[Code of Federal Regulations]

[Title 32, Volume 1]

[Revised as of July 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 32CFR48.201]



[Page 311]

 

                       TITLE 32--NATIONAL DEFENSE

 

              CHAPTER I--OFFICE OF THE SECRETARY OF DEFENSE

 

PART 48_RETIRED SERVICEMAN'S FAMILY PROTECTION PLAN--Table of Contents

 

                      Subpart B_Election of Options

 

Sec.  48.201  Options.





    As provided in Sec.  48.203, a member may elect one or more of the 

following annuities. The amount must be specified at time of election, 

and may not be for more than 50 per centum nor less than 12\1/2\ per 

centum of his retired pay, in no case may be less than a $25 monthly 

annuity be elected. If the election is made in terms of dollars, the 

amount may be more than 50 per centum of the retired pay that he would 

receive if he were to retire at the time of election; however, if such 

elected amount exceeds 50 per centum of his retired pay when he does 

retire, it shall be reduced to an amount equal to such 50 per centum. 

Also, if the dollar amount elected is less than 12\1/2\ per centum of 

his retired pay when he does retire, it shall be increased to an amount 

equal to such 12\1/2\ per centum.

    (a) Option 1 is an annuity payable to or on behalf of his widow, the 

annuity to terminate upon her death or remarriage.

    (b) Option 2 is an annuity payable to or on behalf of his surviving 

child or children as defined in Sec.  48.102, the annuity to terminate 

when there ceases to be at least one such surviving child eligible to 

receive the annuity. Each payment under such annuity shall be paid in 

equal shares to or on behalf of the surviving children remaining 

eligible at the time the payment is due. A member who had this option in 

effect on the date of retirement, and who retired on or after November 

1, 1968, may apply to the Secretary concerned to have a child (other 

than a child described in Sec.  48.102(e)(4)) who is at least 18 but 

less than 23 years of age considered not to be an eligible beneficiary 

under this paragraph (b) or Sec.  48.202. Normally such applications 

will be approved.

    (c) Option 3 is an annuity to or on behalf of his widow and 

surviving child or children. Such annuity shall be paid to the widow 

until death or remarriage, and thereafter each payment under such 

annuity shall be paid in equal shares to or on behalf of the surviving 

children remaining eligible at the time the payment is due. A member may 

provide for allocating, during the period of the surviving spouse's 

eligibility, a part of the annuity under this subpart B for payment to 

those of his surviving children who are not children of that spouse. The 

sum allotted will not exceed the equitable share for which such children 

would be eligible after the death of the widow.

    (d) When no eligible beneficiary remains to benefit from the option 

elected, the member's retired pay will be restored (except as provided 

in Sec.  48.604, for certain members retired before Aug. 13, 1968). All 

elections on file on Aug. 13, 1968, for members not entitled to receive 

retired pay will be considered to include the restoration feature with 

attendant cost factors being applied at time of retirement. For the 

purpose of this paragraph, a child (other than a child described in 

Sec.  48.102(e)(4)) who is at least 18 but less than 23 years of age, 

and is not pursuing a course of study as defined in Sec.  48.102(e)(5), 

shall be considered an eligible beneficiary unless an approved 

application by the member pursuant to Sec.  48.201(b) that such a child 

is not to be considered an eligible beneficiary is in effect (for 

members who retire on or after Nov. 1, 1968).



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