(a) At the time of his retirement, a civilian member retiring under this chapter may elect to receive instead of the amount payable annually by the Secretary of the Navy under section 8585 or 8586 of this title a reduced annuity for his life and an annuity payable after his death to his beneficiary in either—
(1) an amount equal to his reduced annuity; or
(2) an amount equal to 50 percent of his reduced annuity.
The annuities payable to principal and beneficiary, under either election, shall be in amounts that have, on the date of the retirement of the civilian member, a combined actuarial value equal to the actuarial value of the annuity payable by the Secretary under section 8585 or 8586 of this title, as determined under actuarial tables prepared by the Director of the Office of Personnel Management.
(b) If the civilian member elects to take a reduced annuity under this section, he shall, at the time of his retirement, designate the beneficiary in writing and file the designation with the Secretary.
(c) The annuity payable under this section to the beneficiary of a deceased civilian member shall be terminated upon the death of the beneficiary.
Open Table| Revised section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 7087 | 34 U.S.C. 1073c–3. | Jan. 16, 1936, ch. 3, §4C; added Aug. 2, 1946, ch. 740, 60 Stat. 805. |
In subsection (a) the words "under actuarial tables prepared by the Civil Service Commission" are substituted for the words "under the provisions of the Civil Service Retirement Act" because that Act, as amended in 1948, no longer provides for the computation of actuarial values. The Secretary of the Navy, in administering the provisions of law codified in this section, uses tables prepared by the Civil Service Commission prior to the 1948 amendment.
1982 Act
This amends 10:7087(a) to reflect the transfer of functions from the Civil Service Commission to the Director of the Office of Personnel Management under section 102 of Reorganization Plan No. 2 of 1978 (eff. Jan. 1, 1979, 92 Stat. 3783).
Amendments
2018—Pub. L. 115–232, §807(c)(1), renumbered section 7087 of this title as this section.
Subsec. (a). Pub. L. 115–232, §809(a), substituted "section 8585 or 8586" for "section 7085 or 7086" in introductory provisions and concluding provisions.
1982—Subsec. (a). Pub. L. 97–295 substituted "Director of the Office of Personnel Management" for "Civil Service Commission".
Effective Date of 2018 Amendment
Amendment by Pub. L. 115–232 effective Feb. 1, 2019, with provision for the coordination of amendments and special rule for certain redesignations, see section 800 of Pub. L. 115–232, set out as a note preceding section 3001 of this title.
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