To establish an open season for enrollment in the Survivor Benefit Plan under subchapter II of chapter 73 of title 10, United States Code.

An eligible retired or former member may elect to participate in the Survivor Benefit Plan during the open season described in subsection (e).

For purposes of paragraph (1), an eligible retired or former member is a member or former member of the uniformed services who, on or before the day before the first day of the open season described in subsection (e)—

(A) is entitled to retired pay; or

(B) would be entitled to retired pay under chapter 1223 of title 10, United States Code (or chapter 67 of such title as in effect before October 5, 1994), but for the fact that such member or former member is under 60 years of age.

A person making an election under paragraph (1) by reason of eligibility under paragraph (2)(A) shall be treated for all purposes as providing a standard annuity under the Survivor Benefit Plan.

A person making an election under paragraph (1) by reason of eligibility under paragraph (2)(B) shall be treated for all purposes as providing a reserve-component annuity under the Survivor Benefit Plan.

The Secretary of Defense shall prescribe in regulations premiums that a person who makes an election under paragraph (1) shall be required to pay for participating in the Survivor Benefit Plan pursuant to the election.

The total amount of the premiums to be paid by a person under the regulations prescribed under subparagraph (A) shall be equal to the sum of—

(i) the total amount by which the retired pay of the person would have been reduced before the effective date of the election under subsection (d) if the person had elected to participate in the Survivor Benefit Plan (for the same base amount specified in the election) at the first opportunity that was afforded the person to participate under chapter 73 of title 10, United States Code;

(ii) interest on the amount by which the retired pay of the person would have been so reduced, computed from the date on which the retired pay would have been so reduced at such rate or rates and according to such methodology as the Secretary determines reasonable; and

(iii) any additional amount that the Secretary determines necessary to protect the actuarial soundness of the Department of Defense Military Retirement Fund against any increased risk for the fund that is associated with the election.

Premiums paid under the regulations prescribed under subparagraph (A) shall be credited to the Department of Defense Military Retirement Fund.

A person participating in the Survivor Benefit Plan on the day before the first day of the open season described in subsection (e) may elect to change a previous election of insurable interest or former spouse beneficiary to provide an annuity to a spouse or dependent child.

A person participating in the Survivor Benefit Plan on the day before the first day of the open season described in subsection (e) may elect to discontinue such participation during the open season.

Except as provided in clause (ii), a person described in subparagraph (A) may not make an election under that paragraph without the concurrence of—

(I) each designated beneficiary of such person under the Survivor Benefit Plan; and

(II) the spouse of such person, if such person is married.

A person may make an election under subparagraph (A) without a concurrence required under clause (ii) if the person establishes to the satisfaction of the Secretary concerned—

(I) that the whereabouts of the spouse or beneficiary, as the case may be, cannot be determined; or

(II) that, due to exceptional circumstances, requiring the person to seek the consent of the spouse or beneficiary, as the case may be, would otherwise be inappropriate.

As of the effective date under subsection (d) of an election by a person under subparagraph (A), the Secretary concerned shall discontinue the reduction being made in the retired pay of the person arising from participation in the Survivor Benefit Plan or, in the case of a person who has been required to make deposits in the Treasury on account of participation in the Survivor Benefit Plan, that person may discontinue making such deposits effective on such effective date.

A person who makes an election under subparagraph (A) is not entitled to a refund of any reduction or deposit described in clause (i) made before such effective date.

An election under subsection (a) or (b) shall be made in writing, signed by the person making the election, and received by the Secretary concerned before the end of the open season described in subsection (e).

Except as provided in paragraph (3), an election under subsection (a) shall be made subject to the same conditions, and with the same opportunities for designation of beneficiaries and specification of base amount, that apply under the Survivor Benefit Plan.

An election under subsection (a) or (b) is not effective unless the person making the election declares the election to be voluntary. An election under subsection (a) or (b) to participate or not to participate in the Survivor Benefit Plan may not be required by any court. An election by a person under subsection (a) to participate in the Survivor Benefit Plan is not subject to the concurrence of a spouse or former spouse of the person.

A person making an election under subsection (a) to provide a reserve-component annuity shall make a designation described in section 1448(e) of title 10, United States Code.

An election under subsection (a) or (b) shall be effective on the first day of the first calendar month following the month in which the election is received by the Secretary concerned.

The open season described in this subsection is the period beginning on the date of the enactment of this Act and ending on December 31, 2025.

The provisions of sections 1449, 1450, 1453, and 1454 of title 10, United States Code, are applicable to a person making an election, and to an election, under subsection (a) or (b) in the same manner as if the election were made under the Survivor Benefit Plan.

In this section:

(1) The terms base amount, reserve-component annuity, and standard annuity have the meanings given those terms in section 1447 of title 10, United States Code.

(2) The term Department of Defense Military Retirement Fund means the fund established under section 1461(a) of title 10, United States Code.

(3) The term retired pay includes retainer pay.

(4) The terms Secretary concerned and uniformed services have the meanings given those terms in section 101 of title 37, United States Code.

(5) The term Survivor Benefit Plan means the program established under subchapter II of chapter 73 of title 10, United States Code.