Sec. 202. Computation of annuities for employees of the Central Intelligence Agency
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Section 221 of the Central Intelligence Agency Retirement Act ( 50 U.S.C. 2031 ) is amended— in subsection (a)(3)(B), by striking the period at the end and inserting , as determined by using the annual rate of basic pay that would be payable for full-time service in that position. ; in subsection (b)(1)(C)(i), by striking 12-month and inserting 2-year ; in subsection (f)(2), by striking one year and inserting two years ; in subsection (g)(2), by striking one year each place such term appears and inserting two years ; by redesignating subsections (h), (i), (j), (k), and
(l)as subsections (i), (j), (k), (l), and (m), respectively; and by inserting after subsection
(g)the following: Subject to the rights of former spouses under subsection
(b)and section 222, at the time of retirement a married participant found by the Director to be in good health may elect to receive an annuity reduced in accordance with subsection (f)(1)(B) and designate in writing an individual having an insurable interest in the participant to receive an annuity under the system after the participant's death, except that any such election to provide an insurable interest survivor annuity to the participant's spouse shall only be effective if the participant's spouse waives the spousal right to a survivor annuity under this Act. The amount of the annuity shall be equal to 55 percent of the participant's reduced annuity. The annuity payable to the participant making such election shall be reduced by 10 percent of an annuity computed under subsection
(a)and by an additional 5 percent for each full 5 years the designated individual is younger than the participant. The total reduction under this subparagraph may not exceed 40 percent. The annuity payable to the designated individual shall begin on the day after the retired participant dies and terminate on the last day of the month before the designated individual dies. An annuity that is reduced under this subsection shall, effective the first day of the month following the death of the designated individual, be recomputed and paid as if the annuity had not been so reduced. . The Central Intelligence Agency Retirement Act ( 50 U.S.C. 2001 et seq.) is amended— in section 232(b)(1) ( 50 U.S.C. 2052(b)(1) ), by striking 221(h), and inserting 221(i), ; and in section 252(h)(4) ( 50 U.S.C. 2082(h)(4) ), by striking 221(k) and inserting 221(l) . Subsection
(a)of section 14 of the Central Intelligence Agency Act of 1949 ( 50 U.S.C. 3514(a) ) is amended by striking 221(h)(2), 221(i), 221(l), and inserting 221(i)(2), 221(j), 221(m), . Subparagraph
(B)of section 222(b)(5) of the Central Intelligence Agency Retirement Act ( 50 U.S.C. 2032(b)(5)(B) ) is amended by striking one year and inserting two years . Subparagraph
(A)of section 252(b)(3) of the Central Intelligence Agency Retirement Act ( 50 U.S.C. 2082(b)(3)(A) ) is amended by striking October 1, 1990 both places that term appears and inserting March 31, 1991 . Section 273 of the Central Intelligence Agency Retirement Act ( 50 U.S.C. 2113 ) is amended— by redesignating subsections
(b)and
(c)as subsections
(c)and (d), respectively; and by inserting after subsection
(a)the following: The Director shall have the authority to reemploy an annuitant on a part-time basis in accordance with section 8344(l) of title 5, United States Code. . The amendments made by subsection (a)(1)(A) and subsection
(c)shall take effect as if enacted on October 28, 2009, and shall apply to computations or participants, respectively, as of such date.
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Sec. 202
Computation of annuities for employees of the Central Intelligence Agency
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