RENOUNCEMENT OF BENEFIT RIGHTS.

SEC. 503. RENOUNCEMENT OF BENEFIT RIGHTS. Section 5306 is amended by adding at the end the following new subsection: “(c) Notwithstanding subsection (b), if a new application for pension under chapter 15 of this title or for dependency and indemnity compensation for parents under section 1315 of this title is filed within one year after renouncement of that benefit, such application shall not be treated as an original application and benefits will be payable as if the renouncement had not occurred.”.