[Code of Federal Regulations]
[Title 32, Volume 1]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 32CFR48.406]

[Page 242-243]
 
                       TITLE 32--NATIONAL DEFENSE
 
              CHAPTER I--OFFICE OF THE SECRETARY OF DEFENSE
 
PART 48--RETIRED SERVICEMAN'S FAMILY PROTECTION PLAN--Table of Contents
 
                   Subpart D--Reduction of Retired Pay
 
Sec. 48.406  Withdrawal and reduction of percentage or amount of participation.

    A retired member who is participating in the Plan may revoke his 
election and withdraw from participation, or he may reduce the amount of 
the survivor annuity; however, an approved withdrawal or reduction will 
not be effective earlier than the first day of the seventh month 
beginning after the date his application is received by the Finance 
Center controlling his pay record. (For special rules covering 
participating members retired before Aug. 13, 1968, without option 4, 
see Sec. 48.604.)

[[Page 243]]

No application for reduction will be approved which requests a change in 
options. A request to reduce an annuity or to withdraw from the Plan is 
irrevocable, and a retired member who withdraws may never again 
participate in the Plan. Approval of a request for a reduction will not 
be made when such reduction results in an annuity of less than 12\1/2\ 
per centum of the member's retired pay or less than a $25 monthly 
annuity. The new cost, after such reduction in survivor annuity, will be 
computed from the applicable cost table at the time of retirement. No 
amounts by which a member's retired pay is reduced may be refunded to, 
or credited on behalf of, the member by virtue of an application made by 
him under this section.