§ 843.309 Basic employee death benefit

5 CFR 843.309(a)(a) Except as provided in § 843.312, if an employee or Member dies after completing at least 18 months of civilian service creditable under subpart C of part 842 of this chapter and is survived by a current spouse who meets the requirements of § 843.303, the current spouse is entitled to the basic employee death benefit equal to the sum of—

5 CFR 843.309(a)(1)(1) Fifty percent of the final annual rate of basic pay (or of the average pay, if higher) of the employee; and

5 CFR 843.309(a)(2)(2) Fifteen thousand dollars as adjusted under section 8462 of title 5, United States Code.

5 CFR 843.309(b)(b) The current spouse may elect to receive the basic employee death benefit in one of the following forms—

5 CFR 843.309(b)(1)(1) A one-time payment; or

5 CFR 843.309(b)(2)(2) For deaths occurring on or after October 1, 2021, 36 equal monthly installments of 2.94259 percent of the amount of the basic employee death benefit.

5 CFR 843.309(c)(1)(i)(c)(1)(i) A current spouse who has elected to receive the basic employee death benefit in 36 installments under paragraph (b)(2) of this section may elect to receive the remaining portion of the basic employee death benefit in one payment.

5 CFR 843.309(c)(1)(ii)(ii) The election to receive the remaining portion of the basic employee death benefit in one payment must be in writing and signed by the current spouse.

5 CFR 843.309(c)(1)(iii)(iii) The election to receive the remaining portion of the basic employee death benefit in one payment is irrevocable when OPM authorizes the payment.

5 CFR 843.309(c)(2)(2) Upon the death of a current spouse who was receiving the basic employee death benefit in 36 installments under paragraph (b)(2) of this section, the remaining portion of the basic employee death benefit will be paid as one payment to the estate of the current spouse.

5 CFR 843.309(c)(3)(3) As used in this section, “remaining portion of the basic employee death benefit” means the amount of the basic employee death benefit computed under paragraph (a) of this section that has not been paid. The amount is the remaining principal computed based on an amortization schedule with the initial principal equal to the amount computed under paragraph (a) of this section and the interest rate based on the applicable factor under paragraph (b)(2) of this section.