Page:United States Statutes at Large Volume 49 Part 1.djvu/1016

 74TH CONGRESS. SESS. 1 . CH. 812. AUGUST 29, 1935. and prior to audit or settlement by the General Accounting Office, shall make payment in accordance with the certification by the Board. The Board shall establish and promulgate rules and regulations and provide for the adjustment of all controversial matters, with power as a Board or through any member or subordinate designated thereof, to require and compel the attendance of witnesses, admin- ister oaths, take testimony, and make all necessary investigations in any matt er involving an nuities or oth er payments, an d shall main- tain suc h offices, prov ide such equip ment, furnishin gs, supplies, services, and facilitie s, and employ such persons an d provide for their compensation and expenses, as may be necessary to the proper discharge of its functions. All rules, regulations, or decisions of the Board shall require the approval of at least two members and shall be entered upon the records of the Board which shall be a public record. The Board shall gather, keep, compile, and publish in con- venient form such records and data as may be necessary, and at intervals of not more than two years shall cause to be made actuarial surveys and analyses, t o determine fr om time to time the payments to be required to provide for all annuities, other disbursements, and expenses, and to assure proper administration and the adequacy and permanency of the retirement system hereby established. The Board shall ha ve ower to require all carriers and employees and any officer, boar commission, or other agency of the United States to furnish such information and records as shall be necessary for the administration of this Act. The Board shall make an annual report to the Presi dent of the Un ited States to be submitted to Congress. Witnesses summoned before the Board shall be paid the same fees and mileage that are paid witnesses in the courts of the United Sta tes. SPECIAL REPORT SEC. 7. Not later than four years from the effective date, the Board, in a special report to the President of the United States to be submitted to Congress, shall make spec ific recommenda tions for such changes in the retirement system hereby created as shall assure the adequacy of said retirement system on the basis of its experience and all info rmation and ex perience then a vailable. For this pur- pose the Board shall from time to time make such investigations and a ctuari al stud ies as shall provi de the fulles t info rmatio n prac ti- cable for such report and recommendations. The Board shall in a like special report to be made at the earliest practicable time, make specific recommendations with regard to the desirability and practi- cability of substituting the provisions for annuities and other bene- fits to employees under this Act for any obligation for prior service or for any existing provisions for the voluntary payment of pensions to employees subject to this Act by a carrier or any employees sub- ject to this Act, so as to relieve such carrier from its obligations for age retirement benefits under its existing pension systems and trans- fer such obligations to the retirement system herein established. It is recognized that existing individual carrier pension plans are wholly at the option of the carriers unless in any case express pro- vision is made otherwise, and no restriction is imposed under this Act upon such plans ; nor is it expected that carriers will modify existing pension plans on account of this Act beyond a reduction of current pension payments under such existing plans in amounts equal to the annuity payments currently received by the employee under this Act. Payments. 971 Ru les and regula- tions. Approval required. Compilat ion and publication of records and data. Ac tuaria l surve ys and analyses. Authority of Board to compel f urn ish ing of info rmatio n. Annual report. Witness fees. Special report. Recommendations ; time of making. Investigations . Report on exi st ing pension systems. Eff ect of pr ovi sio ns hereof on existing plans.