Election of insurable interest annuity.

CFR · 2024-01-01 · US · Title 5

(a) At the time of retirement, an employee or Member in good health, who is applying for a non-disability annuity, may elect an insurable interest annuity. Spousal consent is not required, but an election under this section does not exempt a married employee or Member from the provisions of § 831.611(a). (b) An insurable interest annuity may be elected by an employee or Member electing a fully reduced annuity or a partially reduced annuity to provide a current spouse annuity or a former spouse annuity or annuities. (c)(1) In the case of a married employee or Member, an election under this section may not be made on behalf of a current spouse unless that current spouse has consented to an election not to provide a current spouse annuity in accordance with § 831.611(a)(1). (2) A consent (to an election not to provide a current spouse annuity in accordance with § 831.611(a)(1)) required by paragraph (c)(1) of this section to be eligible to be the beneficiary of an insurable interest annuity is cancelled if— (i) The retiree fails to qualify to receive the insurable interest annuity; or (ii) The retiree changes his or her election to receive an insurable interest annuity under § 831.621; or (iii) The retiree elects a fully or partially reduced annuity to provide a current spouse annuity under § 831.685. (3) An election of a partially reduced annuity under § 831.622(b) or § 831.685 to provide a current spouse annuity for a current spouse who is the beneficiary of an insurable inter

official document · source cfr-2024 · id 5:§ 831.613