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5 U.S.C. § 8434 — Annuities: methods of payment; election; purchase

Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 8434 — Annuities: methods of payment; election; purchase

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Stable record: federal_law:legal_authorities:record_usc_06333aa51b101bdca76f2fc2
Source file: Laws/federal/codes/united-states-code/title-5/section-8434-annuities-methods-of-payment-election-purchase--accac535a2.md
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Source location: Title 5, Chapter 84, § 8434; chapter-084-federal-employees-retirement-system.md

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**(a)** (1) The Board shall prescribe methods of payment of annuities under this subchapter. (2) The methods of payment prescribed under paragraph (1) shall include, but not be limited to— (A) a method which provides for the payment of a monthly annuity only to an annuitant during the life of the annuitant; (B) a method which provides for the payment of a monthly annuity to an annuitant for the joint lives of the annuitant and the spouse of the annuitant and an appropriate monthly annuity to the one of them who survives the other of them for the life of the survivor; (C) a method described in subparagraph (A) which provides for automatic adjustments in the amount of the annuity payable so long as the amount of the annuity payable in any one year shall not be less than the amount payable in the previous year; (D) a method described in subparagraph (B) which provides for automatic adjustments in the amount of the annuity payable so long as the amount of the annuity payable in any one year shall not be less than the amount payable in the previous year; and (E) a method which provides for the payment of a monthly annuity— (i) to the annuitant for the joint lives of the annuitant and an individual who is designated by the annuitant under regulations prescribed by the Executive Director and (I) is a former spouse of the annuitant, or (II) has an insurable interest in the annuitant; and (ii) to the one of them who survives the other of them for the life of the survivor. **(b)** Subject to [section 8435(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8435/b&num=0&edition=prelim), under such regulations as the Executive Director shall prescribe, an employee, Member, former employee, or former Member who elects under [section 8433 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8433&num=0&edition=prelim) to receive an annuity under this subchapter shall elect, on or before the date on which an annuity contract is purchased to provide for that annuity, one of the methods of payment prescribed under subsection (a). **(c)** Notwithstanding the elimination of a method of payment by the Board, an employee, Member, former employee, or former Member may elect the eliminated method if the elimination of such method becomes effective less than 5 years before the date on which that individual’s annuity commences. **(d)** (1) Not earlier than 90 days (or such shorter period as the Executive Director may by regulation prescribe) before an annuity is to commence under this subchapter, the Executive Director shall expend the balance in the annuitant’s account to purchase an annuity contract from any entity which, in the normal course of its business, sells and provides annuities. (2) The Executive Director shall assure, by contract entered into with each entity from which an annuity contract is purchased under paragraph (1), that the annuity shall be provided in accordance with the provisions of this subchapter and subchapter VII of this chapter. (3) An annuity contract purchased under paragraph (1) shall include such terms and conditions as the Executive Director requires for the protection of the annuitant. (4) The Executive Director shall require, from each entity from which an annuity contract is purchased under paragraph (1), a bond or proof of financial responsibility sufficient to protect the annuitant. **(e)** (1) No tax, fee, or other monetary payment may be imposed or collected by any State, the District of Columbia, or the Commonwealth of Puerto Rico, or by any political subdivision or other governmental authority thereof, on, or with respect to, any amount paid to purchase an annuity contract under this section. (2) Paragraph (1) shall not be construed to exempt any company or other entity issuing an annuity contract under this section from the imposition, payment, or collection of a tax, fee, or other monetary payment on the net income or profit accruing to or realized by that entity from the sale of an annuity contract under this section if that tax, fee, or payment is applicable to a broad range of business activity.

