2013 US Code
Title 38 - Veterans’ Benefits
Part II - GENERAL BENEFITS (§§ 1101 - 2414)
Chapter 19 - INSURANCE (§§ 1901 - 1988)
Subchapter II - UNITED STATES GOVERNMENT LIFE INSURANCE (§§ 1940 - 1963)
Section 1962 - Authority for higher monthly installments payable to certain annuitants
Publication Title | United States Code, 2012 Edition, Supplement 1, Title 38 - VETERANS' BENEFITS |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 38 - VETERANS' BENEFITS PART II - GENERAL BENEFITS CHAPTER 19 - INSURANCE SUBCHAPTER II - UNITED STATES GOVERNMENT LIFE INSURANCE Sec. 1962 - Authority for higher monthly installments payable to certain annuitants |
Contains | section 1962 |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 100-322, title III, §331(b)(1), May 20, 1988, 102 Stat. 536, §762; renumbered §1962 and amended Pub. L. 102-83, §§4(b)(1), (2)(E), 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 404-406. |
Statutes at Large References | 102 Stat. 536 105 Stat. 404-406 |
Public Law References | Public Law 100-322, Public Law 102-83 |
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(a) Subject to subsections (b) and (c) of this section, the Secretary may from time to time adjust the dollar amount of the monthly installments payable to a beneficiary of United States Government Life Insurance who is receiving the proceeds of such insurance under a life annuity settlement option. The Secretary may make such an adjustment only if the Secretary determines that the adjustment is administratively and actuarially sound. The Secretary may make such an adjustment without regard to the provisions of section 1944 of this title with respect to interest rates and the use of mortality tables.
(b) The Secretary shall determine the amount in the trust fund in the Treasury held for payment of proceeds to United States Government Life Insurance beneficiaries attributable to interest and mortality gains on the reserves held for annuity accounts. Such amount shall be available for distribution to the life annuitants referred to in subsection (a) of this section as a fixed percentage of, and in addition to, the monthly installment amount to which the annuitants are entitled under this subchapter. For the purposes of this section, gains on the reserves are defined as funds attributable solely to annuity accounts that are in excess of actuarial liabilities.
(c) The monthly amount of an annuity authorized in section 1944 of this title, as adjusted under this section, may not be less than the monthly amount of such annuity that would otherwise be applicable without regard to this section.
(Added Pub. L. 100–322, title III, §331(b)(1), May 20, 1988, 102 Stat. 536, §762; renumbered §1962 and amended Pub. L. 102–83, §§4(b)(1), (2)(E), 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 404–406.)
AMENDMENTS1991—Pub. L. 102–83, §5(a), renumbered section 762 of this title as this section.
Subsec. (a). Pub. L. 102–83, §5(c)(1), substituted "1944" for "744".
Pub. L. 102–83, §4(b)(1), (2)(E), substituted "Secretary" for "Administrator" wherever appearing.
Subsec. (b). Pub. L. 102–83, §4(b)(1), (2)(E), substituted "Secretary" for "Administrator".
Subsec. (c). Pub. L. 102–83, §5(c)(1), substituted "1944" for "744".
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