To amend title 5, United States Code, to provide that payments under the Federal employees' group life insurance program shall be made in a lump sum, unless the insured or the recipient elects otherwise.
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To amend title 5, United States Code, to provide that payments under the Federal employees’ group life insurance program shall be made in a lump sum, unless the insured or the recipient elects otherwise.CommentsClose CommentsPermalink
Mr. CONNOLLY of Virginia introduced the following bill; which was referred to the Committee on Oversight and Government ReformCommentsClose CommentsPermalink
To amend title 5, United States Code, to provide that payments under the Federal employees’ group life insurance program shall be made in a lump sum, unless the insured or the recipient elects otherwise.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
(a) In General- Section 8705 of title 5, United States Code, is amended by adding at the end the following:CommentsClose CommentsPermalink
‘(f)(1) Group life insurance and group accidental death insurance payable under this chapter, by reason of the death of an employee, shall be paid in the form determined as follows:CommentsClose CommentsPermalink
‘(B) In the absence of an election under subparagraph (A), in the form of payment elected by the employee.CommentsClose CommentsPermalink
‘(C) In the absence of an election under subparagraphs (A) and (B), in the form of a lump-sum payment.CommentsClose CommentsPermalink
‘(2) An election under subparagraph (A) or (B) of paragraph (1) shall not be effective unless it is made in such form and manner as the Office may require.CommentsClose CommentsPermalink
‘(3) The Office shall prescribe any regulations necessary to carry out this subsection. Such regulations shall provide for at least 1 alternative form of payment besides the form of payment described in paragraph (1)(C).’.CommentsClose CommentsPermalink
(b) Effective Date- The amendment made by subsection (a) shall apply in the case of any employee (as defined by section 8701 of title 5, United States Code) who becomes insured in any calendar year beginning at least 3 months after the date of enactment of this Act.CommentsClose CommentsPermalink
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U.S. Congress - Text of H.R.48 as Introduced in House Federal Life Insurance Transparency Act
