LegalFix
Sign In

§ 870.1102 - Amount of a Living Benefit.

Copy with citation
Copy as parenthetical citation

An employee may elect to receive either:

A full Living Benefit, which is all of his/her Basic insurance, or

A partial Living Benefit, which is a portion of his/her Basic insurance, in a multiple of $1,000.

An annuitant or compensationer may only elect to receive a full Living Benefit.

The amount of Basic insurance elected as a Living Benefit will be reduced by an actuarial amount representing the amount of interest lost to the Fund because of the early payment of benefits.

If an individual elects a full Living Benefit, the post-election BIA will be 0. If an employee elects a partial Living Benefit, the post-election BIA will be the BIA reduced in proportion to the amount of Basic insurance elected as a Living Benefit, as prescribed by Pub. L. 103-409 (108 Stat. 4231).

The post-election BIA cannot change after the effective date of a Living Benefit election.

If an employee elects a full Living Benefit, Basic accidental death and dismemberment coverage terminates as of the effective date of the election.

If an employee elects a partial Living Benefit, Basic accidental death and dismemberment coverage is reduced to equal the post-election BIA.

Previous Section
§ 870.1101 - Eligibility for a Living Benefit.
Next Section
§ 870.1103 - Election procedures.