A bill to amend title 5, United States Code, to increase the amount of basic group life insurance available to Federal employees; to provide that amounts in the Employees' Life Insurance Fund be invested in certain Government securities; to provide for the amortization of the unfunded liability of the Government's life insurance program; and for other purposes.
Federal Employees' Group Life Insurance Act of 1986 - Increases the amount of basic group life insurance available to Federal employees.
Provides a formula for limiting reductions in the face value of the life insurance of retirees who become 65 years of age.
Revises methods of determining employee and Government contributions.
Directs the Secretary of the Treasury to issue interest-bearing obligations of the United States for purchase by available funds in the Employees' Life Insurance Fund.
Authorizes appropriations to the Fund to finance its unfunded liability, as determined on January 1, 1987, in 100 equal annual installments.
Introduced in House
Introduced in House
Referred to House Committee on Post Office and Civil Service.
Referred to Subcommittee on Compensation and Employee Benefits.
Executive Comment Requested from OMB, OPM.
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