Page:United States Statutes at Large Volume 100 Part 1.djvu/647

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 611

of the Social Security Act based on the service of any individual 42 USC 401. under this subchapter, shall be computed as if section 8349 of title 5, United States Code, Ante, p. 589. were applicable.". SEC. 407.18-MONTH PERIOD TO ELECT SURVIVOR ANNUITY. Section 806 (22 U.S.C. 4046) is further amended by adding at the end thereof the following: "(n)(l)(A) A participant— "(i) who, at the time of retirement, is married; and "(ii) who elects at such time (in accordance with subsection (b)) to waive a survivor annuity, may, during the 18-month period beginning on the date of the retirement of such participant, elect to have a reduction under subsection (b) made in the annuity of the participant (or in such portion thereof as the participant may designate) in order to provide a survivor annuity for the spouse of such participant. "(B) A participant— "(i) who, at the time of retirement, is married, and "(ii) who at such time designates (in accordance with subsection (b)) that a limited portion of the annuity of such participant is to be used as the base for a survivor annuity, may, during the 18-month period beginning on the date of the retirement of such participant, elect to have a greater portion of the annuity of such participant so used. "(2)(A) An election under subparagraph (A) or (B) of paragraph (1) of this subsection shall not be considered effective unless the amount specified in subparagraph (B) of this paragraph is deposited into the Fund before the expiration of the applicable 18-month period under paragraph (1). "(B) The amount to be deposited with respect to an election under this subsection is an amount equal to the sum of— "(i) the additional cost to the System which is associated with providing a survivor annuity under subsection (b) of this section and results from such election taking into account (I) the difference (for the period between the date on which the annuity of the former participant commences and the date of the election) between the amount paid to such former participant under this subchapter and the amount which would have been paid if such election had been made at the time the participant or former participant applied for the annuity, and (II) the costs associated with providing the later election; and "(ii) interest on the additional cost determined under clause (i)(I) of this subparagraph computed using the interest rate specified or determined under section 805(d)(3) for the calendar year in which the amount to be deposited is determined. "(3) An election by a participant under this subsection voids prospectively any election previously made in the case of such participant under subsection (b). "(4) An annuity which is reduced in connection with an election under this subsection shall be reduced by the same percentage reductions as were in effect at the time of the retirement of the participant whose annuity is so reduced. "(5) Rights and obligations resulting from the election of a reduced annuity under this subsection shall be the same as the rights and obligations which would have resulted had the participant involved elected such annuity at the time of retiring.".

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