To modify the decrease in Federal Group life insurance at age 65 or after retirement.

Modifies the decrease in Federal group life insurance from 2 percent to 1 percent at the end of each full calendar month after the date an employee becomes 65 years of age or retires, whichever, is later.

Provides that the Civil Service Commission may prescribe minimum amounts, not less than 50 percent of the amount of life insurance in force before the first reduction, to which the insurance may be reduced, and makes this provision retroactive to all insurance in force on the date of enactment. (Amends 5 U.S.C. 8706(b))