50 USC 2121 – Voluntary contributions
(a) Authority for voluntary contributions
(1) In general
Under such regulations as may be prescribed by the Director, a participant may voluntarily contribute additional sums in multiples of one percent of the participant’s basic pay, but not in excess of 10 percent of such basic pay.
(2) Interest
The voluntary contribution account in each case is the sum of unrefunded contributions, plus interest—
(A) for periods before January 1, 1985, at 3 percent a year; and
(B) for periods on or after January 1, 1985, at the rate computed under section 8334(e) of title 5,
compounded annually to the date of election under subsection (b) or the date of payment under subsection (d).
(b) Treatment of voluntary contributions
Effective on the date of retirement and at the election of the participant, the participant’s account shall be—
(1) returned in a lump sum;
(2) used to purchase an additional life annuity;
(3) used to purchase an additional life annuity for the participant and to provide for a cash payment on the participant’s death to a beneficiary; or
(4) used to purchase an additional life annuity for the participant and a life annuity commencing on the participant’s death payable to a beneficiary, with a guaranteed return to the beneficiary or the beneficiary’s legal representative of an amount equal to the cash payment referred to in paragraph (3).
In the case of a benefit provided under paragraph (3) or (4), the participant shall notify the Director in writing of the name of the beneficiary of the cash payment or life annuity to be paid upon the participant’s death.
(c) Value of benefits
Terms Used In 50 USC 2121
- Agency: means the Central Intelligence Agency. See 50 USC 2001
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Director: means the Director of the Central Intelligence Agency. See 50 USC 2001
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- writing: includes printing and typewriting and reproductions of visual symbols by photographing, multigraphing, mimeographing, manifolding, or otherwise. See 1 USC 1
The benefits provided by subsection (b)(2), (3), or (4) shall be actuarially equivalent in value to the payment provided for in subsection (b)(1) and shall be calculated upon such tables of mortality as may be from time to time prescribed for this purpose by the Director.
(d) Lump-sum payment
A voluntary contribution account shall be paid in a lump sum at such time as the participant dies or separates from the Agency without entitlement to an annuity. In the case of death, the account shall be paid in the order of precedence specified in section 2071(c) of this title.
(e) Benefits in addition to other benefits
Any benefit payable to a participant or to the participant’s beneficiary with respect to the additional contributions provided under this section shall be in addition to benefits otherwise provided under this subchapter.