Public Law 83–696

That retired members of the uniformed services who have elected under section 3 (b) of the Uniformed Services Contingency Option Act of 1953 (Public Law 239, Eighty-third Congress) to receive a reduced amount of retired pay in order to provide an annuity under such public law may, within sixty days after the date of enactment of this Act, revoke such elections. A retired member may revoke an election under this Act only if he can establish to the satisfaction of the Secretary concerned that he made such election because he was misinformed as to his rights under the Uniformed Services Contingency Option Act of 1953 or because

37 USC 371 note.

he made a substantial mathematical error in computing the cost of the benefits which he would derive under that Act and that such misinformation or error has resulted in undue hardship. The Secretary concerned may revoke an election made by him on behalf of a mentally incompetent member when it is established to his satisfaction that such election has resulted in undue hardship. A retired member whose election is revoked under this Act shall have refunded to him a sum which represents the difference between the amount by which his retired pay has been reduced in accordance with his election and the cost of an amount of term insurance which is equal to the protection provided his dependents during the period his election was in effect. A retired member whose election is revoked under this Act shall not thereafter be permitted to be covered in any way under the Uniformed Services Contingency Option Act of 1953.

Sec. 2.

Terms used in this Act shall have the meaning assigned to them by the Uniformed Services Contingency Option Act of 1953.

Sec. 3.

Payments of the refunds authorized by this Act may be made from appropriate current appropriations.