
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 38USC1962]

 
                      TITLE 38--VETERANS' BENEFITS
 
                        PART II--GENERAL BENEFITS
 
                          CHAPTER 19--INSURANCE
 
         SUBCHAPTER II--UNITED STATES GOVERNMENT LIFE INSURANCE
 
Sec. 1962. Authority for higher monthly installments payable to 
        certain annuitants
        
    (a) Subject to subsections (b) and (c) of this section, the 
Secretary may from time to time adjust the dollar amount of the monthly 
installments payable to a beneficiary of United States Government Life 
Insurance who is receiving the proceeds of such insurance under a life 
annuity settlement option. The Secretary may make such an adjustment 
only if the Secretary determines that the adjustment is administratively 
and actuarially sound. The Secretary may make such an adjustment without 
regard to the provisions of section 1944 of this title with respect to 
interest rates and the use of mortality tables.
    (b) The Secretary shall determine the amount in the trust fund in 
the Treasury held for payment of proceeds to United States Government 
Life Insurance beneficiaries attributable to interest and mortality 
gains on the reserves held for annuity accounts. Such amount shall be 
available for distribution to the life annuitants referred to in 
subsection (a) of this section as a fixed percentage of, and in addition 
to, the monthly installment amount to which the annuitants are entitled 
under this subchapter. For the purposes of this section, gains on the 
reserves are defined as funds attributable solely to annuity accounts 
that are in excess of actuarial liabilities.
    (c) The monthly amount of an annuity authorized in section 1944 of 
this title, as adjusted under this section, may not be less than the 
monthly amount of such annuity that would otherwise be applicable 
without regard to this section.

(Added Pub. L. 100-322, title III, Sec. 331(b)(1), May 20, 1988, 102 
Stat. 536, Sec. 762; renumbered Sec. 1962 and amended Pub. L. 102-83, 
Secs. 4(b)(1), (2)(E), 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 404-406.)


                               Amendments

    1991--Pub. L. 102-83, Sec. 5(a), renumbered section 762 of this 
title as this section.
    Subsec. (a). Pub. L. 102-83, Sec. 5(c)(1), substituted ``1944'' for 
``744''.
    Pub. L. 102-83, Sec. 4(b)(1), (2)(E), substituted ``Secretary'' for 
``Administrator'' wherever appearing.
    Subsec. (b). Pub. L. 102-83, Sec. 4(b)(1), (2)(E), substituted 
``Secretary'' for ``Administrator''.
    Subsec. (c). Pub. L. 102-83, Sec. 5(c)(1), substituted ``1944'' for 
``744''.
