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The Federal Employees' Group Life Insurance Act (FEGLIA) is a United States federal statute passed by the 83rd U.S. Congress and signed into law by President Dwight D. Eisenhower on August 17, 1954. [2] The act provided for a group life insurance policy for most federal employees, similar to those provided for employees of most large industries.
In the Washington, D.C. metropolitan area, plans open to all federal employees and annuitants include 10 fee-for-service and PPO plans, seven HMOs, and eight high-deductible and consumer-driven plans. [4] In the FEHB program the federal government sets minimal standards that, if met by an insurance company, allows it to participate in the program.
WAEPA offers up to $1.5M in coverage, [12] as well as a Chronic Illness Rider, [13] Guaranteed Issue Group Term Life Insurance, [14] and Group Short-Term Disability Insurance [15] for new federal employees. Since 1996, WAEPA has refunded over $101 Million dollars in premiums to its members.
An employer fails to obtain workers' compensation for their employees when it is required by law. Workers are often deceived into thinking they are covered when they are not. [69] Through the introduction of "opt-out plans" that are governed by the federal Employee Retirement Income Security Act, or ERISA, which is regulated by the Labor ...
The employer typically makes a substantial contribution towards the cost of coverage. Typically, employers pay about 85% of the insurance premium for their employees, and about 75% of the premium for their employees' dependents. The employee pays the remaining fraction of the premium, usually with pre-tax/tax-exempt earnings.
State insurance regulation may be saved only to the extent that it regulates genuine insurance companies or insurance contracts. As a result, a state may not "deem" that an employee benefit plan is an insurance plan in an effort to sidestep preemption if the benefit plan would not otherwise meet the requirements as an insurance company or contract.
Federal employees have unique needs when it comes to financial and retirement planning. Because of these unique concerns, financial advisors who work with them should have a special understanding ...
Median household income and taxes. The Federal Insurance Contributions Act (FICA / ˈ f aɪ k ə /) is a United States federal payroll (or employment) tax payable by both employees and employers to fund Social Security and Medicare [1] —federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers.
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related to: federal employee insurance requirements