TITLE 5 - ADMINISTRATIVE PERSONNEL

CHAPTER I - OFFICE OF PERSONNEL MANAGEMENT

SUBCHAPTER B - CIVIL SERVICE REGULATIONS

PART 870 - FEDERAL EMPLOYEES' GROUP LIFE INSURANCE PROGRAM

subpart b - TYPES AND AMOUNT OF INSURANCE

870.203 - Post - election BIA.

  (a) The BIA of an individual who elects a Living Benefit under subpart K of this part is the amount of insurance left after the effective date of the Living Benefit election. This amount is the individual's post-election BIA.

  (1) The post-election BIA of an individual who elects a full Living Benefit is 0.

  (2) The post-election BIA of an employee who elects a partial Living Benefit is the BIA as of the date OFEGLI receives the completed Living Benefit application (the pre-election BIA), reduced by the percentage which the partial lump-sum payment represents of the full Living Benefit payment the employee could have received if he/she elected a full Living Benefit; this amount is rounded up or down to the nearest multiple of $1,000 or, if midway between multiples, to the next higher multiple.

  (b) The post-election BIA cannot change after the effective date of the Living Benefit election.

  (c) For purposes of computing the payment of benefits upon the death of an insured individual who elected a partial Living Benefit, the post-election BIA will be multiplied by the age factor in effect on the date OFEGLI received the completed Living Benefit application.