Page:United States Statutes at Large Volume 94 Part 2.djvu/553

 PUBLIC LAW 96-427—OCT. 10, 1980

94 STAT. 1831

Public Law 96-427 96th Congress An Act To amend chapter 87 of title 5, United States Ckxie, to increase the amounts of regular and optional group life insurance available to Federal employees and provide optional life insurance on family members, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SHORT TITLE

SECTION 1. This Act may be cited as the

Life Insurance Act of 1980".

'Federal Employees' Group

Oct. 10, 1980 [H.R. 7666]

Federal Employees' Group Life Insurance Act of 1980. 5 USC 8701 note.

REGULAR GROUP INSURANCE PAYMENTS

SEC. 2. (a) Section 8701 of title 5, United States Code, is amended— (1) in the section heading, bjj striking out "Definition" and inserting in lieu thereof "Definitions"; and (2) by inserting at the end thereof the following new subsection: "(c) For the purpose of this chapter, 'basic insurance amount' "Basic insurance means, in the case of any employee under this chapter, an amount amount." equal to the greater of— "(1) the annual rate of basic pay pavable to the employee, rounded to the next higher multiple of $1,000, plus $2,000, or "(2) $10,000, except that the amount of insurance may not exceed the annual rate of basic pay payable for positions at level n of the Executive Schedule under section 5313 of this title, rounded to the next higher multiple of 5 USC 5313. $1,000, plus $2,000. In the case of any former employee entitled to coverage under this chapter, the term means the basic insurance amount applicable for the employee at the time the insurance to which the employee is entitled as an employee under this chapter 5 USC 8706. stops pursuant to section 8706(a) of this title.". (b) Section 8704(a) of title 5 is amended to read as follows: "(a) An employee eligible for insurance is entitled to be insured for an amount of group life insurance equal to— "(1) the employee's basic insurance amount, multiplied by "(2) the appropriate factor determined on the basis of the employee's age in accordance with the following schedule: "If the age of the employee is: 35 or under. 36 37 38 39 40 41 42 43 44 45 or over

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The appropriate factor is: ...................2.0 1.9 1.8 1.7 .1.6 1.5 1.4 1.8 1.2 1.1 ..... 1.0.".

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