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Current as of January 02, 2025 | Updated by Findlaw Staff
(a)(1) An employee may elect to receive either:
(i) A full Living Benefit, which is all of his/her Basic insurance, or
(ii) A partial Living Benefit, which is a portion of his/her Basic insurance, in a multiple of $1,000.
(2) An annuitant or compensationer may only elect to receive a full Living Benefit.
(b) The amount of Basic insurance elected as a Living Benefit will be reduced by an actuarial amount representing the amount of interest lost to the Fund because of the early payment of benefits.
(c)(1) If an individual elects a full Living Benefit, the post-election BIA will be 0. If an employee elects a partial Living Benefit, the post-election BIA will be the BIA reduced in proportion to the amount of Basic insurance elected as a Living Benefit, as prescribed by Pub.L. 103–409 (108 Stat. 4231).
(2) The post-election BIA cannot change after the effective date of a Living Benefit election.
(d)(1) If an employee elects a full Living Benefit, Basic accidental death and dismemberment coverage terminates as of the effective date of the election.
(2) If an employee elects a partial Living Benefit, Basic accidental death and dismemberment coverage is reduced to equal the post-election BIA.
Cite this article: FindLaw.com - Code of Federal Regulations Title 5. Administrative Personnel § 5.870.1102 Amount of a Living Benefit - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-5-administrative-personnel/cfr-sect-5-870-1102/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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