(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.
authority: 5 U.S.C. 8716; Sec. 870.106 also issued under section 1110(b) of Pub. L. 116-92, 133 Stat. 1198 (
5 U.S.C. 8702 note); Sec. 870.302(a)(3) also issued under sections 11202(f), 11232(e), and 11246(b) and (c) of Pub. L. 105-33, 111 Stat. 251, section 7(e) of Pub. L. 105-274, 112 Stat. 2419, and section 145 of Pub. L. 106-522, 114 Stat. 2472; Sec. 870.302(a)(3)(ii) also issued under section 153 of Pub. L. 104-134, 110 Stat. 1321; Secs. 870.302(b)(8), 870.601(a), and 870.602(b) also issued under Pub. L. 110-279, 122 Stat. 2604 (
2 U.S.C. 2051); Subpart E also issued under
5 U.S.C. 8702(c); Sec. 870.601(d)(3) also issued under
5 U.S.C. 8706(d); Sec. 870.510 also issued under section 1622(b) of Pub. L. 104-106, 110 Stat. 521 (
36 U.S.C. 5522); Sec. 870.703(e)(1) also issued under section 502 of Pub. L. 110-177, 121 Stat. 2542 (
5 U.S.C. 8701 note); Sec. 870.705 also issued under
5 U.S.C. 8714b(c) and 8714c(c); and Subpart J also issued under section 599C of Pub. L. 101-513, 104 Stat. 2064 (
5 U.S.C. 5561 note), as amended
source: 62 FR 48731, Sept. 17, 1997, unless otherwise noted.
cite as: 5 CFR 870.1102