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viously made under subsection (b)(1) or (b)(2) of
such section only if the account holder and the ac-
count holder’s spouse jointly waive, by written elec-
tion, any right which the spouse may have to a sur-
vivor annuity with respect to such account holder
under section 257 or subsection (b).
‘‘(2) EXCEPTION.—Paragraph (1) shall not
apply to an election or change of election by an ac-
count holder who establishes to the satisfaction of
the Executive Director (at the time of the election
or change and in accordance with regulations pre-
scribed by the Executive Director)—
‘‘(A) that the spouse’s whereabouts cannot
be determined; or
‘‘(B) 
that, 
due 
to 
exceptional 
cir-
cumstances, requiring the spouse’s waiver would
otherwise be inappropriate.
‘‘(b) JOINT AND SURVIVOR ANNUITY FORM APPLIES
UNLESS OTHERWISE ELECTED.—
‘‘(1) IN GENERAL.—Notwithstanding any elec-
tion under subsection (b) of section 257, the method
described in subsection (a)(2)(B) of such section (or,
if more than one form of such method is available,
the form which the Board determines to be the one
which provides for a surviving spouse a survivor an-
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nuity most closely approximating the annuity of a
surviving spouse under section 8442 of title 5,
United States Code) shall be deemed the applicable
method under such subsection (b) in the case of an
account holder who is married on the date on which
an annuity contract is purchased to provide for the
account holder’s annuity under this part.
‘‘(2) EXCEPTION.—Paragraph (1) shall not
apply if—
‘‘(A) a joint waiver of such method is
made, in writing, by the account holder and the
spouse; or
‘‘(B) the account holder waives such meth-
od, in writing, after establishing to the satisfac-
tion of the Executive Director that cir-
cumstances described under subsection (a)(2)
(A) or (B) make the requirement of a joint
waiver inappropriate.
‘‘(c) ELECTIONS AND OTHER CHANGES SUBJECT TO
COURT ORDERS.—
‘‘(1) IN GENERAL.—An election, change of elec-
tion, or modification of the commencement date of
a deferred annuity shall not be effective under this
part to the extent that the election, change, modi-
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fication, or transfer conflicts with any court decree,
order, or agreement described in paragraph (2).
‘‘(2) REQUIREMENTS.—A court decree, order,
or agreement referred to in paragraph (1) is, with
respect to an account holder, a court decree of di-
vorce, annulment, or legal separation issued in the
case of the account holder and any former spouse of
the account holder or any court order or court-ap-
proved property settlement agreement incident to
the decree if—
‘‘(A) the decree, order, or agreement ex-
pressly relates to any portion of the balance in
the account holder’s investment account; and
‘‘(B) notice of the decree, order, or agree-
ment was received by the Executive Director
before—
‘‘(i) the date on which payment is
made, or
‘‘(ii) in the case of an annuity, the
date on which an annuity contract is pur-
chased to provide for the annuity,
in accordance with the election, change, modi-
fication, or contribution referred to in para-
graph (1).
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‘‘(3) TREATMENT OF 2 OR MORE COURT OR-
DERS.—The Executive Director shall prescribe regu-
lations under which this subsection shall be applied
in any case in which the Executive Director receives
two or more decrees, orders, or agreements referred
to in paragraph (1).
‘‘(d) RIGHTS OF FORMER SPOUSES.—
‘‘(1) IN GENERAL.—Subject to paragraphs (2)
through (7), a former spouse of a deceased account
holder who died as a fully insured individual is enti-
tled to a survivor annuity under this subsection if
and to the extent that—
‘‘(A) an election under section 257(a)(5),
or
‘‘(B) any court decree, order, or agreement
(described in subsection (c)(2), without regard
to subparagraph (B) of such subsection) which
relates to such deceased account holder and
such former spouse,
expressly provides for such survivor annuity.
‘‘(2) WRITTEN NOTICE REQUIRED.—Paragraph
(1) shall apply only to payments made by the Execu-
tive Director after the date on which the Executive
Director receives written notice of the election, de-
cree, order, or agreement, and such additional infor-
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mation and documentation as the Executive Director
may require.
‘‘(3) LIMITATION ON AMOUNT.—The amount of
the survivor annuity payable from the Trust Fund
to a former spouse of a deceased account holder
under this section may not exceed the excess, if any,
of—
‘‘(A) the amount of the survivor annuity
determined for a surviving spouse of the de-
ceased account holder under the method de-
scribed in subsection (b)(1), over
‘‘(B) the total amount of all other survivor
annuities payable under part to other former
spouses of such deceased account holder based
on the order of precedence provided in para-
graph (4).
