Election of insurable interest rate.

CFR · 2024-01-01 · US · Title 5

(a) At the time of retirement, an employee or Member in good health and who is applying for a non-disability annuity may elect an insurable interest rate. An election under this section does not exempt a married employee or Member from the provisions of § 842.603(a). (b) An insurable interest rate may be elected by an employee or Member electing a fully reduced annuity or a one-half 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 § 842.603(a)(1). (2) A consent (to an election not to provide a current spouse annuity in accordance with § 842.603(a)(1)) required by paragraph (c)(1) of this section to be eligible to be the beneficiary of an insurable interest rate is cancelled if— (i) The retiree fails to qualify to receive the insurable interest rate; or (ii) The retiree changes his or her election to receive an insurable interest rate under § 842.608; or (iii) The retiree elects a fully reduced annuity to provide a current spouse annuity under § 842.610. (3) An election of a one-half reduced annuity under § 842.610(b) to provide a current spouse annuity for a current spouse who is the beneficiary of an insurable interest rate is void unless the spouse consents to the election. (4) If a retiree

official document · source cfr-2024 · id 5:§ 842.605