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 8412 — Immediate retirement

**(a)** An employee or Member who is separated from the service after attaining the applicable minimum retirement age under subsection (h) and completing 30 years of service is entitled to an annuity. **(b)** An employee or Member who is separated from the service after becoming 60 years of age and completing 20 years of service is entitled to an annuity. **(c)** An employee or Member who is separated from the service after becoming 62 years of age and completing 5 years of service is entitled to an annuity. **(d)** (1) An employee who is separated from the service, except by removal for cause on charges of misconduct or delinquency— (A) after completing 25 years of service as a law enforcement officer, member of the Capitol Police or Supreme Court Police, firefighter, nuclear materials courier, or customs and border protection officer, or any combination of such service totaling at least 25 years, or (B) after becoming 50 years of age and completing 20 years of service as a law enforcement officer, member of the Capitol Police or Supreme Court Police, firefighter, nuclear materials courier, or customs and border protection officer, or any combination of such service totaling at least 20 years, (2) (A) In this paragraph— (i) the term “affected individual” means an individual covered under this chapter who— (I) is performing service in a covered position; (II) while on duty, becomes ill or is injured as a direct result of the performance of such duties before the date on which the individual becomes entitled to an annuity under paragraph (1) of this subsection or subsection (e), as applicable; (III) because of the illness or injury described in subclause (II), is permanently unable to render useful and efficient service in the empl

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 8412

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 8433 — Benefits and election of benefits

**(a)** An employee or Member who separates from Government employment is entitled to the amount of the balance in the employee’s or Member’s account (except for the portion of such amount forfeited under [section 8432(g) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8432/g&num=0&edition=prelim), if any) as provided in this section. **(b)** Subject to [section 8435 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8435&num=0&edition=prelim), any employee or Member who separates from Government employment is entitled and may elect to withdraw from the Thrift Savings Fund the balance of the employee’s or Member’s account as— (1) an annuity; (2) a single payment; (3) 2 or more substantially equal payments to be made not less frequently than annually; or (4) any combination of payments as provided under paragraphs (1) through (3) as the Executive Director may prescribe by regulation. **(c)** (1) In addition to the right provided under subsection (b) to withdraw the balance of the account, an employee or Member who separates from Government service may make one or more withdrawals of any amount in the same manner as a single payment is made in accordance with subsection (b)(2) from the employee’s or Member’s account. (2) An employee or Member may request that the amount withdrawn from the Thrift Savings Fund in accordance with subsection (b)(2) be transferred to an eligible retirement plan. (3) The Executive Director shall make each transfer elected under paragraph (2) directly to an eligible retirement plan or plans (as defined in section 402(c)(8) of the Internal Revenue Code of 1986) identified by the employee, Member, former employee, or former Member for whom the transfer is mad

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 8433

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 8432 — Contributions

**(a)** (1) An employee or Member may contribute to the Thrift Savings Fund in any pay period, pursuant to an election under subsection (b), an amount not to exceed the maximum percentage of such employee’s or Member’s basic pay for such pay period allowable under paragraph (2). Contributions under this subsection pursuant to such an election shall, with respect to each pay period for which such election remains in effect, be made in accordance with a program of regular contributions provided in regulations prescribed by the Executive Director. (2) The maximum percentage allowable under this paragraph shall be determined in accordance with the following table: In the case of a pay period beginning in fiscal year:The maximum percentageallowable is: 200111 200212 200313 200414 200515 2006 or thereafter100. (3) Notwithstanding any limitation under this subsection, an eligible participant (as defined by section 414(v) of the Internal Revenue Code of 1986) may make such additional contributions to the Thrift Savings Fund as are permitted by such section 414(v) and regulations of the Executive Director consistent therewith. **(b)** (1) (A) (i) The Executive Director shall prescribe regulations under which employees and Members may make contributions under subsection (a), to modify the amount to be contributed under such subsection, or to terminate such contributions. (ii) An election to make contributions under this paragraph— (I) may be made at any time; (II) shall take effect on the earliest date after the election that is administratively feasible; and (III) shall remain in effect until modified or terminated. (B) The amount to be contributed pursuant to an election under subparagraph (A) shall be the percentage of basic pay or amo

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 8432

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 8351 — Participation in the Thrift Savings Plan

