Page:United States Statutes at Large Volume 108 Part 5.djvu/740

 108 STAT. 4230 PUBLIC LAW 103-409—OCT. 25, 1994 Public Law 103-409 103d Congress Oct. 25, 1994 [H.R. 512] FEGLI Living Benefits Act. 5 USC 8701 note. Regulations. An Act To amend chapter 87 of title 5, United States Code, to provide that group life insurance benefits under such chapter may, upon application, be paid out to an insured individual who is terminally ill; to provide for continuation of health benefits coverage for certain individuals enrolled in health benefits plans administered by the Office of the Comptroller of the Currency or the Office of Thrifl Supervision; and for other piuposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "FEGLI Living Benefits Act". SEC. 2. OPTION TO RECEIVE "LIVING HENEFTrS". (a) IN GENERAL.— Chapter 87 of title 5, United States Code, is amended by inserting after section 8714c the following: "§ 8714d. Option to receive *living benefits' " (a) For the purpose of this section, an individual shall be considered to be Terminally ill' if such individual has a medical {)rognosis that such individual's life expectancy is 9 months or ess. "(b) The OflBce of Personnel Management shall prescribe regulations under which any individual covered by group life insurance under section 8704(a) may, if such individual is terminally ill, elect to receive a lump-sum payment equal to— "(1) the ftili amount of insurance under section 8704(a) (or portion thereof designated for this purpose under subsection (d)(4)) which would omerwise be payable under this chapter (on the establishment of a valid claim)— "(A) computed based on a date determined under regulations of the Office (but not later than 30 days after the date on which the individual's application for benefits under this section is approved or deemed approved under subsection (d)(3)); and "(B) assuming continued coverage under this chapter at that time; reduced by "(2) an amount necessary to assure that there is no increase in the actuarial value of the benefit paid (as determined under regulations of the Office). "(c)(1) If a lump-sum payment is taken under this section— "(A) no insurance under the provisions of section 8704 (a) or (b) shall be payable based on the death or any loss of the individual involved, unless the lump-sum payment rep-

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