Page:United States Statutes at Large Volume 102 Part 4.djvu/946

 102 STAT. 3916

Appropriation authorization.

Appropriation authorization.

28 USC 377 note.

PUBLIC LAW 100-659—NOV. 15, 1988

from the Fund. The income derived from these investments constitutes a part of the Fund. "(3) UNFUNDED LIABILITY.—(A) There are authorized to be appropriated to the Judicial Officers' Retirement Fund amounts required to reduce to zero the unfunded liability of the Fund. (B) For purposes of subparagraph (A), the term 'unfunded liability' means the estimated excess, determined on an annual basis in accordance with the provisions of section 9503 of title 31, of the present value of all benefits payable from the Judicial Officers' Retirement Fund over the sum of— "(i) the present value of deductions to be withheld under this section from the future basic pay of bankruptcy judges and magistrates; plus "(ii) the balance in the Fund as of the date the unfunded liability is determined. In making any determination under this subparagraph, the Comptroller General shall use the applicable information contained in the reports filed pursuant to section 9503 of title 31, with respect to the retirement annuities provided for in this section. "(C) There are authorized to be appropriated such sums as ^lay be necessary to carry out this paragraph.". (b) CONFORMING AMENDMENT.—The table of sections at the beginning of chapter 17 of title 28, United States Code, is amended by adding at the end the following new item: "377. Retirement of bankruptcy judges and magistrates.". (c) INCUMBENT JUDGES AND MAGISTRATES.— (1) RETIREMENT ANNUITY UNDER TITLE 5 AND SECTION 377 OF

TITLE 28.—A bankruptcy judge or United States magistrate in active service on the effective date of this Act shall, subject to paragraph (2), be entitled, in lieu of the annuity otherwise provided under the amendments made by this section, to— (A) an annuity under subchapter III of chapter 83, or under chapter 84, of title 5, United States Code, as the case may be, for creditable service before the date on which service would begin to be credited for purposes of subparagraph (B), and (B) an annuity calculated under subsection (b) or (c) and subsection (g) of section 377 of title 28, United States Code, as added by this section, for any service as a full-time bsmkruptcy judge or magistrate on or after October 1, 1979 (as specified in the election pursuant to paragraph (2)) for which deductions and deposits are made under subsections (j) and (k) of such section 377, as applicable, without regard to the minimum number of years of service as such a bankruptcy judge or magistrate, except that— (i) in the case of a judge or magistrate who retires with less than 8 years of service, the annuity under subsection (c) of section 377 of title 28, United States Code, shall be equal to that proportion of the salary being received at the time the judge or magistrate leaves office which the years of service bears to 14, subject to a reduction in accordance with subsection (c) of such section 377 if the bankruptey judge or magistrate is under age 65 at the time he or she leaves office, and

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