PUBLIC LAW 105-311—OCT. 30, 1998 112 STAT. 2953 at group rates established for purposes of this section, in lieu of conversion to an individual policy. The amount of insurance continued under this paragraph shall be reduced by 50 percent effective at the beginning of the second calendar month after the date the employee or former employee attains age 70 and shall stop at the beginning of the second calendar month after attainment of age 80, subject to a provision for temporary extension of life insurance coverage and for conversion to an individual policy of life insurance under conditions approved by the Office. Alternatively, insurance continued under this paragraph may be reduced or stopped at any time the employee or former employee elects. "(B) When an employee or former employee elects to continue additional optional insurance under this paragraph following separation from service or 12 months without pay, the insured individual shall submit timely payment of the full cost thereof, plus any amount the Office determines necessary to cover associated administrative expenses, in such manner as the Office shall prescribe by regulation. Amounts required under this subparagraph shall be deposited, used, and invested as provided under section 8714 and shall be reported and accounted for together with amounts withheld under section 8714a(d). "(C)(i) Subject to clause (ii), no election to continue additional optional insurance may be made under this paragraph 3 years after the effective date of this paragraph. "(ii) On and after the date on which an election may not be made under clause (i), all additional optional insurance under this paragraph for former employees shall terminate, subject to a provision for temporary extension of life insurance coverage and for conversion to an individual policy of life insurance under conditions approved by the Office."; and (2) in the second sentence of subsection (d)(1) by inserting "if insurance is continued as provided under subsection (c)(3)(A)," after "except that,". (b) REPORT. —Not later than 3 years after the date of enactment Deadline. of this Act, the Office of Personnel Management shall submit a 5 USC 8714b report to Congress on additional optional insurance provided under ^o^. section 8714b(c)(5) of title 5, United States Code (as added by subsection (a) of this section). Such report shall include recommendations on whether continuation for such additional optional insurance should terminate as provided under such section, be extended, or be made permanent. (c) TECHNICAL AMENDMENT.— The last sentence of section 8714b(d)(l) of title 5, United States Code, is amended by inserting "(and any amounts withheld as provided in subsection (c)(3)(B))" after "Amounts so withheld". SEC. 8. IMPROVED OPTIONAL LIFE INSURANCE ON FAMILY MEMBERS. (a) IN GENERAL.—Section 8714c(b) of title 5, United States Code, is amended to read as follows: "(b)(1) The optional life insurance on family members provided under this section shall be made available to each eligible employee who has elected coverage under this section, under conditions the Office shall prescribe, in multiples, at the employee's election, of 1,2,3,4,or5times— "(A) $5,000 for a spouse; and "(B) $2,500 for each child described under section 8701(d).
�
