§ 8714. Employees’ Life Insurance Fund

Statutory text

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—

premium payments under an insurance policy purchased under this chapter; and

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.

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.

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.

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.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1966
Pub. L. 89–554 · 80 Stat. 378
Enacted · 5 U.S.C. § 8714
Pub. L. 89–554, Sept. 6, 1966, 80 Stat. 598
Source evidence
Code source credit
Pub. L. 89–554, Sept. 6, 1966, 80 Stat. 598
1978
Pub. L. 95–454 title IX § 906(a)(2) · 92 Stat. 1111
Substituted · 5 U.S.C. § 8714(a)(2)
Pub. L. 95–454 substituted “Office of Personnel Management” for “Civil Service Commission”
Source evidence
Code amendment note
Subsec. (a)(2). Pub. L. 95–454 substituted “Office of Personnel Management” for “Civil Service Commission”.
Enacted provision · exact public law section
(2) in sections 1301, 1302, 1304, 1308, 2105, 2951, 3110, 3304a, 3308, 3312, 3314, 3318, 3324, 3325, 3344, 3351, 3363, 3373, 3502, 3504, 4102, 4106, 4113-4118, 5102, 5103, 5105, 5107, 5110–5115, 5303, 5304, 5333, 5334, 5335(b), 5336, 5338, 5343, 5346, 5347, 5351, 5352, 5371 (as redesignated in section 801(a) (3) (A) (ii) of this Ante, p. 1218. Act), 5372 (as redesignated in such section 801(a) (3) (A) (ii)), 5374 (as redesignated in such section 801(a) (3) (A) (i i)) , 5504, 5533, 5545, 5548, 5723, 6101, 6304-6306, 6308, 6311, 6322, 6326, 7203 (as redesignated in section 703(a)(1) of this Act), 7204 Ante, p. 1216. (as redesignated in such section 703(a) (1)), 7312, 8151, 8331, 8332, 8334, 8337, 8339–8343, 8345, 8346, 8347(a), 8348, 8501, 8701–8712, 8714, 8714a, 8716, 8901–8903, 8905, 8907–8910, and 8913, by striking out “Civil Service Commission” and inserting in lieu thereof “Office of Personnel Management”;
1980
Pub. L. 96–499 title IV § 405(a) · 94 Stat. 2599
Added · 5 U.S.C. § 8714(c)
Pub. L. 96–499 added subsec. (c)
Source evidence
Code amendment note
Subsec. (c). Pub. L. 96–499 added subsec. (c).
Enacted provision · exact public law section
(a) Section 8714 of title 5, United States Code, relating to Employees’ Life Insurance Fund, is amended by adding at the end thereof the following new subsection: “(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.”.
Effective date note
Pub. L. 96–499, title IV, § 405(b), Dec. 5, 1980, 94 Stat. 2607, 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.”

2 of 3 references resolved to an enrolled provision · 1 partial

Notes

historicalAndRevision

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

Editorial Notes

Amendments1978–1980 · 2 rounds

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”.

Statutory Notes and Related Subsidiaries

Effective Date of 1980 Amendment

Pub. L. 96–499, title IV, § 405(b), Dec. 5, 1980, 94 Stat. 2607, 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, § 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.”

Credits

1966–1980 · 3 acts

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

Show as published

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