Sec. 807. Payment of Annuity
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## Sec. 807 Payment of Annuity **[**[22 U.S.C. 4047](/us/usc/t22/s4047)**]** ###
(a)####
(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)a participant who is retired and is eligible for benefits under section 609(a) or a participant who is retired under section 813 or is otherwise involuntarily separated from the Service, except by removal for cause on charges of misconduct or delinquency, #####
(B)a participant retiring under section 808 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)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)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 waiver may not be made for the period during which the waiver was in effect. ###
(d)Recovery of overpayments under this subchapter 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)####
(1)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 subchapter (other than under section 808), elect annuity benefits under this section instead of any other benefits under this subchapter (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)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) us actuarially equivalent to the value of the annuity which would otherwise be provided the participant under this subchapter, as computed under section 806(a). ####
(4)A participant who, at the time of retiring under this subchapter— #####
(A)is married, shall be ineligible to make an election under this section unless a waiver is made under section 806(b)(1)(B); or #####
(B)has a former spouse, shall be ineligible to make an election under this section if the former spouse is entitled to benefits under this subchapter (based on the service of the participant) unless a waiver has been made under section 806(b)(1)(C). ####
(5)A participant who is married at the time of retiring under this subchapter 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 section 806(n), subject to the deposit requirement thereunder. ####
(6)Notwithstanding any other provision of law, any lump-sum credit provided to an election under this subsection shall not preclude an individual from receiving any other benefits under this subsection.
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Sec. 807
Payment of Annuity
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