Page:United States Statutes at Large Volume 46 Part 1.djvu/1518

 SEV ENT Y- FIR ST CONGRESS. SESS. III. Ca. 375. 1931 . 1475 Pan ama, or (b) in the milita ry or naval service of the United States in the Tropics ; and (2) The annuity purchasable with the sum to the credit of the add rchasable annuity employee's individual account, including accrued interest thereon computed as prescribed in section 11 (a) hereof, according to the experience of the Canal Zone retirement and disability fund as may from time to time be set forth in tables of annuity values by the board of actuaries ; and (3) Thirty dollars multiplied by the number of years of service Service elsewhere. rendered and not allowable under paragraph (1) hereof : Provided, Limit in number of That the number of years of service to be used in computing the years. allowance under paragraph (3) shall not exceed the difference between thirty and the number of allowable years of service under paragraph (1) ; and Thirty-six dollars multiplied b the number of ears of sere- Service wi th Istb' (4) Y y mi en Can al Com mis. ice rendered on the Isthmus of Panama, either in the employ of the sion, etc. Isthmian Canal Commission or the Panama Railroad Company, b etween May 4, 1904, and April 1, 1914 . In no case, however, shall the total annuity paid exclusive of that ted Total annuity limi- provided in paragraph (4) hereof, be less than an amount equal to the sum of- The average annual basic salary, pay, or compensation, not to exceed $2,000 per annum, received by the employee during any five consecutive years of allowable service at the option of the employee, multiplied by the number of years of service used in computing the ann uity under p aragraph (1) hereof, and divided by forty ; and the average annual b asic salary, pay, or compensatio n, not to exceed $1,600 per annum, received by the employee during any five consecu- tive years of allowable service at the option of the employee, multi- plied by the number of years of service used in computing the annuity Promos under paragraph (3) hereof, and divided by forty : Provided, That Annuity upon r etire- t he ann uity paid a reti ring e mploy ee of the P anama Railr oad Co m- me Railroad from ama pany in such service on June 30, 1931, shall be an amount equal to 2 per centum of the average annual basic salary, pay, or compen- s ation, not to exc eed $ 5,000 per a nnum, recei ved by the employ ee dur ing any five cons ecutive years of allowable servi ce at the option of the employee, multiplied by the number of years of allowable service rendered prior to July 1, 1931 ; plus the amount to which the employee is entitled under the provisions of this section, exclu- sive of para graph (4), for service rendered subsequent to June 30, 1931 : Pro vid ed, how ever , That the sum to be used in computing abe om mire purcbas- the annuity purchasable under paragraph (2) of this section shall include only contributions made subsequent to June 30, 1931 : And Years of service . provided further, That the number of years of service to be used in computing the an nu ity under pa rag ra phs (1) and (3) of this section shall not exceed the difference between thirt y and the n umber of years of allowable service rendered prior to July 1, 1931. The annuity granted under paragraphs (1), (3), and (4) of this Ann uity l imite d to three-fourt hs annual section shall not exceed three-fourths of the average annual basic salary, etc. s alary, pay, or co mpens ation recei ved by the employ ee du ring a ny five consecutive years of allowable service at the option of the emp loyee. An employee at the time of his retirement may elect to receive Increased annuity at , empl oyee' s opti on. in lieu of the life annuity herein d escribed, an inc rased annuity of equivalent value which shall carry with it a proviso that no unex- p ended part of the prin cipal upon the an nuita nt's d eath shall be Computation s of returned. For the purposes of this Act all periods of service shall periods of s ervice. b e computed in accor dance with section 7 hereof, and the a nnuity shall be fixed at the nearest multiple of twelve.

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