22 USC 4047 - Payment of annuity

U.S Code last checked for updates: May 03, 2024

§ 4047.

Payment of annuity

(a)

Commencement of annuity

(1)

Except as otherwise provided in paragraph (2), the annuity of a participant who has met the eligibility requirements for an annuity shall commence on the first day of the month after—

(A)

separation from the Service occurs; or

(B)

pay ceases and the service and age requirements for entitlement to annuity are met.

(2)

The annuity of—

(A)

a participant who is retired and is eligible for benefits under section 4009(a) of this title or a participant who is retired under section 4053 of this title or is otherwise involuntarily separated from the Service, except by removal for cause on charges of misconduct or delinquency,

(B)

a participant retiring under section 4048 of this title due to a disability, and

(C)

a participant who serves 3 days or less in the month of retirement—

shall commence on the day after separation from the Service or the day after pay ceases and the requirements for entitlement to annuity are met.

(b)

Survivor’s annuity; application; proof of eligibility; payment to estate

(c)

Waiver

(d)

Recovery of overpayment

(e)

Alternate forms of annuities

(1)

The Secretary of State shall prescribe regulations under which any participant who has a life-threatening affliction or other critical medical condition may, at the time of retiring under this part (other than under section 4048 of this title), elect annuity benefits under this section instead of any other benefits under this part (including survivor benefits) based on the service of the participant.

(2)

Subject to paragraph (3), the Secretary of State shall by regulation provide for such alternative forms of annuities as the Secretary considers appropriate, except that among the alternatives offered shall be—

(A)

an alternative which provides for—

(i)

payment of the lump-sum credit (excluding interest) to the participant; and

(ii)

payment of an annuity to the participant for life; and

(B)

in the case of a participant who is married at the time of retirement, an alternative which provides for—

(i)

payment of the lump-sum credit (excluding interest) to the participant; and

(ii)

payment of an annuity to the participant for life, with a survivor annuity payable for the life of a surviving spouse.

(3)

Each alternative provided for under paragraph (2) shall, to the extent practicable, be designed such that the total value of the benefits provided under such alternative (including any lump-sum credit) is actuarially equivalent to the value of the annuity which would otherwise be provided the participant under this part, as computed under section 4046(a) of this title.

(4)

A participant who, at the time of retiring under this part—

(A)

is married, shall be ineligible to make an election under this section unless a waiver is made under section 4046(b)(1)(B) of this title; or

(B)

has a former spouse, shall be ineligible to make an election under this section if the former spouse is entitled to benefits under this part (based on the service of the participant) unless a waiver has been made under section 4046(b)(1)(C) of this title.

(5)

A participant who is married at the time of retiring under this part and who makes an election under this section may, during the 18-month period beginning on the date of retirement, make the election provided for under section 4046(n) of this title, subject to the deposit requirement thereunder.

(6)

Notwithstanding any other provision of law, any lump-sum credit provided pursuant to an election under this subsection shall not preclude an individual from receiving any other benefits under this subsection.

(Pub. L. 96–465, title I, § 807,

cite as: 22 USC 4047