Federal Employees' Group Life Insurance Act of 1980

[AI summary unavailable — showing source text] Increases the amount of group life insurance available to Federal employees effective with the first pay period that begins on or after October 1, 1981. States that such amount shall be the product resulting from the multiplication of the "basic insurance benefit" by a factor assigned to an employee's age. Defines the "basic insurance benefit" as the higher of $10,000 or the employee's annual rate of basic pay rounded to the next higher multiple of $1,000 plus $2,000. Establishes the age dependent factor as two times the employee's basic benefit for employees age 35 and under decreasing to a factor of one for employees age 45 and older. Applies the newly established insurance rates to group accidental death and dismemberment insurance. States that the continuation of the insurance coverage for certain retired and disabled employees shall be without cost to such employees who become eligible for such continuation by December 31, 1989. Requires the employee's share of the cost of such continued coverage, for an employee who becomes eligible after such date, to be deducted from his or her annuity or compensation. Allows such an employee to elect to have an additional sum deducted to d…