Page:United States Statutes at Large Volume 49 Part 1.djvu/1015

 970 74TH CONGRESS. SESS. I. CH. 81 2. AUGUST 29, 1935. Pay ments upo n death. Amount to widow or next of kin. Election of employee respecting payments. Determination of present values and amounts. Re tire ment Boa rd. PAYMEN TS UPON D EA TH SEC. 5. If a person receiving or entitled to receive an annuity shall die, the Board, for one year after the first day of the month in which the death may have occurred, shall pay, as herein provided, an annuity equal to one-half of the annuity which such person so dying may have received or may have been entitled to receive, to the widow or widower of the deceased, or if there be no widow or widower, to the dependent next of kin of the deceased. Any employee may elect, on making application for an annuity, to have the present va lue of the annuity a pply to th e payment of a reduc ed annu ity to the employee during lif e and an a nnuity dur ing the li fe of a surviving spouse. The present values and amounts of the annuity payments shall be determined on the basis of the combined annu ity tables with inte rest at 3 per centum per annum. REtiR EMENT BOARD Personnel. PERSONNEL Establishment of SEC. 6 . (a ) There is h ereby esta blished as an indepe ndent agen cy Board. pp . 1112, 1178, in the executive branch of the Government a Railroad Retirement 1603 . Appointment ; num- Bo ard, to be composed of three members ap pointed by the Presi dent, he Terms of office. by and with the advice and consent of the Senate. Each member shall hol d office f or a term of five ye ars, excep t that any member vacancies, appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of the term and the terms of office of the members first taking office after the date of enactment of this Act shall expire, as designated by the President, one at the end of two years, one at the end of three years, and one at the end of four years, after the R eprese ntation of employees and carriers (late of enactment of this Act . One member shall be appointed from on Board . recommendations made by representatives of the employees and one member shall be appointed from recommendations made by repre- sentatives of the carriers, in both cases as the President shall direct, so as to provide representation on the Board satisfactory to the largest n umber, res pectively, of employ ees and ca rriers con cerned . ofiCcharuma'cairn . of One member, who shall be the chairman of the Board, shall be appointed initially, for a term of two years without recommendation by either carriers or employe es and sha ll not be in the emp loyment of or be pecuniarily or otherwise interested in any carrier or organ- Effect of vacancies ization of employees . Vacancies in the Board shall not impair the on Board . powers nor affect the duties of the Board nor of the remaining mem- bers of t he Board o f whom a m ajority of those in office sha ll con- Compensation of stitute a quorum for the transaction of business. Each of said members' members shall receive a salary of $10,000 per year, together with necessa ry traveli ng expense s and subs istence ex penses, or per diem allowance in lieu thereof, while away from the principal office of the Board on duties required by this Act. DUtiES (b) The Board shall have and exercise all the duties and powers necessary to administer this Act. The Board shall take such steps as may be necessary to enforce this Act and make and certify awards and payments. The Board shall from time to time certify to the Secretary of the Treasur y the name and addre ss of each person en titled to receive a payment under this Act, the amount of such payment, and the time at whic h it should be made, and the Sec retary of the Treasu ry through the Division of Disbursement of the Treasury Department, Duties. Duties and powers of Board ; enforcement of Act. Certification of names, etc., of persons entitled to annuity.