‘‘(4) ORDER OF PRECEDENCE.—If more than
one former spouse of a deceased account holder is
entitled to a survivor annuity pursuant to this sub-
section, the amount of each such survivor annuity
shall be limited appropriately to carry out paragraph
(3) in the order of precedence established for the en-
titlements by the chronological order of the dates on
which elections are properly made pursuant to sec-
tion 257(a)(5) and the dates on which the court de-
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crees, orders, or agreements applicable to the entitle-
ment were issued, as the case may be.
‘‘(5) RULES FOR COMMENCEMENT AND TERMI-
NATION
UNDER
COURT
ORDERS.—The commence-
ment and termination of an annuity payable under
this section shall be governed by the terms of the ap-
plicable order, decree, agreement, or election, as the
case may be, except that any such annuity—
‘‘(A) shall not commence before—
‘‘(i) the day after the account holder
dies; or
‘‘(ii) the first day of the second month
beginning after the date on which the Ex-
ecutive Director receives written notice of
the order, decree, agreement, or election,
as the case may be, together with such ad-
ditional information or documentation as
the Executive Director may prescribe;
whichever is later; and
‘‘(B) shall terminate no later than the last
day of the month before the former spouse re-
marries before becoming 55 years of age or
dies.
‘‘(6) RESTRICTION
ON
MODIFICATIONS.—For
purposes of this part, a modification in a decree,
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‘‘(f) INAPPLICABILITY TO MINIMAL ACCOUNT BAL-
ANCES.—None of the provisions of this section requiring
notification to, or the consent or waiver of, a spouse or
former spouse of an account holder shall apply in any case
in which the balance in the account holder’s investment
account is $3,500 or less.
‘‘(g) APPLICABLE COURT ORDERS.—The protections
provided by this section are in addition to the protections
provided by section 263.
‘‘ADMINISTRATIVE PROVISIONS
‘‘SEC. 259. (a) PAYMENTS AND TRANSFERS IN AC-
CORDANCE WITH ELECTION.—The Executive Director
shall make or provide for payments and transfers in ac-
cordance with an election of an account holder under sec-
tion 256 or 257(b) or, if applicable, in accordance with
section 258.
‘‘(b) ELECTIONS AND MODIFICATIONS OF DEFERRED
COMMENCEMENT DATES
IN WRITING.—Any election,
change of election, or modification of a deferred annuity
commencement date made under this part shall be in writ-
ing and shall be filed with the Executive Director in ac-
cordance with regulations prescribed by the Executive Di-
rector.
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‘‘SOCIAL SECURITY INVESTMENT TRUST FUND
‘‘SEC. 260. (a) IN GENERAL.—There is established
in the Treasury of the United States a Social Security In-
vestment Trust Fund.
‘‘(b) AMOUNT COMPRISING THE TRUST FUND.—The
Trust Fund consists of the sum of all amounts contributed
under sections 252(c) and 253, increased by the total net
earnings from investments of sums in the Trust Fund
under section 254 or reduced by the total net losses from
investments of the Trust Fund under such section, and
reduced by the total amount of payments made from the
Trust Fund (including payments for administrative ex-
penses).
‘‘(c) APPROPRIATION OF TRUST FUND AMOUNTS.—
The sums in the Trust Fund are appropriated and shall
remain available without fiscal year limitation—
‘‘(1) to invest under section 254;
‘‘(2) to make distributions or purchase annuity
contracts under this part;
‘‘(3) to pay the administrative expenses in-
curred in carrying out this part under subsection
(d); and
‘‘(4) to purchase insurance as provided in sub-
section (h)(3)(B).
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‘‘(d) ADMINISTRATIVE EXPENSES.—Administrative
expenses incurred to carry out this part shall be paid out
of net earnings in the Trust Fund.
‘‘(e) ASSIGNMENT OR ALIENATION AND RELATED
MATTERS.—
‘‘(1) EXCLUSIVE
BENEFIT
OF
THE
ACCOUNT
HOLDER.—Subject to subsection (d) and paragraphs
(2) and (3), sums in the Trust Fund credited to the
account of any account holder may not be used for,
or diverted to, purposes other than for the exclusive
benefit of the account holder or other persons to
whom distributions are made under section 255.
