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Electronic Code of Federal Regulations

e-CFR data is current as of February 18, 2020

Title 5Chapter ISubchapter BPart 843 → Subpart E


Title 5: Administrative Personnel
PART 843—FEDERAL EMPLOYEES RETIREMENT SYSTEM—DEATH BENEFITS AND EMPLOYEE REFUNDS


Subpart E—Insurable Interest Annuities


Contents
§843.501   Purpose.
§843.502   Eligibility.
§843.503   Commencing and terminating dates.
§843.504   Rate of annuity.

§843.501   Purpose.

This subpart explains the benefit payable under FERS to an insurable interest beneficiary based on the death of a retiree who elected to take an annuity reduction to provide such benefits.

§843.502   Eligibility.

An insurable interest beneficiary is eligible for an annuity under this subpart upon the death of a retiree if the retiree had elected (under §842.606 of this chapter) to receive an insurable interest rate with the insurable interest beneficiary as his or her survivor.

§843.503   Commencing and terminating dates.

(a) An annuity under this subpart commences on the day after the retiree dies.

(b) An annuity under this subpart terminates on the last day of the month before the insurable interest beneficiary dies.

(c) A survivor annuity accrues on a daily basis, one-thirtieth of the monthly rate constituting the daily rate. An annuity does not accrue for the 31st day of any month, except in the initial month if the survivor's (of a deceased employee) annuity commences on the 31st day. For accrual purposes, the last day of a 28-day month constitutes 3 days and the last day of a 29-day month constitutes 2 days.

§843.504   Rate of annuity.

The amount of an annuity under this subpart is 55 percent of the retiree's annuity after the insurable interest reduction.

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