((a)) ** Deferred annuity** A participant who separates from the Agency may, upon separation or at any time before the commencement of an annuity under this subchapter, elect—

((1)) to have the participant’s contributions to the fund returned to the participant in accordance with ; or

((2)) except in a case in which the Director determines that separation was based in whole or in part on the ground of disloyalty to the United States, to leave the contributions in the fund and receive an annuity, computed as prescribed in , commencing at age 62.

((b)) ** Refund of contributions if former participant dies before age 62** If a participant who qualifies under subsection (a) to receive a deferred annuity commencing at age 62 dies before reaching age 62, the participant’s contributions to the fund, with interest, shall be paid in accordance with the provisions of .section 2071 of this title