TITLE 5 - ADMINISTRATIVE PERSONNEL

CHAPTER I - OFFICE OF PERSONNEL MANAGEMENT

SUBCHAPTER B - CIVIL SERVICE REGULATIONS

PART 870 - FEDERAL EMPLOYEES' GROUP LIFE INSURANCE PROGRAM

subpart k - LIVING BENEFITS

870.1102 - Amount of a Living Benefit.

  (a)(1) An employee may elect to receive either: (i) A full Living Benefit, which is all of his/her Basic insurance, or (ii) A partial Living Benefit, which is a portion of his/her Basic insurance, in a multiple of $1,000.

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

  (b) 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.

  (c)(1) 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.

103409 (108 Stat. 4231).

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

  (d)(1) If an employee elects a full Living Benefit, Basic accidental death and dismemberment coverage terminates as of the effective date of the election.

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