50 U.S.C. § 2093 — Payment of benefits

Page 357 TITLE 50—WAR AND NATIONAL DEFENSE § 2093 PART G—MONEYS § 2091. Estimate of appropriations needed (a) Estimates of annual appropriations The Director shall prepare the estimates of the annual appropriations required to be made to the fund. (b) Actuarial valuations The Director shall cause to be made actuarial valuations of the fund at such intervals as the Director determines to be necessary, but not less often than every five years. (c) Changes in law affecting actuarial status of fund Any statute which authorizes— (1) new or increased benefits payable from the fund under this subchapter, including an- nuity increases other than under section 2131 of this title; (2) extension of the coverage of this sub- chapter to new groups of employees; or (3) increases in pay on which benefits are computed; is deemed to authorize appropriations to the fund in order to provide funding for the un- funded liability created by that statute, in 30 equal annual installments with interest com- puted at the rate used in the then most recent valuation of the system and with the first pay- ment thereof due as of the end of the fiscal year in which such new or liberalized benefit, exten- sion of coverage, or increase in pay is effective. (d) Authorization There is hereby authorized to be appropriated to the fund for each fiscal year such amounts as may be necessary to meet the amount of normal cost for each year that is not met by contribu- tions under section 2021(a) of this title. (e) Unfunded liability; credit allowed for military service There is hereby authorized to be appropriated to the fund for each fiscal year such sums as may be necessary to provide the amount equiva- lent to— (1) interest on the unfunded liability com- puted for that year at the interest rate used in the then most recent valuation of the system; and (2) that portion of disbursement for annu- ities for that year that the Director estimates is attributable to credit allowed for military service, less an amount determined by the Director to be appropriate to reflect the value of the deposits made to the credit of the fund under section 2082(h) of this title. (Pub. L. 88–643, title II, § 261, as added Pub. L. 102–496, title VIII, § 802, Oct. 24, 1992, 106 Stat. 3234.) Editorial Notes PRIOR PROVISIONS A prior section 261 of Pub. L. 88–643, title II, Oct. 13, 1964, 78 Stat. 1052; Pub. L. 94–522, title I, § 102, Oct. 17, 1976, 90 Stat. 2467; Ex. Ord. No. 12443, § 12, Sept. 27, 1983, 48 F.R. 44754; Pub. L. 99–335, title V, § 501(2), (3), June 6, 1986, 100 Stat. 622, related to estimate of appropriations needed and was set out as a note under section 403 of this title prior to the general amendment of Pub. L. 88–643 by section 802 of Pub. L. 102–496. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on first day of fourth month begin- ning after Oct. 24, 1992, see section 805 of Pub. L. 102–496, set out as a note under section 2001 of this title. § 2092. Investment of moneys in fund The Director may, with the approval of the Secretary of the Treasury, invest from time to time in interest-bearing securities of the United States such portions of the fund as in the Direc- tor’s judgment may not be immediately required for the payment of annuities, cash benefits, re- funds, and allowances from the fund. The in- come derived from such investments shall be credited to and constitute a part of the fund. (Pub. L. 88–643, title II, § 262, as added Pub. L. 102–496, title VIII, § 802, Oct. 24, 1992, 106 Stat. 3235.) Editorial Notes PRIOR PROVISIONS A prior section 262 of Pub. L. 88–643, title II, Oct. 13, 1964, 78 Stat. 1052, related to investment of moneys in the fund and was set out as a note under section 403 of this title prior to the general amendment of Pub. L. 88–643 by section 802 of Pub. L. 102–496. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on first day of fourth month begin- ning after Oct. 24, 1992, see section 805 of Pub. L. 102–496, set out as a note under section 2001 of this title. § 2093. Payment of benefits (a) Annuities stated as annual amounts Each annuity is stated as an annual amount, 1⁄12 of which, rounded to the next lowest dollar, constitutes the monthly rate payable on the first business day of the month after the month or other period for which it has accrued. (b) Commencement of annuity (1) Commencement of annuity for participants generally Except as otherwise provided in paragraph (2), the annuity of a participant who has met the eligibility requirements for an annuity shall commence on the first day of the month after separation from the Agency or after pay ceases and the service and age requirements for title to an annuity are met. (2) Exceptions The annuity of— (A) a participant involuntarily separated from the Agency; (B) a participant retiring under section 2051 of this title due to a disability; and (C) a participant who serves 3 days or less in the month of retirement; shall commence on the day after separation from the Agency or the day after pay ceases Page 358 TITLE 50—WAR AND NATIONAL DEFENSE § 2094 and the service and age or disability require- ments for title to annuity are met. (3) Other annuities