Page:United States Statutes at Large Volume 46 Part 1.djvu/519

 476 Consent by emplo y ees, of deductions from pay inferred. Payment, a full dis- charge of all claims for services except annu- ity. R. S., sees. 167-169, p.27. U.S.C.,p.80. Investments. Of unused portion of s pecial fund in Fed eral securities, etc. Infra. Returns of amounts deducted from salaries. To be credited to em- SEC. 12. (a) Under such regulations as may be prescribed by the p loyee' s indi vidual ac- eVol. 41, p.618 . Act. Civil a c salarorncompensation of each employee wi thheld salary, pay, from P oYe for credit to the " civil-service retirement and disability fund " created by the Act of May 22, 1920 2 covering service during the period from August 1, 1920, to the effective date of this Act, shall be credited to an indi- vidual account of such employee, to be maintained by the department or office by which he is employed and the amounts deducted and withheld from the basic salary, pay, or compensation of each employee for credit to the " civil-service retirement and disability The same thereafter, less $1 per month. fund " covering service from and after the effective date of this Act, less the sum of $1 per month or major fraction thereof, shall simi- larly be credited to such individual account. (b) In the case of any employee to whom this Act applies who shall be transferred to a position not within the purview of the Act, or who shall become absolutely separated from the service before becoming eligible for retirement on annuity, the amount credited to his individual account shall be returned to such employee together with interest at 4 per centum per annum compounded on June 30 of each year : Provi ded, That when any employee becomes in- voluntarily separated from the service, not by removal for cause on charges of misconduct or delinquency, the total amount of his deduc- tions with interest thereon shall be paid to such employee : An,d pro- vided further, That all money so returned to an employee must, upon reinstatement, retransfer, or reappointment to a position coming within the purview of this Act, be redeposited with interest before such employee may derive any benefits under this Act, except as provided in this section, but interest shall not be required covering any period of separation from the service. (c) In case an annuitant shall die without having received in annuities purchased by the employee's contributions as provided in (2) of section 4 hereof an amount equal to the total amount to his credit at time of retirement, the amount remaining to his credit shall Return of deductions on trans fer to posit ion not included in Act. Vol. 44, p. 91 1, amended. Provisos. Involuntary separa- tion from service. Redeposit, st ated, etc. if re in- Amount credited de emed anuitant to s account to be paid to his repre sentat ive. SEVENTY-FIRST' CONGRESS. SEss. II. Cla. 349. 1930. Every employee • coming within. the provisions of this Act shall be deemed to consent and agree to the deductions from salary, pay, or compensation as provided herein, and payment less such deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for all regular services rendered by such employee during the period covered by such payment, except the right to t he benefits to which h e shall be e ntitled und er the prov isions of this Act, notwithstanding the provisions of sections 167, 168, and 169 of the Revised Statutes of the- United States, and of any other law, rule, or regulation affecting the salary, pay, or compensation of any person or persons employed in the civil service to whom this Act applies. IN VESTM ENT AND AC COUNT S SEC. 11. The Secretary of the Treasury shall invest from time to time, in interest-bearing securities of the United States or Federal farm-loan bonds, such portions of the "civil-service retirement and disability fund " as in his judgment may not be immediately required for the payment of annuities, refunds, and allowances as herein provided, and the income derived from such investments shall con- stitute a part of said fund for the purpose of paying annuities and of carrying out the provisions of section 12 of this Act. RETURNS OF AMOUNTS DEDUCTED FROM SALARIES