‘‘(2) IMMUNITY
FROM
ASSIGNMENT, ALIEN-
ATION, AND CERTAIN OTHER LEGAL PROCESS.—Ex-
cept as provided in paragraph (3), sums in the
Trust Fund may not be assigned or alienated and
are not subject to execution, levy, attachment, gar-
nishment, or other legal process. For the purposes of
this paragraph, a loan made from the Trust Fund
to an account holder shall not be considered to be
an assignment or alienation.
‘‘(3) EXCEPTIONS.—Moneys due or payable
from the Trust Fund to any person and, in the case
of an account holder, the balance in the individual
account of the account holder, shall be subject to
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legal process for the enforcement of the legal obliga-
tions of such person or account holder to provide
child support or make alimony payments as provided
in section 459 or relating to the enforcement of a
judgment for physically, sexually, or emotionally
abusing a child as provided under section 263.
‘‘(f) EXCLUSIVE APPROPRIATION.—The sums in the
Trust Fund shall not be appropriated for any purpose
other than the purposes specified in this section and may
not be used for any other purpose.
‘‘(g) CONTRIBUTIONS
AND
EARNINGS
HELD
IN
TRUST FOR ACCOUNT HOLDERS.—All sums contributed
to the Trust Fund by an account holder and all net earn-
ings in the Trust Fund attributable to investment of such
sums are held in the Trust Fund in trust for such account
holder.
‘‘(h) FIDUCIARY RESPONSIBILITIES; ENFORCEMENT
UNDER THE SECRETARY OF LABOR.—
‘‘(1) IN GENERAL.—Under regulations of the
Secretary of Labor, the provisions of sections 8477
and 8478 of title 5, United States Code, shall apply
in connection with the Trust Fund in the same man-
ner and to the same extent as such provisions apply
in connection with the Thrift Savings Fund.
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‘‘(2) INVESTIGATIVE AUTHORITY.—Any author-
ity available to the Secretary of Labor under section
504 of the Employee Retirement Income Security
Act of 1974 is hereby made available to the Sec-
retary of Labor, and any officer designated by the
Secretary of Labor, to determine whether any person
has violated, or is about to violate, any provision ap-
plicable under paragraph (1).
‘‘(3) EXCULPATORY PROVISIONS; INSURANCE.—
‘‘(A) IN GENERAL.—Any provision in an
agreement or instrument which purports to re-
lieve a fiduciary from responsibility or liability
for any responsibility, obligation, or duty under
this part shall be void.
‘‘(B) INSURANCE.—The Trust Fund shall
be available and may be used at the discretion
of the Executive Director to purchase insurance
to cover potential liability of persons who serve
in a fiduciary capacity with respect to the Trust
Fund, without regard to whether a policy of in-
surance permits recourse by the insurer against
the fiduciary in the case of a breach of a fidu-
ciary obligation.
‘‘WAIVER, ALLOTMENT AND ASSIGNMENT OF PAYMENTS
‘‘SEC. 261. (a) WAIVER OF ENTITLEMENT.—An indi-
vidual entitled to an annuity or other payment payable
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from the Trust Fund may decline to accept all or any part
of the amount of the payment by a waiver signed and filed
with the Executive Director. The waiver may be revoked
in writing at any time. Payment of the annuity waived
may not be made for the period during which the waiver
is in effect.
‘‘(b) ALLOTMENTS OR ASSIGNMENTS.—An individual
entitled to an annuity or other payment payable from the
Trust Fund may make allotments or assignments of
amounts from the annuity or other payment for such pur-
poses as the Executive Director considers appropriate.
‘‘APPLICATION FOR ANNUITY OR OTHER PAYMENTS
‘‘SEC. 262. (a) APPLICATIONS REQUIRED.—No pay-
ment of an annuity or other payment from the Social Se-
curity Investment Trust Fund under this part may be
made unless an application for payment of the annuity or
other payment is received by the Executive Director before
the one hundred and fifteenth anniversary of the birth of
the account holder.
‘‘(b) APPLICATIONS WITH RESPECT TO DECEASED
ACCOUNT HOLDERS.—Notwithstanding subsection (a),
after the death of an account holder, a payment of the
annuity or other payment shall not be paid unless an ap-
plication therefor is received by the Executive Director
within 30 years after the death or other event which estab-
lishes the entitlement to the annuity or other payment.