Sec. 201 Authorization of appropriations
There is authorized to be appropriated for the Central Intelligence Agency Retirement and Disability Fund $514,000,000 for fiscal year 2019.
Title II — Central Intelligence Agency Retirement and Disability System
II Central Intelligence Agency Retirement and Disability System
Sec. 202 Computation of annuities for employees of the Central Intelligence Agency
Computation of annuities—
In general— Section 221 of the Central Intelligence Agency Retirement Act (50 U.S.C. 2031) is amended—
in subsection (a)(3)(B), by striking the period at the end and inserting “, as determined by using the annual rate of basic pay that would be payable for full-time service in that position.”;
in subsection (b)(1)(C)(i), by striking “12-month” and inserting “2-year”;
in subsection (f)(2), by striking “one year” and inserting “two years”;
in subsection (g)(2), by striking “one year” each place such term appears and inserting “two years”;
by redesignating subsections (h), (i), (j), (k), and (l) as subsections (i), (j), (k), (l), and (m), respectively; and
by inserting after subsection (g) the following:
“(h) Conditional election of insurable interest survivor annuity by participants married at the time of retirement
“(1) Authority to make designation—Subject to the rights of former spouses under subsection (b) and section 222, at the time of retirement a married participant found by the Director to be in good health may elect to receive an annuity reduced in accordance with subsection (f)(1)(B) and designate in writing an individual having an insurable interest in the participant to receive an annuity under the system after the participant's death, except that any such election to provide an insurable interest survivor annuity to the participant's spouse shall only be effective if the participant's spouse waives the spousal right to a survivor annuity under this Act. The amount of the annuity shall be equal to 55 percent of the participant's reduced annuity.
“(2) Reduction in participant's annuity—The annuity payable to the participant making such election shall be reduced by 10 percent of an annuity computed under subsection (a) and by an additional 5 percent for each full 5 years the designated individual is younger than the participant. The total reduction under this subparagraph may not exceed 40 percent.
“(3) Commencement of survivor annuity—The annuity payable to the designated individual shall begin on the day after the retired participant dies and terminate on the last day of the month before the designated individual dies.
“(4) Recomputation of participant's annuity on death of designated individual—An annuity that is reduced under this subsection shall, effective the first day of the month following the death of the designated individual, be recomputed and paid as if the annuity had not been so reduced.”
Conforming amendments—
Central Intelligence Agency Retirement Act— The Central Intelligence Agency Retirement Act (50 U.S.C. 2001 et seq.) is amended—
in section 232(b)(1) (50 U.S.C. 2052(b)(1)), by striking “221(h),” and inserting “221(i),”; and
in section 252(h)(4) (50 U.S.C. 2082(h)(4)), by striking “221(k)” and inserting “221(l)”.
Central Intelligence Agency Act of 1949— Subsection (a) of section 14 of the Central Intelligence Agency Act of 1949 (50 U.S.C. 3514(a)) is amended by striking “221(h)(2), 221(i), 221(l),” and inserting “221(i)(2), 221(j), 221(m),”.
Annuities for former spouses— Subparagraph (B) of section 222(b)(5) of the Central Intelligence Agency Retirement Act (50 U.S.C. 2032(b)(5)(B)) is amended by striking “one year” and inserting “two years”.
Prior service credit— Subparagraph (A) of section 252(b)(3) of the Central Intelligence Agency Retirement Act (50 U.S.C. 2082(b)(3)(A)) is amended by striking “October 1, 1990” both places that term appears and inserting “March 31, 1991”.
Reemployment compensation— Section 273 of the Central Intelligence Agency Retirement Act (50 U.S.C. 2113) is amended—
by redesignating subsections (b) and (c) as subsections (c) and (d), respectively; and
by inserting after subsection (a) the following:
“(b) Part-Time reemployed annuitants—The Director shall have the authority to reemploy an annuitant on a part-time basis in accordance with section 8344(l) of title 5, United States Code.”
Effective date and application— The amendments made by subsection (a)(1)(A) and subsection (c) shall take effect as if enacted on October 28, 2009, and shall apply to computations or participants, respectively, as of such date.