Page:United States Statutes at Large Volume 106 Part 4.djvu/467

 PUBLIC LAW 102-496—OCT. 24, 1992 106 STAT. 3203 Each participant shall be deemed to consent and agree to such deductions from basic pay, and payment less such deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for all regular services during the period covered by such payment, except the right to the benefits to which the participant is entitled under this title, notwithstanding any law, rule, or regulation affecting the individual's pay. "(c) TREATMENT OF CONTRIBUTIONS AFTER 35 YEARS OF SERVICE.— "(1) ACCRUAL OF INTEREST.—Amounts deducted and withheld frx)m the basic pay of a participant under this section for pay periods after the first day of the first pay period beginning after the day on which the participcuit completes 35 years of creditable service computed under sections 251 and 252 (excluding service credit for unused sick leave under section 221(a)(2)) shall accrue interest. Such interest shall accrue at the rate of 3 percent a year through December 31, 1984, and thereafter at the rate computed under section 8334(e) of title 5, United States Code, and shall be compounded annually from the date on which the amount is so deducted and withheld until the date of the participant's retirement or death. "(2) USE OF AMOUNTS WITHHELD AFTER 35 YEARS OF SERVICE. — "(A) USE FOR DEPOSITS DUE UNDER SECTION 252(b). — Amounts described in paragraph (1), including interest accrued on such amounts, shall be applied upon the participant's retirement or death toward any deposit due under section 252(b). "(B) LUMP-SUM PAYMENT.— Any balance of such amounts not so required for such a deposit shall be refunded to the participant in a lump sum after the participant's separation (or, in the event of a death in service, to a beneficiary in order of precedence specified in subsection 241(c)), subject to the requirement under section 241(b)(4). " (C) PURCHASES OF ADDITIONAL ELECTIVE BENEFITS.— In lieu of such a lump-sum payment, the participant may use such amounts— "(i) to purchase an additional annuity in accordance with section 281; or "(ii) provide any additional survivor benefit for a current or former spouse or spouses, "(d) OFFSET FOR SOCL\L SECURITY TAXES.— was a participant subject to this title before January 1, 1984, and whose service— "(A) is employment for the purposes of title II of the Social Security Act and chapter 21 of the Internal Revenue Code of 1954, and "(B) is not creditable service for any purpose under title III of this Act or chapter 84 of title 5, United States Code, there shall be deducted and withheld from the basic pay of the participant under this section during any pay period only the amount computed under paragraph (2).
 * (b) CONSENT OF PARTICIPANT TO DEDUCTIONS FROM PAY.—
 * (1) PERSONS COVERED.—In the case of a participant who

