Page:United States Statutes at Large Volume 112 Part 5.djvu/194

 X 112 STAT. 2952 PUBLIC LAW 105-311—OCT. 30, 1998 if the employee arranges to pay currently into the Employees' Life Insurance Fund, through the agency or retirement system that administers pay, annuity, or compensation, an amount equal to the withholdings that would otherwise be required under this subsection.". SEC. 7. ADDITIONAL OPTIONAL LIFE INSURANCE CONTINUATION AND PORTABILITY. (a) IN GENERAL. —Section 8714b of title 5, United States Code, is amended— (1) in subsection (c)— (A) by striking the last 2 sentences of paragraph (2); and (B) by adding at the end the following: "(3) The amount of additional optional insurance continued under paragraph (2) shall be continued, with or without reduction, in accordance with the employee's written election at the time eligibility to continue insurance during retirement or receipt of compensation arises, as follows: "(A) The employee may elect to have withholdings cease in accordance with subsection (d), in which case— "(i) the amount of additional optional insurance continued under paragraph (2) shall be reduced each month by 2 percent effective at the beginning of the second calendar month after the date the employee becomes 65 years of age and is retired or is in receipt of compensation; and "(ii) the reduction under clause (i) shall continue for 50 months at which time the insurance shall stop. "(B) The employee may, instead of the option under subparagraph (A), elect to have the full cost of additional optional insurance continue to be withheld from such employee's annuity or compensation on and after the date such withholdings would otherwise cease pursuant to an election under subparagraph (A), in which case the amount of additional optional insurance continued under paragraph (2) shall not be reduced, subject to paragraph (4). "(C) An employee who does not make any election under the preceding provisions of this paragraph shall be treated as if such employee had made an election under subparagraph (A). "(4) If an employee makes an election under paragraph (3)(B), that individual may subsequently cancel such election, in which case additional optional insurance shall be determined as if the individual had originally made an election under paragraph (3)(A). "(5)(A) An employee whose additional optional insurance under this section would otherwise stop in accordance with paragraph (1) and who is not eligible to continue insurance under paragraph (2) may elect, under conditions prescribed by the Office of Personnel Management, to continue all or a portion of so much of the additional optional insurance as has been in force for not less than— "(i) the 5 years of service immediately preceding the date of the event which would cause insurance to stop under paragraph (1); or "(ii) the full period or periods of service during which the insurance was available to the employee, if fewer than 5 years.

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