Page:United States Statutes at Large Volume 48 Part 1.djvu/1312

 1286 73d CONGRESS. SESS. II. CH. 868 . J UNE 27, 193 4. the excess amount of such payments over those which would be required under the provisions of this Act. In the event that the Board is unable to make satisfactory arrangements with any car- rier for the substitution of the provisions under this Act for its existing pension system, then, and in that event, the provisions of this Act shall be applied to said carrier and its employees without regard to any conflict or duplication in the operation of such an existing pension system and the operation and effect of the provi- Prooiso. sions of this Act : Provided, That the Board, at its optio n, sh all toTome ext en- si on ieehave power, in lieu of the foregoing provisions of this section to ments for age. or der that all for mer empl oyees of carrier s, who p rior to the effe c- tive date have become separated from the service at the age of s even ty y ears or over and who may or may not be r ecei ving age retirement benefits, shall be. entitled to the benefits of this Act. Employee Represen- ta tive s, EMPLOYEE REPRESENTATIVES Di scr eti ona ry con tin- SEc. 7. Any representative of an employee organization who is uance as be nef ici ary . included within the d efinition of "employee" in paragraph (b) sectio n 1, of this Act shall have the option, but, sha ll not be requir ed Payments. to continue or to become a beneficiary under the provisions of this Act. If he shall elect to continue or to become such a beneficiary he shall pay all voluntary contributions. Certain requirements For the purposes of this section the requirements of section 4 of waived. this Act shall not apply. Se rvi ce rendered to an employee org an i- zation shall be included in computing the total service period of such representative. h b lo Conditions under For such representative who shall elect to become a beneficiary b enefits are pay- able. under this Act, the basic compensation upon which contributions sh all be made and benefi ts ca lcula ted sh all b e tha t comp ensat ion paid by the carrier for service rendered in the position to which the rights of such representative would entitle him for the period Proviso, defined in section 3 of this Act : Provided, That if no definite and Determ ining ba sic spec ific rig hts obta in, the average compensa tion pai d to the four compensation. employees whose last date of entry in the service is nearest the date of entry in the service of the same carrier by such representative, shall be his basic compensation to be determined for the period Board to settle ques- defined in section 3 of this Act. When a question arises as to rights tions hereunder. under this provision the Board shall investigate and determine rights of such representative. Payments to ra sent ative cont inuin g pre as - For such representative who elects to continue as a beneficiary beneficiary under the provisions of this Act, his basic compensation shall be the average monthly compensation paid to him by the carrier during the last twelve months of active service with such carrier. Retirement fund. Treasury to main- tain s eparate f und. Investments in Fed- eral ohligations. Appropriation. RE TIREMENT F UND SEc. 8. All money s pai d into the Treas ury un der t he pr ovisio ns of this Act, all interes t, and other rece ipts, and all re funds of moneys paid out under this Act shall constitute and be kept in a separate fund in the Treasury to be known as the " railroad retirement fund ." At the request and direction of the Board, the Treasurer of the United States, with the approval of the Secretary of the Treasury, is authorized to invest such funds as are not immediately required for di sburseme nts in i nterest- bearing bonds, n otes, or other o bliga- tions of the United States, and to collect the principal and interest of such securi ties and to sell and dispo se of the same as in the judgment of the Board shall be in the interest of said fund. Ther e is h ereby appro priat ed su ch sum s not in e xcess of the amounts in said fund as may be necessary to pay all annuities, other disburse- ments and the expenses of administration of this Act.