50 USC 2121 - Voluntary contributions

U.S Code last checked for updates: Nov 26, 2024

§ 2121.

Voluntary contributions

(a)

Authority for voluntary contributions

(1)

In general

(2)

Interest

The voluntary contribution account in each case is the sum of unrefunded contributions, plus interest—

(A)

for periods before January 1, 1985, at 3 percent a year; and

(B)

for periods on or after January 1, 1985, at the rate computed under section 8334(e) of title 5,

compounded annually to the date of election under subsection (b) or the date of payment under subsection (d).

(b)

Treatment of voluntary contributions

Effective on the date of retirement and at the election of the participant, the participant’s account shall be—

(1)

returned in a lump sum;

(2)

used to purchase an additional life annuity;

(3)

used to purchase an additional life annuity for the participant and to provide for a cash payment on the participant’s death to a beneficiary; or

(4)

used to purchase an additional life annuity for the participant and a life annuity commencing on the participant’s death payable to a beneficiary, with a guaranteed return to the beneficiary or the beneficiary’s legal representative of an amount equal to the cash payment referred to in paragraph (3).

In the case of a benefit provided under paragraph (3) or (4), the participant shall notify the Director in writing of the name of the beneficiary of the cash payment or life annuity to be paid upon the participant’s death.

(c)

Value of benefits

(d)

Lump-sum payment

(e)

Benefits in addition to other benefits

(Pub. L. 88–643, title II, § 281, as added Pub. L. 102–496, title VIII, § 802, Oct. 24, 1992, 106 Stat. 3239.)

cite as: 50 USC 2121