INSTALLMENT PAYMENT AUTHORITY FOR 15-YEAR CAREER STATUS BONUS.

SEC. 620. INSTALLMENT PAYMENT AUTHORITY FOR 15-YEAR CAREER STATUS BONUS. (a) Member Election.—Section 322(d) of title 37, United States Code, is amended— (1) in paragraph (1), by striking “paid in a single lumpsum of” and inserting “equal to”; (2) by redesignating paragraph (2) as paragraph (4), and in such paragraph, by striking “The bonus” and inserting “The lump sum payment of the bonus, and the first installment payment in the case of members who elect to receive the bonus in installments,”; and 115 STAT. 1139 (3) by inserting after paragraph (1) the following new paragraphs: “(2) A member electing to receive the bonus under this section shall elect one of the following payment options: “(A) A single lump sum of $30,000. “(B) Two installments of $15,000 each. “(C) Three installments of $10,000 each. “(D) Four installments of $7,500 each. “(E) Five installments of $6,000 each. “(3) If a member elects installment payments under paragraph (2), the second installment (and subsequent installments, as applicable) shall be paid on the earlier of the following dates: “(A) The annual anniversary date of the payment of the first installment. “(B) January 15 of each succeeding calendar year.”. (b) Application to Existing Agreements.—The Secretary concerned (as defined in section 101(5) of title 37, United States Code) shall extend to each member of the uniformed services who has executed the written agreement required by subsection (a)(2) of section 322 of such title before the date of the enactment of this Act, but who has not received the lump sum payment by that date, an opportunity to make the election authorized by subsection (d) of such section, as amended by this section.