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Overview of Federal Group Life Insurance Program and Retirement Benefits Jared Gostanczik Angela Wethor, JD, CPA National Training Manager Director of Advanced Markets Foresters US Foresters US Note – no notes TPA – TAI /PBA US (05/13) For Producer Use Only

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Disclaimers This webinar is not written to be used and it cannot be used for the purpose of avoiding penalties that may be imposed on a taxpayer. Neither ForestersTM nor its Representatives engage in rendering legal, business, estate tax, accounting or tax advice. The information in this seminar is intended as a general overview. Please advise your clients to consult their individual tax or legal advisors regarding their specific situation. This report is not intended to provide advice regarding the sale or purchase of specific investments, financial or insurance products. Circular 230 All information is intended to be general in nature. All Foresters fraternal requirements need to be considered including the requirement that proceeds must benefit the Foresters member or his or her dependants. The information contained in this presentation is for information purposes only. There are other tools available to support your learning needs. You must ensure that you correctly represent, to a customer or prospect, the product features based on the actual wording of the applicable certificate and riders for your state. ForestersTM is the trade name and a trademark of The Independent Order of Foresters. Note – no notes. US (05/13) For Producer Use Only

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Contents Summary of Federal Employee Group Life Insurance (FEGLI) Summary of How to submit a Foresters life insurance application as part of a Federal Employee’s life insurance plan where premiums are collected and submitted through a Federal Employee Business Service Provider (FEB Service Provider) Good day, the purpose of today’s discussion is to give you a refresher on the Federal Employee Group Life Insurance (FEGLI) Program and how to submit a Foresters life insurance application when the source of life insurance premium is from a FEB Service Provider. Specifically, TAI/PBA. 409065US (05/13) For Producer Use Only

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FEGLI What is FEGLI? The Federal Employees' Group Life Insurance (FEGLI) Program was established by the Federal Government on August 29, The FEGLI Program protects over 4 million Federal employees and retirees as well as many of their family members. The opportunity. As part of the current Federal Employee benefits program, Federal Employees are offered group term life insurance under a program called, for short, FEGLI. US (05/13) For Producer Use Only

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FEGLI Most Federal Employees are eligible for FEGLI coverage. FEGLI provides group term life insurance. As such, it does not build up any cash value or paid-up value. It consists of Basic life insurance coverage and three options. In most cases, a new Federal Employee is automatically covered by Basic life insurance and their Pay Center deducts premiums from their paycheck unless they waive the coverage. In addition to the Basic life insurance coverage, there are three forms of optional insurance to choose from, however, the employee must have Basic insurance in order to select any of the options. Enrollment in optional coverage is not automatic -- they must take action to elect the options. Please see Federal Employees Almanac for updates and further information. Determining what benefits are available to your clients that are Federal Employees can be daunting. The OPM – Office of Personal Management (government agency in charge of federal employee benefits) and the Federal Employees Almanac may provide further information on how benefits work. Federal Employees in a Federal Employees' Group Life Insurance Program (FEGLI) eligible position, are automatically enrolled in Basic Life Insurance, which is effective on the first day they enter in a pay and duty status. Federal Employees do not get any optional insurance automatically - they must elect it. They have 31 days from their entry date to sign up for any optional life insurance. If they do not make an election, you are considered to have waived optional insurance. No proof of insurability is required for the Basic insurance, or any of the optional insurance they sign-up for during the first 31 days. Proof of insurability might be required for insurance changes after that time. US (05/13) For Producer Use Only

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FEGLI A Federal Employees Basic Insurance Amount (BIA) is equal to the greater of (a) their annual basic pay rounded up to the next $1,000 plus $2,000, or (b) $10,000.* As part of the Basic life insurance, Federal Employees who are under age 45 get an Extra Benefit at no additional cost. The Extra Benefit doubles the amount of the life insurance payable if they are age 35 or younger. Beginning on their 36th birthday, the Extra Benefit decreases 10% each year until, at age 45, there is no Extra Benefit. *subject to capped salary amounts What amount of life insurance is available under FEGLI? 409065US (05/13) For Producer Use Only

