Page:United States Statutes at Large Volume 106 Part 4.djvu/473

 PUBLIC LAW 102-496—OCT. 24, 1992 106 STAT. 3209 former spouse or termination of the annuity of a child, the annuities of any remaining children shall be recomputed and paid as though the spouse, former spouse, or child had not survived the retired participant. If the annuity of a surviving child who has not been receiving an annuity is initiated or resumed, the annuities of any other children shall be recomputed and paid from that date as though the annuities of all currently eligible children were then being initiated. "(5) DEFINITION OF FORMER SPOUSE. —For purposes of this subsection, the term 'former spouse' includes any former wife or husband of the retired participant, regardless of the length of marriage or the amount of creditable service completed by the participant. "(e) COMMENCEMENT AND TERMINATION OF CHILD ANNUITIES.— "(1) COMMENCEMENT. —An annuity payable to a child under subsection (d), or under section 232(c), shall begin on the day after the date on which the participant or retired participant dies or, in the case of an individual over the age of 18 who is not a child within the meaning of section 102(b), shall begin or resiune on the first day of the month in which the individual later becomes or again becomes a student as described in section 102(b). Such annuity may not commence until any lump-sum that has been paid is returned to the fund. "(2) TERMINATION. —Such an annuity shall terminate on the last day of the month before the month in which the recipient of the annuity dies or no longer qualifies as a child (as defined in section 102(b)). "(1) DESIGNATION OF PERSONS WITH INSURABLE INTEREST. — "(A) AUTHORITY TO MAKE DESIGNATION. —Subject to the rights of former spouses under sections 221(b) and 222, at the time of retirement an unmarried participant found by the Director to be in good health may elect to receive an annuity reduced in accordance with subparagraph (B) and designate in writing an individual having an insurable interest in the participant to receive an annuity under the system. The amount of such an annuity shall be equal to 55 percent of the participant's reduced annuity after the participant's death. "(B) REDUCTION IN PARTICIPANT'S ANNUITY. -The annuity payable to the participant making such election shall be reouced by 10 percent of an annuity computed under subsection (a) and by an additional 5 percent for each full 5 years the designated individual is younger than the participant. The total reduction under this subparagraph may not exceed 40 percent. "(C) COMMENCEMENT OF SURVIVOR ANNUITY.— The annuity payable to the designated individual shall begin on the day after the retired participant dies and terminate on the last day of the month before the designated individual dies. "(D) RECOMPUTATION OF PARTICIPANT'S ANNUITY ON DEATH OF DESIGNATED INDIVIDUAL.— An annuity which is reduced under this paragraph shall, effective the first day of the month following the death of the designated individ-
 * (f) PARTICIPANTS NOT MARRIED AT TIME OF RETIREMENT. —

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