Page:United States Statutes at Large Volume 49 Part 1.djvu/2067

 m or pr 2022 74TH CONGRESS. SESS. II. CH. 859. JUNE 29, 1936. y Jul 19 269 20 and pay, or compensation received for services rend ered after July 31, Thereafter . 1920, and prior to July 1, 1926, and also 31/2 per centum of the basic salary, pay, or compensation for services rendered subsequent to interest rate. June 30, 1926, together with inter est computed at the rate of 4 per centum per annum compounded on the last day of each fiscal year, but such interest shall not be included for any period during which the employee was separated from the service. Upon making such deposit the employee shall be entitled to credi t for the period or Pro viso. periods of service involved : Pro vided That failure to make such Failu re to d eposit. 7 deposit shall not deprive the employee of credit for any past service for which no depos it is re quired un der the provision s of this sect ion. Monthly deductions SEC. 9. Beginning July 1, 1935, there shall be deducted and with- from salaries. held from the basic salary, pay, or compensation of each employee to whom this Act applies a suin equal to 5 per centum of such Deposits. employee's basic salary, pay, or compensation. The amounts so deducted and withheld from the basic salary, pay, or compensation of each employee shall be deposited with the Treasurer of the United Transfer to special fund. States to the credit of a special fund to be known as "the Alaska . Railroad retirement and disability fund", in accordance with the procedure now or hereafter prescri bed for covering into the United us41,p .614. States Treasury the deductions from salaries under the Civil Service 93. Retirement Act of Ma y 22, 1920, as amended, and said fund is hereby ap propr iated for the p aymen t of the a nnuit ies, refun ds, a nd al low- ances as provided in this Act. Credit due fro m spec- The United States Civil Service Commision 1 is hereby authorized ifled funds transferred. and directed to ascertain the amount, if any, including accrued interest, due employees of the Alaska Railroad coming within the purview of this Act from the civil-service retirement and disability Vol.41,p.014. funds created by the Act of May 22, 1920, and to certify same to the Secretary of the Treasury, who is hereby authorized and directed to tran sfer such amoun t on the b ooks of th e Tre asury Depa rtmen t to the Alaska Railroad retirement and disability fund. Consent by employ- Every employee coming within the provisions of this Act shall ees to deductions . Payment, a fun dis- be deemed to consent and agree to the deductions from salary, pay, charge of all claims for services ; exce ption . or compensation as provide herein, and payment less such deduc- tions shall be a ful l and complete discharge and acquittance of all claims and demands whatsoever for all regular services rendered by such employee during the period covered by such payment, except the right to t he benefit s to which he shall be entitle d under th e provi- sions of this Act, n otwithstanding the provisions of any other law, rule, or regulation affecting the salary, pay, or compensation of any person or persons to whom this Act applies. Investments. SEC. 10 . The Secretary of the Treasury shall invest from time to time in interest-bearing securities of the United States or in Federal farm-loan bonds such portions of the Alaska Railroad retirement and disability fund as in his judgment may not be immediately required for the payment of the annuities, refunds, and allowances herein authorized, and the incomes derived from such investments shall constitute a part of such fund. Credit of deductions to individu al account SEC. 11. (a) Under such regulations as may be prescribed by the of employee . Civil Service Commission the amounts deducted and withheld from the basic salary, pay, or compensation of each employee for credit to the civil-service retirement and disability fund, covering service rendered prior to the effective date of this Act, shall be credited to an individual account of such employee to be maintained by the Alaska Railroad, and the amounts deducted and withheld from the basic salary, pay, or compensation of each employee for credit to the 1 So in original.