§ 8582. Deferred annuity policy required

283 words·~1 min read·/usc/title-10/section-8582

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Each civilian member, as a part of his contract of employment, shall carry, during his employment, a deferred annuity policy, having no cash surrender or loan provision, in a joint-stock life insurance corporation that is incorporated under the laws of a State and has a charter restriction that its business must be conducted without profit to its stockholders.

(Aug. 10, 1956, ch. 1041, 70A Stat. 439, § 7082; renumbered § 8582, Pub. L. 115–232, div. A, title VIII, § 807(c)(1), Aug. 13, 2018, 132 Stat. 1836.)

The words “whose employment commences from and after the date of approval of this act” are omitted as surplusage. Under § 4 of the Act, members already employed when the Act was approved were given 60 days in which to decide whether or not they wished to participate in the benefits provided by the Act. Those who chose not to participate are excluded from the application of this chapter by § 7081 of this title.

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