Special Rights for Transferred Employees Under the Dodd-Frank Act Regarding Federal Employees’ Group Life Insurance
SUMMARY:
EFFECTIVE DATE: Effective
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION: On
Authorizing legislation: Section 322 of Public Law 111-203 discusses the transfer of employees and their special FEGLI rights.
Section 322 Transfer of Employees From OTS to OCC or
The relevant portions of this section states that if, after the 1-year period beginning on the transfer date, the
For any transferred employee, enrollment in a life insurance plan administered by the agency from which the employee transferred, immediately before enrollment in a life insurance plan under chapter 87 of title 5, United States Code, shall be considered as enrollment in a life insurance plan under that chapter for the purpose of 8706(b)(1)(A) of title 5, United States Code.
These provisions allow a transferring employee that participated in an
Any employee that enrolled in FEGLI during this special enrollment period will have their time in a life insurance plan administered by
There were other provisions in the Dodd-Frank Act relating to FEGLI coverage discussed in the Notice of Proposed Rulemaking. However, these do not require further changes in FEGLI rulemaking. We received no comments on the proposed rule.
Regulatory Impact Analysis: OPM has examined the impact of this proposed rule as required by Executive Order 12866 and Executive Order 13563, which directs agencies to assess all costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits (including potential economic, environmental, public, health, and safety effects, distributive impacts, and equity). A regulatory impact analysis must be prepared for major rules with economically significant effects of
Executive Orders 13563 and 12866, Regulatory Review
This rule has been reviewed by the
Federalism
We have examined this rule in accordance with Executive Order 13132, "Federalism," and have determined that this rule will not have any negative impact on the rights, roles and responsibilities of State, local, or tribal governments.
List of Subjects in 5 CFR Part 870
Administrative practice and procedure, Government employees, Life insurance.
Acting Director.
For the reasons set forth in the preamble, the
Title 5--Administrative Personnel
PART 870--FEDERAL EMPLOYEES' GROUP LIFE INSURANCE PROGRAM
1. The authority citation for part 870 is revised to read as follows:
Authority: 5 U.S.C. 8716; Subpart J also issued under section 599C of Pub. L. 101-513, 104 Stat. 2064, as amended; Sec. 870.302(a)(3)(ii) also issued under section 153 of Pub. L. 104-134, 110 Stat. 1321; Sec. 870.302(a)(3) also issued under sections 11202(f), 11232(e), and 11246(b) and (c) of Pub. L. 105-33, 111 Stat. 251, and section 7(e) of Pub. L. 105-274, 112 Stat. 2419; Sec. 870.302(a)(3) also issued under section 145 of Pub. L. 106-522, 114 Stat. 2472; Secs. 870.302(b)(8), 870.601(a), and 870.602(b) also issued under Pub. L. 110-279, 122 Stat. 2604; Subpart E also issued under 5 U.S.C. 8702(c); Sec. 870.601(d)(3) also issued under 5 U.S.C. 8706(d); Sec. 870.703(e)(1) also issued under section 502 of Pub. L. 110-177, 121 Stat. 2542; Sec. 870.705 also issued under 5 U.S.C. 8714b(c) and 8714c(c); Public Law 104-106, 110 Stat. 521.
2. In
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(f) An individual's period of coverage in a life insurance plan is credited to the 5 years of service under paragraph (a)(2) of this section if:
(1) He/she participated in the
(2) Elected FEGLI coverage during the special enrollment period between
Final rulemaking.
CFR Part: "5 CFR Part 870"
RIN Number: "RIN 3206-AM81"
Citation: "81 FR 60235"
Federal Register Page Number: "60235"
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