A bill to amend title 5, United States Code, to provide that any Federal employee who, at the time of retirement, does not elect a reduced annuity in order to provide a survivor annuity to a spouse or other person may make such an election within one year after retiring.

Permits any Federal employee or Member of Congress who, at the time of retirement, does not elect to provide a survivor annuity to a spouse or other person to make such an election within one year after retiring. Requires such employee to refund to the Government an amount equal to the amount such employee's annuity would have been reduced during the period from the date of retirement to the date of election plus interest.

Allows any employee or Member of Congress retiring more than one year before the date of enactment of this Act to pay the amount required to be deposited in installments over a five year period.