**(a)** (1) An employee or Member may elect to contribute to the Thrift Savings Fund established by [section 8437 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8437&num=0&edition=prelim). (2) An election may be made under paragraph (1) as provided under section 8432(b) for individuals who are subject to chapter 84 of this title. **(b)** (1) Except as otherwise provided in this subsection, the provisions of subchapters III and VII of chapter 84 of this title shall apply with respect to employees and Members making contributions to the Thrift Savings Fund under subsection (a) of this section. (2) (A) An employee or Member may contribute to the Thrift Savings Fund in any pay period any amount not exceeding the maximum percentage of such employee’s or Member’s basic pay for such pay period allowable under subparagraph (B). (B) The maximum percentage allowable under this subparagraph shall be determined in accordance with the following table: In the case of a pay period beginning in fiscal year:The maximum percentageallowable is: 20016 20027 20038 20049 200510 2006 or thereafter100. (C) Notwithstanding any limitation under this paragraph, an eligible participant (as defined by section 414(v) of the Internal Revenue Code of 1986) may make such additional contributions to the Thrift Savings Fund as are permitted by such section 414(v) and regulations of the Executive Director consistent therewith. (3) No contributions may be made by an employing agency for the benefit of an employee or Member under [section 8432(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8432/c&num=0&edition=prelim). (4) [Section 8433(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 8351

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 8435 — Protections for spouses and former spouses

**(a)** (1) (A) A married employee or Member (or former employee or Member) may withdraw all or part of a Thrift Savings Fund account under subsection (b)(2), (3), or (4) of [section 8433 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8433&num=0&edition=prelim) or change a withdrawal election only if the employee or Member (or former employee or Member) satisfies the requirements of subparagraph (B). A married employee or Member (or former employee or Member) may make a withdrawal from a Thrift Savings Fund account under subsection (c)(1) of [section 8433 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8433&num=0&edition=prelim) only if the employee or Member (or former employee or Member) satisfies the requirements of subparagraph (B). (B) An employee or Member (or former employee or Member) may make an election or change referred to in subparagraph (A) if the employee or Member and the employee’s or Member’s spouse (or the former employee or Member and the former employee’s or Member’s spouse) jointly waive, by written election, any right which the spouse may have to a survivor annuity with respect to such employee or Member (or former employee or Member) under [section 8434 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section8434&num=0&edition=prelim) or subsection (b). (2) Paragraph (1) shall not apply to an election or change of election by an employee or Member (or former employee or Member) who establishes to the satisfaction of the Executive Director (at the time of the election or change and in accordance with regulations prescribed by the Executive Director)— (A) that the spouse’s whereabouts cannot be determined; or (B) that

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 8435

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 8434 — Annuities: methods of payment; election;

Page 1155 TITLE 5—GOVERNMENT ORGANIZATION AND EMPLOYEES § 8434 vidual eligible to seek restoration or reemployment under chapter 43 of Title 38, Veterans’ Benefits, occurs on or after Aug. 2, 1990, with special rules for applying amendment to employees restored or reemployed be- fore effective date, see section 4(e), (f) of Pub. L. 103–353, set out as an Effective Date note under section 8432b of this title. Amendment by section 5(e)(4) of Pub. L. 103–353 effec- tive with respect to reemployments initiated on or after the first day after the 60-day period beginning Oct. 13, 1994, with transition rules, see section 8 of Pub. L. 103–353, set out as an Effective Date note under sec- tion 4301 of Title 38. Amendment by Pub. L. 103–226 effective Mar. 10, 1995, see section 9(j) of Pub. L. 103–226, set out as a note under section 8351 of this title. EFFECTIVE DATE OF 1992 AMENDMENT Amendment by Pub. L. 102–484 applicable with re- spect to separations occurring after Dec. 31, 1993, or such earlier date as Executive Director (appointed under section 8474 of this title) may by regulation pre- scribe, see section 4437(d) of Pub. L. 102–484, set out as a note under section 8351 of this title. EFFECTIVE DATE OF 1990 AMENDMENT Pub. L. 101–335, § 5(d), July 17, 1990, 104 Stat. 322, pro- vided that: ‘‘The amendments made by this section [amending this section and sections 8434, and 8435 of this title] shall be effective as of April 1, 1987.’’ Amendment by section 6(a)(2) of Pub. L. 101–335 effec- tive as of second election period described in section 8432(b) of this title beginning after July 17, 1990, or such earlier date as Executive Director may by regulation prescribe, and applicable with respect to separations occurring before, on, or after that effective

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