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FEGLI If a Federal Employee has Basic insurance, they have a choice of three types of Optional insurance*: Option A (standard optional insurance) = $10,000 Option B (additional optional insurance) = equal to one, two, three, four or five times their annual basic pay (after rounding up to the next $1,000). Option C (family optional insurance) = coverage for the Federal Employees spouse and eligible children. Federal Employees may elect one, two, three, four or five multiples of coverage. Each multiple is equal to $5,000 ($25,000 maximum) for their spouse and $2,500 ($12,500 maximum) for each of their eligible dependent children. *Newly hired employees have 60 days from their entry date to sign up for any optional life insurance. What amount of life insurance is available under FEGLI? Dependent children must be unmarried and under age 22, or if  22 or older, incapable of self-support. Dependent children include your children, adopted children, stepchildren and foster children (if they are living with you in a regular parent-child relationship), and recognized natural children. Stillborn children are not covered, and grandchildren are only covered if they qualify as foster children The cost of Option C - Family insurance depends on the Federal Employee’s age. They are considered to attain a particular age group on January 1 of the year following the one in which their corresponding birthday occurs. The premiums increase depending on their age group. US (05/13) For Producer Use Only

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FEGLI The cost of basic coverage is split between the employee and the Government. The employee will pay two-thirds (2/3) of the total cost and the Government pays one-third (1/3). Age and gender do not affect the cost of Basic insurance. Employees pay the full cost of any optional insurance, and the cost will vary based upon their age and the amount of coverage. Cost of basic insurance. US (05/13) For Producer Use Only

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FEGLI The amount of Basic life insurance coverage under FEGLI begins decreasing at age 65 or retirement, whichever is later, at the rate of 2% per month until 25% of the Basic coverage remains. At this time, premium payments cease.  Retirees do have options available that can provide more coverage being available after the age of 65 at a cost. These elections are made at retirement.  75% Reduction - Coverage is reduced by 2 percent a month beginning at age 65, with an ultimate reduction to 25 percent of the basic policy value. Retiree must pay the same premium as active employees until age 65 ($.325 per month per $1,000 coverage). No further premiums will be withheld after the calendar month in which the retiree becomes 65. To be able to carry any of the Federal Employee's Group Life Insurance into retirement, employees must start coverage at the first opportunity to enroll at retirement, or be enrolled for five years. Most retiring employees meet this requirement, but some do not. US (05/13) For Producer Use Only

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FEGLI   50% Reduction - Amount of insurance reduces at the rate of 1 % per month after the later of age 65 or retirement age to a minimum of 50% of your basic insurance amount at retirement. There is a higher premium charged for this lesser reduction ($.965 per month per $1,000 of coverage until age 65 and $.64 a month per $1,000 of coverage thereafter). No Reduction - 100% of your Basic coverage is retained after age 65. This choice resulted in a larger premium being charged. $2.265 per month per $1,000 for coverage until age 65 and $1.94 per month per $1,000 of coverage thereafter (no cost for Postal employees). The cost of the FEGLI term insurance can get very expensive under these two options. US (05/13) For Producer Use Only

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FEGLI Employees can keep their Basic life insurance (automatically) in retirement if all of the following conditions are met: They had coverage when they retired; They have not converted coverage to an individual policy; Their annuity begins within 30 days, (However if they are retiring under the Minimum Retirement Age (MRA) plus 10 provision of the Federal Employees Retirement System (FERS) and they have postponed the commencing date of their annuity, health and life insurance coverage is suspended until their annuity begins) and, They were insured for life insurance for the five years immediately preceding retirement or the full periods of service when coverage was available. It is advisable the Federal Employees start planning for retirement far before their expected retirement date. There are guides on the OPM website. Federal Employees will not have Accidental Death and Dismemberment coverage in retirement. US (05/13) For Producer Use Only

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FEGLI Employees can keep their Optional life insurance in retirement if all of the following conditions are met: They are eligible to continue their Basic life insurance coverage; and, They were covered by optional life insurance for the five years immediately preceding retirement or the full periods of service when coverage was available, if less than five years Optional insurance in retirement depends on the options they had at the time they separated as an employee. This amount continues until they reach age 65, unless they elect No Reduction (for Option B and Option C only.) If a Federal Employee is eligible to continue Option A into retirement, it will reduce by 2% of the pre-retirement amount each month until it reaches 25% of the pre-retirement amount. The reduction starts at the beginning of the second month after their 65th birthday or at retirement, whichever is later. Under Option A, there is no further premium once it starts to reduce. Employees cannot choose No Reduction for Option A. US (05/13) For Producer Use Only

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FEGLI To help a Federal Employee determine what his or her current life insurance coverage is: An online FEGLI benefits calculator is at Active employees unsure of how much coverage they have should contact their personnel offices. They also may check their most recent Standard Form 50, Notification of Personnel Action, block 27, which shows a code that can be looked up at Retirees should call (888) or To help you figure out what the Federal Employee has for current coverage: US (05/13) For Producer Use Only

