22 U.S.C. § 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)

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

(B)

section 4048 of this title a participant retiring under 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

The annuity to a survivor shall become effective as otherwise specified but shall not be paid until the survivor submits an application for such annuity, supported by such proof of eligibility as the Secretary of State may require. If such application or proof of eligibility is not submitted during the lifetime of an otherwise eligible individual, no annuity shall be due or payable to his or her estate.

(c)

Waiver

An individual entitled to annuity from the Fund may decline to accept all or any part of the annuity by submitting a signed waiver to the Secretary of State. The waiver may be revoked in writing at any time. Payment of the annuity waived may not be made for the period during which the waiver was in effect.

(d)

Recovery of overpayment

Recovery of overpayments under this part may not be made from an individual when, in the judgment of the Secretary of State, the individual is without fault and recovery would be against equity and good conscience or administratively infeasible.

(e)

Alternate forms of annuities

(1)

section 4048 of this title 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 ), 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)

section 4046(a) of this title 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 .

(4)

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

(A)

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

(B)

section 4046(b)(1)(C) of this title 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 .

(5)

section 4046(n) of this title 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 , 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, § 807Oct. 17, 198094 Stat. 2109 Oct. 17, 1983Pub. L. 99–335, title IVJune 6, 1986100 Stat. 609 Pub. L. 103–66, title XI, § 11002(b)Aug. 10, 1993107 Stat. 409 (, , ; Ex. Ord. No. 12446, § 3(a), , 48 F.R. 48443; , §§ 402(a)(2), 408, , , 612; , , .)

Editorial Notes

Amendments

Pub. L. 103–661993—Subsec. (e)(1). substituted “any participant who has a life-threatening affliction or other critical medical condition” for “a participant”.

Pub. L. 99–335, § 402(a)(2)1986—Subsec. (d). , substituted “part” for “subchapter”.

Pub. L. 99–335, § 408Subsec. (e). , added subsec. (e).

1983—Subsec. (a). Ex. Ord. No. 12446 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “Except as otherwise provided, the annuity of a former participant who has met the eligibility requirements for an annuity shall commence on the day after separation from the Service or on the day after pay ceases. The annuity of a former participant who is entitled to a deferred annuity under this chapter shall become effective on the day he or she attains age 60.”

Statutory Notes and Related Subsidiaries

Effective Date of 1993 Amendment

Pub. L. 103–66Oct. 1, 1994section 11002(d) of Pub. L. 103–66 section 8343a of Title 5Amendment by effective , and applicable with respect to any annuity commencing on or after that date, see , set out as a note under , Government Organization and Employees.

Effective Date of 1986 Amendment

Pub. L. 99–335Jan. 1, 1987section 702(a) of Pub. L. 99–335 section 8401 of Title 5Amendment by effective , see , set out as an Effective Date note under , Government Organization and Employees.

Effective Date of 1983 Amendment

Oct. 17, 1983section 4067 of this titleAmendment by Ex. Ord. No. 12446 effective 30 days after , see section 3(b) of Ex. Ord. No. 12446, set out under .