10 U.S.C. § 8587 — Election of annuity for self and beneficiary

submitted 70 years ago by ch. 1041 to r/title-10-ARMED-FORCES · 199 words · no verdicts yet

in plain englishAI-generated · not legal advice

When retiring, a civilian teacher can choose a reduced annuity for themselves so that a named beneficiary keeps receiving either the same reduced amount or half of it after the teacher dies. This election must be made and filed in writing at retirement, and the beneficiary's payments stop when the beneficiary dies.

(a) When retiring under this chapter, a civilian member may choose to take a reduced annuity for their own life instead of the full amount otherwise payable under section 8585 or 8586. In exchange, after the member's death, a beneficiary the member names gets an annuity equal to either (1) the same amount as the member's reduced annuity, or (2) 50 percent of the member's reduced annuity. Either way, the combined value of what the member and the beneficiary receive must equal, in actuarial terms as of the retirement date, the full value of the annuity that would otherwise have been paid under section 8585 or 8586 — calculated using actuarial tables from the Director of the Office of Personnel Management. (b) If the member chooses a reduced annuity under this section, they must name their beneficiary in writing at the time of retirement and file that with the Secretary. (c) The annuity paid to a deceased member's beneficiary under this section stops when the beneficiary dies.

the actual law source: uscode.house.gov ↗public domain

(a)

At the time of his retirement, a civilian member retiring under this chapter may elect to receive instead of the amount payable annually by the Secretary of the Navy under section 8585 or 8586 of this title a reduced annuity for his life and an annuity payable after his death to his beneficiary in either—

(1)

an amount equal to his reduced annuity; or

(2)

an amount equal to 50 percent of his reduced annuity.

The annuities payable to principal and beneficiary, under either election, shall be in amounts that have, on the date of the retirement of the civilian member, a combined actuarial value equal to the actuarial value of the annuity payable by the Secretary under section 8585 or 8586 of this title, as determined under actuarial tables prepared by the Director of the Office of Personnel Management.

(b)

If the civilian member elects to take a reduced annuity under this section, he shall, at the time of his retirement, designate the beneficiary in writing and file the designation with the Secretary.

(c)

The annuity payable under this section to the beneficiary of a deceased civilian member shall be terminated upon the death of the beneficiary.

Source credit: (Aug. 10, 1956, ch. 1041, 70A Stat. 440, § 7087; Pub. L. 97–295, § 1(45), Oct. 12, 1982, 96 Stat. 1298; renumbered § 8587 and amended Pub. L. 115–232, div. A, title VIII, §§ 807(c)(1), 809(a), Aug. 13, 2018, 132 Stat. 1836, 1840.)

history & why it existsrecord from the source credit

1956Enacted · Act of Aug. 10, 1956, ch. 1041
1982Amended · Pub. L. 97-295 · 96 Stat. 1298
2018Amended · Pub. L. 115-232 · 132 Stat. 1836, 1840

A history note hasn’t been published yet. The record shows enactment by ch. 1041 on 1956-08-10.

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