[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: 32CFR48.406]



[Page 315-316]

 

                       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 316]]



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.