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FEGLI US (05/13) For Producer Use Only

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FEGLI But for those who need life insurance coverage that will last their life time or into their retirement? What about Federal Employees whose families need more life insurance then offered through FEGLI? Or what about those Federal Employees that don’t qualify to carry life insurance into retirement? Or what if the cost of carrying FEGLI group term insurance into retirement becomes cost prohibitive? The FEGLI group term insurance may meet the needs of federal employees. But for those who need life insurance coverage that will last their life time or into their retirement, maybe permanent insurance or a combination or term and permanent life insurance would better meet those client’s life insurance needs? Maybe a fully underwritten life insurance certificate for a Federal employee in good health could replace FEGLI coverage and save your client money? Voluntary allotment of federal benefits may provide a solution. US (05/13) For Producer Use Only

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FEGLI What are allotments? Allotment from a federal employee’s benefits means a recurring specified deduction for a legal purposes from pay, authorized by an employee to be paid to an allotee. 5 CFR Voluntary Annuity Allotments are withholdings that can be withheld from employee’s monthly annuity benefit. Federal and State Tax and Financial Allotments are examples of Voluntary Annuity Allotments. The election to make an allotment or withholding change can be made online with Services Online. Every Federal Employee is allowed... US (05/13) For Producer Use Only

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FEGLI What are allotments? A Federal employee is only allowed to have two allotments being paid to his/her personal account (s) at a financial institution. 56 FR 12837, Mar. 28, One such allotment to a financial institution can be with a financial institution that has a working relationship with a FEB (Federal Employee Benefit) Service Provider. Under current law. US (05/13) For Producer Use Only

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FEGLI What are allotments? For those Federal Employees that would like to pay for their Foresters life insurance premiums through this type of allotment process, Foresters accepts premiums collected by Transaction Allotment Inc./Professional Benefits Administrators (TAI/PBA), a FEB Service Provider. Foresters is here to support you as you work with federal employees in setting up allotments of their federal benefits. Foresters accepts premium payments collected by FEB Service Provider TAI/BPA services allows direct deposits from federal employees benefits to TAI/BPA (via a financial institution). Out of the allotted amounts, TAI/BPA in turns pays premiums for the Employee’s Foresters life insurance contract. US (05/13) For Producer Use Only

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FEGLI What are allotments?  Federal Employees use various ways to set up allotments with their local personal service center depending on their employing agency Pay Center. Some of the ways Employees may set up financial allotments include: Employee Express online – Employee Express by Phone Allotment form (1199A) delivered to and processed by local personnel service center. Note: In some cases, the employee will only have one of these allotment slots filled. There will be times though when both allotment slots will be filled Please have the Employee check with their federal employing agency as to how they are to select their allotments. US (05/13) For Producer Use Only

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FEGLI Please have the Employee check with their federal employing agency as to how they are to select their allotments. Applicants will go online or complete a paper form to set up the Allotment with his or her Pay Center. If a paper form is used, the allotment may take longer. To avoid potential delay, Applicants may wish to send one bi-weekly payment to the FEB service provider directly to help ensure they receive the money on time.  Please confirm with the FEB service provider how they can accept a payment. US (05/13) For Producer Use Only

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FEGLI What are allotments?  It is advisable each of your Federal Employee clients contact their local personnel service center to confirm their benefit and allotment procedures. Employee’s may also use Services Online or call U.S. Office of Personnel Management to make one-time or recurring membership payments to organizations. Please have the Employee check with their federal employing agency as to how they are to select their allotments US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters  Foresters would like to support you as you work with your Federal Employee clients in determining their life insurance needs. Federal employees buying individual life insurance may decide to pay the life insurance premiums by entering into an arrangement with a Federal Employee Benefit (FEB) Service Provider to have deductions made through the employees Pay Center. When assisting the employee entering into that arrangement, you are providing information to the FEB Service Provider and it may provide you with access to the employee’s information. You and the FEB Service Provider are responsible for compliance with applicable laws regarding the privacy and safeguarding of the employee information that is shared under that arrangement.   Please note: US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters – how to submit business  Step 1  Go to: Read all training materials including: Producer Guide Webinar recording How to Submit Foresters business for Federal Employees using an FEB Service Provider Guide to Completing a Foresters Life Insurance Application Step 1 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters – how to submit business  Step 2  You as a Foresters Life Insurance Agent signs an agreement or application with a Federal Employee Benefit (FEB) Service Provider. (The FEB Service Providers sending premiums to Foresters may change from time to time or there may be additional providers available. Please confirm with Foresters that we support business from the requested FEB Service Provider.) Step 3 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters – TAI/PBA Step 2  Currently, Foresters supports business through TAI/PBA. You may call TAI/PBA to receive the Agent Welcome Kit. You may call:  The Agent Welcome Kit includes: 1. Agent Profile Sheet and Producer Agreement 2. Contact information 3. About TAI/PBA 4. All required forms Step 3 US (05/13) For Producer Use Only

