[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: 5CFR870.203]

[Page 390]
 
                    TITLE 5--ADMINISTRATIVE PERSONNEL
 
          CHAPTER I--OFFICE OF PERSONNEL MANAGEMENT (CONTINUED)
 
PART 870_FEDERAL EMPLOYEES' GROUP LIFE INSURANCE PROGRAM--Table of Contents
 
                 Subpart B_Types and Amount of Insurance
 
Sec. 870.203  Post-election BIA.

    (a) The BIA of an individual who elects a Living Benefit under 
subpart K of this part is the amount of insurance left after the 
effective date of the Living Benefit election. This amount is the 
individual's post-election BIA.
    (1) The post-election BIA of an individual who elects a full Living 
Benefit is 0.
    (2) The post-election BIA of an employee who elects a partial Living 
Benefit is the BIA as of the date OFEGLI receives the completed Living 
Benefit application (the ``pre-election'' BIA), reduced by the 
percentage which the partial lump-sum payment represents of the full 
Living Benefit payment the employee could have received if he/she 
elected a full Living Benefit; this amount is rounded up or down to the 
nearest multiple of $1,000 or, if midway between multiples, to the next 
higher multiple.
    (b) The post-election BIA cannot change after the effective date of 
the Living Benefit election.
    (c) For purposes of computing the payment of benefits upon the death 
of an insured individual who elected a partial Living Benefit, the post-
election BIA will be multiplied by the age factor in effect on the date 
OFEGLI received the completed Living Benefit application.