Chapter 73, Subchapter II, Section 1451, Subsection (a) · 10 U.S.C. Chapter 73 — ANNUITIES BASED ON RETIRED OR RETAINER PAY

Contents

(a)

(1)In the case of a standard annuity provided to a beneficiary under section 1450(a) of this title (other than under section 1450(a)(5)), the monthly annuity payable to the beneficiary shall be determined as follows:

(A)If the beneficiary is under 62 years of age or is a dependent child when becoming entitled to the annuity, the monthly annuity shall be the amount equal to 55 percent of the base amount.

(B)

(i)If the beneficiary (other than a dependent child) is 62 years of age or older when becoming entitled to the annuity, the monthly annuity shall be the amount equal to the product of the base amount and the percent applicable to the month, as follows:

(I)For a month before October 2005, the applicable percent is 35 percent.

(II)For months after September 2005 and before April 2006, the applicable percent is 40 percent.

(III)For months after March 2006 and before April 2007, the applicable percent is 45 percent.

(IV)For months after March 2007 and before April 2008, the applicable percent is 50 percent.

(V)For months after March 2008, the applicable percent is 55 percent.

(ii)If the beneficiary is eligible to have the annuity computed under subsection (e) and if computation of the annuity under that subsection is more favorable to the beneficiary than computation under clause (i), the annuity shall be computed under that subsection rather than under clause (i).

(2)In the case of a reserve-component annuity provided to a beneficiary under section 1450(a) of this title (other than under section 1450(a)(5)), the monthly annuity payable to the beneficiary shall be determined as follows:

(A)If the beneficiary is under 62 years of age or is a dependent child when becoming entitled to the annuity, the monthly annuity shall be the amount equal to a percentage of the base amount that—

(i)is less than 55 percent; and

(ii)is determined under subsection (f).

(B)

(i)If the beneficiary (other than a dependent child) is 62 years of age or older when becoming entitled to the annuity, the monthly annuity shall be the amount equal to a percentage of the base amount that—

(I)is less than the percent specified under subsection (a)(1)(B)(i) as being applicable for the month; and

(II)is determined under subsection (f).

(ii)If the beneficiary is eligible to have the annuity computed under subsection (e) and if, at the time the beneficiary becomes entitled to the annuity, computation of the annuity under that subsection is more favorable to the beneficiary than computation under clause (i), the annuity shall be computed under that subsection rather than under clause (i).

United States Government work; public domain under 17 U.S.C. § 105.