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FEGLI Step 3: you will be required to complete the TAI/PBA agent profile and the producer agreement. US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters  Step 2  Complete the Agent Profile and the Producer Agreement Fax or forms to TAI/PBA The fax and information is found on the forms. Upon receipt of he required paperwork, TAI/PBA will you with your approval to submit business Approval will take approximately one (1) day Step 3 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters     Step 3  Meet with your prospect clients who work for or have worked for a Federal Employee agency to discuss their Foresters life insurance needs You and the Applicant complete all required Foresters Life Insurance applications and forms Find the Foresters Application for Individual Life Insurance (Federal Employee or List Bill only) at: https://portal.foresters.biz/ Step 4 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters     Step 3  Applicant completes the Foresters Application for Individual Life Insurance (Federal Employee or List Bill only) in its entirely (this is a different Application then Foresters General Application for Life Insurance) Please refer to: Guide to Completing a Foresters Life Insurance Application (FEB and LIST BILL only) US (05/13) at Step 4 There are some KEY Changes to the FEB/LIST BILL application US (05/13) For Producer Use Only

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FEGLI Step 4 – the FEB and LIST BILL application is 4 pages US (11/12) For Producer Use Only

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FEGLI Federal Employees and Foresters     Step 3 Key Differences between Foresters General Application for Insurance and the FEB and LIST Bill Application:  Addition of  FEB/List Bill specific fields (i.e. TPA Service Provider, Preferred Issue Date, etc.) on first page – THIS INFORMATION IS CRITICAL Ordering of sections is different Owner section was removed. If the proposed insured is not the owner, the standard life insurance application must be used Step 4 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters     Step 3 Key Differences between Foresters General Application for Insurance and the FEB and LIST Bill Application:  Payment information section was removed Financial, Lifestyle and Medical questions now one section called “Questions” Juvenile applications are not accepted for FEB/List Bill All state variation applications will be 5 pages, even if the 4-page app is chosen An Overflow form (not part of the application package) will be filed with the FEB/List Bill application to accommodate need for additional space Step 4 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters     Step 3 Key Differences between Foresters General Application for Insurance and the FEB and LIST Bill Application:  Cover Page and Producer Report are also updated to reflect FEB and LIST BILL Business submissions As a reminder, no changes were made to underwriting Step 4 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters     Step 4   To complete the Foresters Life Insurance Application, you will need to review the individual FEB service provider pay run schedule to set the Foresters Proposed Issue Date. You must use the confirmed payroll deduction start date and count three (3) bi-weekly payroll deductions and then select the next monthly extract date as the issue date. FEB service providers do not send the first month premium to Foresters until they have received three (3) payroll deductions (takes approximately six weeks) from the Applicant’s personnel service center. If you do not select an appropriate issue date, Foresters will set a pre-determined date.    Step 5 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters     Step 4   TAI/PBA’s “Allotment Cutoff Calendar” will be sent to you as part of the Agent Welcome Kit and ed or faxed if undated. Step 5 US (05/13) For Producer Use Only

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FEGLI Step 6 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters     Step 4   An example, suppose on Oct 17, 2012 an application for Foresters life insurance is written.  The first bi-weekly payroll for the pay center is October 26, 2012 and the first deduction will occur by this date.  The issue date will then be set as follows: Requires 3 bi-weekly payroll deductions before TAI/PBA will send the monthly payment to Foresters.  Three monthly deductions would be: October 26, November 9, November 23rd.  The last cut off date for November is November 29th, 2012 which would be the issue date Therefore December 15, 2012 would need to be the Foresters Proposed Issue Date listed on the Foresters Application for Individual Life Insurance NOTE: a Foresters life insurance certificate issue date can be between the 1st to 28th of the month (cannot select 29th, 30th or 31st).   If you calculate an issue date to be between the 29th and 31st of the month, the issue date should be set to the first of the following month, to ensure Foresters receives the payment on or before the actual issue date. US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters   Step 5  Agent and Applicant will need to complete TAI/PBA’s Payroll Authorization Form The TAI/PBA form can be found in the Agent Welcome Kit Once completed, the Payroll Authorization form is faxed or ed to TAI/PBA Step 6 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters   Step 5   The required information on the Payroll Authorization form is critical and required to start the online allotment process. Cash with the application is not allowed. First premium will be collected by payroll deduction and sent to Foresters by the FEB Service Provider Step 6 US (05/13) For Producer Use Only

