Most Postal employees understand they need to have beneficiaries designated for their benefits. The most common beneficiaries are for your TSP (TSP-3) and your FEGLI coverage (SF 2823). You can learn more about updating your FEGLI and TSP beneficiaries by referencing our previous article on beneficiaries here.There are other beneficiaries that must be named outside of these.
Every employee needs to complete an SF1152. This form names a beneficiary for any unpaid compensation you are owed upon your death. When would this apply? Let’s say for example you don’t die on the end of a pay period. You’ve only been paid up to your last paycheck. These hours that you have not been paid for will be paid to your beneficiaries. This form will also address any accrued annual leave.
Unpaid Retirement Contributions
Another beneficiary that is sometimes overlooked pertains to your retirement contributions. If you are unmarried and without need for a survivor benefit you will still want to protect any proceeds that do not get paid out upon your death. For example, if you pass away two years into your retirement you will want any remaining retirement contributions to transfer seamlessly to the heirs of your choice. If you are CSRS you can do this using SF2808, and for FERS it is SF3102.
If you ever have questions about your benefits or retirement please feel free to contact us.