PARTIAL DEFERRED PAYMENT OF LUMP-SUM CREDIT FOR CERTAIN INDIVIDUALS ELECTING ALTERNATIVE FORMS OF ANNUITIES.

SEC. 4005. PARTIAL DEFERRED PAYMENT OF LUMP-SUM CREDIT FOR CERTAIN INDIVIDUALS ELECTING ALTERNATIVE FORMS OF ANNUITIES. (a) In General.—Notwithstanding any other provision of law, and except as provided in subsection (c), any lump-sum credit payable to an employee or Member pursuant to the election of an alternative form of annuity by such employee or Member under section 8343a or section 8420a of title 5, United States Code, shall be paid in accordance with the schedule under subsection (b) (instead of the schedule which would otherwise apply), if the commencement date of the annuity payable to such employee or Member occurs after December 2, 1989, and before October 1, 1990. (b) Schedule of Payments.—The schedule of payment of any lump-sum credit subject to this section is as follows: (1) 50 percent of the lump-sum credit shall be payable on the date on which, but for the enactment of this section, the full amount of the lump-sum credit would otherwise be payable. (2) The remainder of the lump-sum credit shall be payable on the date which occurs 12 months after the date described in paragraph (1). An amount payable in accordance with paragraph (2) shall be payable with interest, computed using the rate under section 8334(e)(3) of title 5, United States Code. (c) Exceptions.—The Office of Personnel Management shall prescribe regulations to provide that, unless the individual involved 103 STAT. 2136indicates otherwise by written notice to the Office (submitted at such time and in such manner as the regulations may require), this section shall not apply— (1) in the case of any individual who is separated from Government service involuntarily, other than for cause on charges of misconduct or delinquency; and (2) in the case of any individual as to whom the application of this section would be against equity and good conscience, due to a life-threatening affliction or other critical medical condition affecting such individual. (d) Annuity Benefits Not Affected.—Nothing in this section shall affect the commencement date, the amount, or any other aspect of any annuity benefits payable under section 8343a or section 8420a of title 5, United States Code. (e) Definitions.—For purposes of this section, the terms “lump-sum credit”, “employee”, and “Member” each has the meaning given such term by section 8331 or section 8401 of title 5, United States Code, as appropriate.