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FEGLI Step 6 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters   Step 5   You and the Applicant must determine the premium deduction with the Applicant’s Pay Center (confirm the Applicant’s Pay Center with Applicant’s federal employing agency).  To determine the amount, multiply the Foresters monthly premium by 12 and divide the result by 26. Round up when necessary. Foresters Mobile App allows you to choose “allotment” which will calculate for you, bi-weekly premiums to help you complete the Payroll Authorization form NOTE: You still enter the MONTHLY premium on the Foresters application Step 6 US (05/13) For Producer Use Only

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FEGLI Step 6  Monthly/Annual are always quoted.  There is an option of having “allotment” selected which would make this into a bi-weekly quote (on-line only).  Any reports would generate the monthly and annualized amount (12 x monthly). US (05/13) For Producer Use Only

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FEGLI Step 6 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters   Step 5  The allotment and the Administrative fee amount must be added together to get the correct deduction amount. (See TAI/PBA/s Payroll Authorization Form for current Administrative Fee). Step 6 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters    Step 5  Fax, and address information is on TAI/PBA’s Payroll Authorization Form. This form should only be sent by secure methods. It should not be sent by unless encrypted. Step 6 US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters   POST ISSUE – Change in premium  Foresters life insurance premium adjusted lower or higher: a. Federal Employee is required to contact their Payroll Agency to request lower or higher payroll deduction; b. Federal Employee/Agent need to complete a NEW FEB Service Provider’s Payroll Authorization Form listing the adjusted bi-weekly payroll deduction NOTE: the money being deducted from payroll must match the amount of TOTAL BI-WEEKLY PAYROLL DEDUCTION listed on the FEB Service Provider’s Payroll Authorization Form POST ISSUE US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters Step 6  Agent sends Foresters Life Insurance application and any required forms directly to Foresters (Reminder, Payroll Authorization Form goes to the FEB service provider). Foresters cannot accept Payroll Authorization Forms. NOTE: Foresters cannot accept TAI/PBA’s payroll form. US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters  Preferred Allotment Producer – Advanced Commissions  As part of our offering, Foresters has developed an advanced commission process for Preferred Allotment Producers selling in the Federal Employee Business Market.  For Preferred Allotment Producers, 40% of their First Year Commissions would be advanced at issue with the balance of the advance paid upon receipt and processing by Foresters of the first premium (which may take six to eight weeks).  NMO principals may designate Preferred Allotment Producers either by ing forestersadmin.com Find link at: Advanced commissions US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters -  Preferred Allotment Example  On Oct 17, 2012 an application for Foresters life insurance is written.  Foresters approves the contract on Oct. 22, 2102.  At that time, Foresters pays 40% of the commission to the Preferred Allotment Agent.  The first bi-weekly payroll for the pay center is October 26, 2012 and the first deduction will occur by this date. The Applicant’s pay center will issue a confirmation when the first deduction will occur. Advanced commissions US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters - Preferred Allotment Example The issue date will be determined as follows:  Requires 3 bi-weekly payroll deductions to occur before the Pay Center will send the monthly payment to Foresters.  Three monthly deductions will happen on October 26, November 9, and November 23rd.  The next run date is December 15, 2012. Note: each FEB Service Provider has a calendar of run dates. Please check with each individual provider or contact Foresters for support.  Issue date would coincide with the next run date. On December 15, the certificate will be issued and the remaining 60% of their commission will be paid. Advanced commissions US (05/13) For Producer Use Only

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FEGLI Federal Employees and Foresters  Please see  Federal Employees Almanac for updates and further information; and Foresters “Overview of Federal Employee Group Life Insurance Program and Retirement Benefits” for further details. There are many resources available to you and federal employees to help them through the process of learning and managing their federal employee benefits US (05/13) For Producer Use Only

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Angela Wethor Director of Advanced Marketing Foresters US Thank you. Please feel free to contact me directly. US (05/13) For Producer Use Only


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