Page:United States Statutes at Large Volume 48 Part 1.djvu/1311

 73d C ONGRESS. SESS. II. CH. 868 . JUNE 27, 1934 . 1285 employee contribution. The annuity shall be reduced by one- thRate if employee less 65. fifteenth of such annuity for each year the employee is less than sixty- five years of age at the time of the first annuity payment. No such Disahility provision. reduction shall be made if the Board shall determine that the car- rier has retired the employee because of physical or mental inability to cont inue in active servi ce. Upon death of an employee before or Death allowance. after retirement an amount, equal at his death to a computation, with interest at 3 per centum compounded annually, of the accumulation from his payments less any annuity payments received by him, shall be paid as h e may have de signated or t o his legal re presentative. Any employee w ho upon retir ement shall b e entitled to an annuity if Lump sum payment with a value determined by the Board of less than $300 shall be paid $300. such value in a lump sum. RE TIR EME NT Retirem ent. SEC. 4. Retirement shall be compulsory upon employees who, on Compulsory, at age the effective date, have attained or thereafter shall attain the age 6~' of sixty-five years. The carrier and the employee may, by an agree- ment in writing filed with the Board, extend the time for retirement Extens ions. as to such employee for one year and for successive periods of one year each, but not beyond the age of seventy years. Until five years officials. from the effective date, the compulsory retirement shall not apply to an employ ee who from a nd after the effective date occupies an official position in the service of a carrier. CONTRIB U'I ION Contrihutions. SEC. 5. Each employee shall pay an employee contribution in a ti Employee contribu- percentage upon his compensation. Each carrier shall pay a car- Carriercontribution. rier contribution equal to twice the contributions of each employee of such carrier. The emplo yee compensati on shall be t he compensa- tion for service paid to such employee by the carrier excluding com- pensation in excess of $300 per month. The contribution percent- Det erm ina tio nof per age shall be determined by the Board from time to time, and shall be aentage. such as to produce from the combined employee and carrier contri- butions, with a reasonable margin for contingencies, the amount necessary to pay the annuities, other disbursements and the expenses becoming payable from time to time. Until the Board shall deter- mine on a di ffer ent perc enta ge t he e mplo yee cont ribu tion per cent age shall be 2 per centum. Employee contributions shall be deducted p1 Deducpaysfrom em. by the carrier from the compensation of its employees and shall be paid by the carrier, together with the carrier contributions, into the Treasury of the United States quarterly or at such other times as ordered by the Board. Ex isT ING PENSION SYSTEMS SEC. 6. The Board shall have the power to provide by appropriate teT aki ng existing rules and regulations for substituting the provisions for annuities system. and other benefits to employees under this Act, for any obligation for prior service or for any existing provisions for the voluntary pay- ment of pensions to employees subject to this Act by a carrier or any employees subject to this Act, so as to relieve such carrier from its obligations for age retirement benefits under its existing pension systems and to transfer s uch obligatio ns to the reti rement system herein established. If the fulfillment of any such transferred obli- gation shall require additional contributions or larger payments than would otherwise be required under the provisions of this Act, then such additional contributions shall be made by the carrier originally responsible for the creation of such obligation or for