[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: 32CFR48.604]



[Page 318-319]

 

                       TITLE 32--NATIONAL DEFENSE

 

              CHAPTER I--OFFICE OF THE SECRETARY OF DEFENSE

 

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

 

                         Subpart F_Miscellaneous

 

Sec.  48.604  Transition and protective clauses.



    (a) A retired member who is participating in the Plan without 

inclusion of former option 4, which provided for restoration of retired 

pay when no eligible beneficiary remained in his election, may before 

September 1, 1969, elect to have that option included in his election. 

The election to include such option 4 becomes effective on the first day 

of the month following the month in which that election was made. The 

retired member must on or before the effective date agree to pay to the 

Treasury both the total additional amount to cover the option had it 

been effective when he retired, and the interest which would have 

accrued on the additional amount up to the effective date of the new 

option 4. No such additional amount (except interest) shall accrue for 

months after the first month for which the individual had no eligible 

beneficiary. However, if undue hardship or financial burden would 

result, payments may be made in from 2 to 12 monthly installments when 

the monthly amount involved is $25 or less, or in from 2 to 36 

installments when the monthly amounts involved exceed $25. No amounts by 

which a member's retired pay was reduced may be refunded to, or credited 

on behalf of, the retired member by virtue of an application made by him 

under this section. A retired member who does not make the additional 

election provided under this section within the time limits will not be 

allowed to reduce an annuity or withdraw from participation in the Plan 

as provided by Sec.  48.406.

    (b) Members who have elected and are not yet retired will 

automatically participate under the provisions of Sec.  48.201.

    (c) Elections in effect on August 13, 1968, will remain under the 

cost tables applicable on the date of the member's retirement.



[[Page 319]]



    (d) Any member who has filed an election, modification, or 

revocation prior to August 13, 1968, may before September 1, 1969, 

submit a written application to the Secretary concerned requesting that 

such election, modification, or revocation remain under the time-of-

election provisions of the law applicable on the date it was filed.