Code of Federal Regulations Title 5. Administrative Personnel § 5.843.309 Basic employee death benefit

(1) Fifty percent of the final annual rate of basic pay (or of the average pay, if higher) of the employee;  and

(2) Fifteen thousand dollars as adjusted under section 8462 of title 5, United States Code.

(1) A one-time payment;  or

(2) For deaths occurring on or after October 1, 2020, 36 equal monthly installments of 2.95307 percent of the amount of the basic employee death benefit.

(2) Upon the death of a current spouse who was receiving the basic employee death benefit in 36 installments under paragraph (b)(2) of this section, the remaining portion of the basic employee death benefit will be paid as one payment to the estate of the current spouse.

(3) As used in this section, “remaining portion of the basic employee death benefit” means the amount of the basic employee death benefit computed under paragraph (a) of this section that has not been paid. The amount is the remaining principal computed based on an amortization schedule with the initial principal equal to the amount computed under paragraph (a) of this section and the interest rate based on the applicable factor under paragraph (b)(2) of this section.