
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 5USC8714]

 
             TITLE 5--GOVERNMENT ORGANIZATION AND EMPLOYEES
 
                           PART III--EMPLOYEES
 
                   Subpart G--Insurance and Annuities
 
                       CHAPTER 87--LIFE INSURANCE
 
Sec. 8714. Employees' Life Insurance Fund

    (a) The amounts withheld from employees under section 8707 of this 
title and the sums contributed from appropriations and funds under 
section 8708 of this title shall be deposited in the Treasury of the 
United States to the credit of the Employees' Life Insurance Fund. The 
Fund is available without fiscal year limitation for--
        (1) premium payments under an insurance policy purchased under 
    this chapter; and
        (2) expenses incurred by the Office of Personnel Management in 
    the administration of this chapter within the limitations that may 
    be specified annually by appropriation acts.

    (b) The Secretary of the Treasury may invest and reinvest any of the 
money in the Fund in interest-bearing obligations of the United States, 
and may sell these obligations for the purposes of the Fund. The 
interest on and the proceeds from the sale of these obligations, and the 
income derived from dividend or premium rate adjustments from insurers, 
become a part of the Fund.
    (c)(1) No tax, fee, or other monetary payment may be imposed or 
collected by any State, the District of Columbia, or the Commonwealth of 
Puerto Rico, or by any political subdivision or other governmental 
authority thereof, on, or with respect to, any premium paid under an 
insurance policy purchased under this chapter.
    (2) Paragraph (1) of this subsection shall not be construed to 
exempt any company issuing a policy of insurance under this chapter from 
the imposition, payment, or collection of a tax, fee, or other monetary 
payment on the net income or profit accruing to or realized by that 
company from business conducted under this chapter, if that tax, fee, or 
payment is applicable to a broad range of business activity.

(Pub. L. 89-554, Sept. 6, 1966, 80 Stat. 598; Pub. L. 95-454, title IX, 
Sec. 906(a)(2), Oct. 13, 1978, 92 Stat. 1224; Pub. L. 96-499, title IV, 
Sec. 405(a), Dec. 5, 1980, 94 Stat. 2606.)

                      Historical and Revision Notes
------------------------------------------------------------------------
                                                    Revised Statutes and
     Derivation                U.S. Code             Statutes at Large
------------------------------------------------------------------------
                     5 U.S.C. 2094(c) (less        Aug. 17, 1954, ch.
                      applicability to 5 U.S.C.     752, Sec.  5(c)
                      2099), (d).                   (less applicability
                                                    to Sec.  10), 68
                                                    Stat. 739.
                                                   Aug. 11, 1955, ch.
                                                    794, Sec.  1(a)
                                                    ``(c) (less
                                                    applicability to
                                                    Sec.  10)'', (b), 69
                                                    Stat. 676.
                     ............................  Apr. 11, 1958, Pub.
                                                    L. 85-377, Sec.  1
                                                    (less applicability
                                                    to Sec.  10), 72
                                                    Stat. 87.
------------------------------------------------------------------------

    In subsection (a), the words ``of the Employees' Life Insurance 
Fund'' are substituted for ``of a fund which is hereby created''. The 
proviso which made appropriations available to the Commission for 
salaries and expenses for the fiscal year 1955 available on a 
reimbursable basis for necessary administrative expenses for carrying 
out the purposes of this chapter is omitted as executed.
    Standard changes are made to conform with the definitions applicable 
and the style of this title as outlined in the preface to the report.


                               Amendments

    1980--Subsec. (c). Pub. L. 96-499 added subsec. (c).
    1978--Subsec. (a)(2). Pub. L. 95-454 substituted ``Office of 
Personnel Management'' for ``Civil Service Commission''.


                    Effective Date of 1980 Amendment

    Section 405(b) of Pub. L. 96-499 provided that: ``The amendment made 
by subsection (a) [amending this section] shall take effect on the date 
of the enactment of this Act [Dec. 5, 1980], and shall apply with 
respect to premiums paid on or after such date.''


                    Effective Date of 1978 Amendment

    Amendment by Pub. L. 95-454 effective 90 days after Oct. 13, 1978, 
see section 907 of Pub. L. 95-454, set out as a note under section 1101 
of this title.


                                 Funding

    Pub. L. 103-409, Sec. 4, Oct. 25, 1994, 108 Stat. 4232, provided 
that: ``Notwithstanding section 8714(a)(1) of title 5, United States 
Code, the Office of Personnel Management shall retain in the Employees' 
Life Insurance Fund such portion of premium payments otherwise due as 
will, no later than September 30, 1995, permanently reduce the 
contingency reserve established under the third sentence of section 8712 
of such title 5 by an amount equal to the amount by which payments from 
the Employees' Life Insurance Fund during the fiscal year ending 
September 30, 1995, exceed the payments that would have been paid had 
the amendments made by this Act [enacting section 8714d of this title] 
not been enacted.''

                  Section Referred to in Other Sections

    This section is referred to in sections 8714a, 8714b, 8714c of this 
title; title 20 section 125; title 25 section 450i.
