[Code of Federal Regulations]
[Title 5, Volume 2]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 5CFR831.407]

[Page 96-97]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
          CHAPTER I--OFFICE OF PERSONNEL MANAGEMENT (CONTINUED)
 
PART 831_RETIREMENT--Table of Contents
 
                    Subpart D_Voluntary Contributions
 
Sec. 831.407  Purchase of additional annuity.

    (a) At the time of retirement CSRS (or under FERS, if transferred 
from CSRS), a person may use the balance of a voluntary contribution 
account to purchase one of the following types of additional annuity:
    (1) Annuity without survivor benefit; or
    (2) Reduced annuity payable during the life of the employee or 
Member with one-half of the reduced annuity to be payable after his or 
her death to a person, named at time of retirement, during the life of 
the named person.
    (b) Any natural person may be designated as survivor under paragraph 
(a)(2) of this section.
    (c) If the applicant for retirement elects an annuity without 
survivor benefit, each $100 credited to his or her voluntary 
contribution account, including interest, purchases an additional 
annuity at the rate of $7 per year, plus 20 cents for each full year, if 
any, he or she is over age 55 at date of retirement.
    (d) If the applicant for retirement elects an annuity with survivor 
benefit, each $100 credited to his or her voluntary contribution 
account, including interest, purchases an additional annuity at the rate 
of $7 per year, plus 20 cents for each full year, if any, he or she is 
over age 55 at date of retirement, multiplied by the following 
percentage:
    (1) Ninety percent of such amount if the named person is the same 
age or older than the applicant for retirement, or is less than 5 years 
younger than the applicant for retirement;
    (2) Eighty-five percent if the named person is 5 but less than 10 
years younger;

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    (3) Eighty percent if the named person is 10 but less than 15 years 
younger;
    (4) Seventy-five percent if the named person is 15 but less than 20 
years younger;
    (5) Seventy percent if the named person is 20 but less than 25 years 
younger;
    (6) Sixty-five percent if the named person is 25 but less than 30 
years younger; and
    (7) Sixty percent if the named person is 30 or more years younger.