(a)
(1) elects to receive the bonus under this section; and
(2) executes a written agreement (prescribed by the Secretary concerned) to remain continuously on active duty until the member has completed 20 years of active-duty service creditable under section 1405 of title 10.
(b)
(1) first became a member on or after August 1, 1986; and
(2) has completed 15 years of active duty in the uniformed services (or has received notification under subsection (e) that the member is about to complete that duty).
(c)
(d)
(2) A member electing to receive the bonus under this section shall elect one of the following payment options:
(A) A single lump sum of $30,000.
(B) Two installments of $15,000 each.
(C) Three installments of $10,000 each.
(D) Four installments of $7,500 each.
(E) Five installments of $6,000 each.
(3) If a member elects installment payments under paragraph (2), the second installment (and subsequent installments, as applicable) shall be paid on the earlier of the following dates:
(A) The annual anniversary date of the payment of the first installment.
(B) January 15 of each succeeding calendar year.
(4) The lump sum payment of the bonus, and the first installment payment in the case of members who elect to receive the bonus in installments, shall be paid to an eligible career bonus member not later than the first month that begins on or after the date that is 60 days after the date on which the Secretary concerned receives from the member the election required under subsection (a)(1) and the written agreement required under subsection (a)(2), if applicable.
(e)
(2) The notification shall include the following:
(A) The procedures for electing to receive the bonus.
(B) An explanation of the effects under sections 1401a, 1409, and 1410 of title 10 that such an election has on the computation of any retired or retainer pay that the member may become eligible to receive.
(f)
(Added Pub. L. 106–65, div. A, title VI, §642(a), Oct. 5, 1999, 113 Stat. 662, §322; amended Pub. L. 107–107, div. A, title VI, §620(a), Dec. 28, 2001, 115 Stat. 1138; Pub. L. 109–163, div. A, title VI, §687(b)(30), Jan. 6, 2006, 119 Stat. 3332; renumbered §354 and amended Pub. L. 110–181, div. A, title VI, §661(b)(1), (2), Jan. 28, 2008, 122 Stat. 178.)
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Last modified: October 26, 2015