Any other annuity payable from the fund commences on the first day of the month after the occurrence of the event on which payment thereof is based. (c) Termination of annuity An annuity payable from the fund shall termi- nate— (1) in the case of a retired participant, on the day death or any other terminating event provided by this subchapter occurs; or (2) in the case of a former spouse or a sur- vivor, on the last day of the month before death or any other terminating event occurs. (d) Application for survivor annuities The annuity to a survivor shall become effec- tive as otherwise specified but shall not be paid until the survivor submits an application for such annuity, supported by such proof of eligi- bility as the Director may require. If such appli- cation or proof of eligibility is not submitted during the lifetime of an otherwise eligible indi- vidual, no annuity shall be due or payable to the individual’s estate. (e) Waiver of annuity An individual entitled to an annuity from the fund may decline to accept all or any part of the annuity by submitting a signed waiver to the Director. The waiver may be revoked in writing at any time. Payment of the annuity waived may not be made for the period during which the waiver is in effect. (f) Limitations (1) Application before 115th anniversary No payment shall be made from the fund un- less an application for benefits based on the service of the participant is received by the Director before the 115th anniversary of the participant’s birth. (2) Application within 30 years Notwithstanding paragraph (1), after the death of a participant or retired participant, no benefit based on that participant’s service may be paid from the fund unless an applica- tion for the benefit is received by the Director within 30 years after the death or other event which gives rise to eligibility for the benefit. (g) Withholding of State income tax from annu- ities (1) Agreements with States The Director shall, in accordance with this subsection, enter into an agreement with any State within 120 days of a request for agree- ment from the proper State official. The agreement shall provide that the Director shall withhold State income tax in the case of the monthly annuity of any annuitant who voluntarily requests, in writing, such with- holding. The amounts withheld during any cal- endar quarter shall be held in the fund and dis- bursed to the States during the month fol- lowing that calendar quarter. (2) Limitation on multiple requests An annuitant may have in effect at any time only one request for withholding under this subsection, and an annuitant may not have more than two such requests during any one calendar year. (3) Change in State designation Subject to paragraph (2), an annuitant may change the State designated by that annuitant for purposes of having withholdings made, and may request that the withholdings be remitted in accordance with such change. An annuitant also may revoke any request of that annuitant for withholding. Any change in the State des- ignated or revocation is effective on the first day of the month after the month in which the request or the revocation is processed by the Director, but in no event later than on the first day of the second month beginning after the day on which such request or revocation is received by the Director. (4) General provisions This subsection does not give the consent of the United States to the application of a stat- ute which imposes more burdensome require- ments of the United States than on employers generally, or which subjects the United States or any annuitant to a penalty or liability be- cause of this subsection. The Director may not accept pay from a State for services performed in withholding State income taxes from annu- ities. Any amount erroneously withheld from an annuity and paid to a State by the Director shall be repaid by the State in accordance with regulations prescribed by the Director. (5) ‘‘State’’ defined For the purpose of this subsection, the term ‘‘State’’ includes the District of Columbia and any territory or possession of the United States. (Pub. L. 88–643, title II, § 263, as added Pub. L. 102–496, title VIII, § 802, Oct. 24, 1992, 106 Stat. 3235; amended Pub. L. 118–31, div. G, title IX, § 7901(d)(2), Dec. 22, 2023, 137 Stat. 1106.) Editorial Notes PRIOR PROVISIONS A prior section 263 of Pub. L. 88–643, title II, Oct. 13, 1964, 78 Stat. 1052; Pub. L. 97–269, title VI, § 609, Sept. 27, 1982, 96 Stat. 1153; Pub. L. 99–335, title V, § 501(2), June 6, 1986, 100 Stat. 622, related to attachment of moneys and was set out as a note under section 403 of this title prior to the general amendment of Pub. L. 88–643 by section 802 of Pub. L. 102–496. AMENDMENTS 2023—Subsec. (g)(1). Pub. L. 118–31 substituted ‘‘fund’’ for ‘‘Fund’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on first day of fourth month begin- ning after Oct. 24, 1992, see section 805 of Pub. L. 102–496, set out as a note under section 2001 of this title. § 2094. Attachment of moneys (a) Exemption from legal process Except as provided in subsections (b), (c), and (e), none of the moneys mentioned in this sub- chapter shall be assignable either in law or eq-