Page:United States Statutes at Large Volume 49 Part 1.djvu/2065

 2020 Deferred annuity to begin at retirement ag e. Deferred annuity, with specified service and age between 45 and 65 years. Immediate a nnuity at 55. Annuity payments to cease upon reem- ployment. Status thereafter. Annuities ; computa- tion. Service rendered on Alaska Railroad or U.S. military or naval ser- vice in the tropics or A laska. Pur chasa ble a nnuit y added. Service elsewhere. Pr ovis o. Limit on number of years. Serv ice, c onstruc tion of Alaska Railroad . Service on Isthmus of Pan ama. Mi nimu m ann uity. Method of computa- tion. Provi sos. Computing purchas- ableannuity. 74TH C ONGRESS. SESS. II. CH. 859 . JUNE 29, 1936. (c) A deferred annuity beginning at the age at which the employee would otherwise become eligible fo r retirement computed as provided in section 6 of this Act. Any employee who has served for a period of not less than fifteen years, and who i s forty-fi ve years o f age, or over, and less than fifty- five years, and who becomes separated from the service under the conditions set forth in this section shall be entitled to a deferred annuity, but such employee may, up on reaching the age of fifty-five years, elect to receive an immediate annuity as provided in paragraph (b) of this section. Should an annuitant under the provisions of this section be reem- ployed in any position included in the provisions of this Act, payment of annuity s hall not be allowed covering the period of such reemployment, and an annuity based upon involuntary separation shall not be allowed upon subsequent separation from the service unless such subsequent separation shall be involuntary. SEC. 6. The annuity of an employee retired under the provisions of this Act shall be composed of- (1) A sum equal to $37 .50 multiplied by the number of years of service, not to exceed thirty years, rendered (a) on the Alaska Rail- road or (b) in the military or naval service of the United States in the tropics or in Alaska ; and (2) The annuity purchasable with the sum to the credit of the employee's individual account, including accrued interest thereon computed as prescribed in section 11 (a) hereof, according to the experience of the Al aska Railroad retirement and disability fund as may from time to time be set forth in tables of annuity values by the board of actuaries ; and (3) Thirty dollars multiplied by the number of years of service rendered and not allowable under paragraph (1) hereof : Provided, That the number of years of service to be used in computing the all owance un der parag raph (3) shall no t exceed the diff erence between thirt and the number of allowable years of service under paragraph (1) ; and (4) Thirty-six dollars multiplied by the number of years' service rendered in the Territory of Alaska in the construction of the Alaska Railroa d, either in the employ of the Alaska Engineering Commission and the Alaska Railroad or of either of them, between March 12, 1914, and July 1, 1923, plus the n umber of y ears' serv ice, if an y, ren- dered on the Isthmus of Panama either in the employ of the Isth- mian Canal Commission or the Panama Railroad Company between May 4, 1904, and April 1, 1914. In no case, however, shall the total annuity paid exclusive of that provided in paragraph (4) hereof, be less than an amount equal to the sum of- The average annual basic salary, pay, or compensation, not to e xceed $2,0 00 pe r ann um, r eceiv ed by the emplo yee d uring any five consecutive years of allowable service at the option of the employee, multipl ied by the number of years of service used in computing the a nnuity un der parag raph (1) hereof, and divi ded by fo rty, and the average annual basic salary, pay, or compensation, not to exceed $1,600 per annum, received by the employee during any five consecu- tive years of allowable service at the option of the employee, multi- p lied by t he number of year s of serv ice used in compu ting the annuity under paragraph (3) hereof, and divided by forty : Pr o- vided, however, That the sum to be used in computing the annuity purchaseable under paragraph (2) of this section shall include only contribu tions mad e subseq uent to J une 30, 1935 : And provided