BALs provide guidance to agencies on various aspects of Federal administration.
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Is an annuity a lifetime benefit?
An annuity terminates on the day the annuitant dies or the date of other terminating events provided by title 5, U.S. Code, Section 8345(c), et seq.
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