Page:United States Statutes at Large Volume 49 Part 1.djvu/668

 74Trl CONGRESS. SESS. I. CH. 531. AUGUST 14, 1935 . annum. Obligations other than such special obligations may be acquired for the Account only on such terms as to provide an invest- ment yield of not less than 3 per centum per annum. (c) Any obligations acquired by the Account (except special obligations issued e xclusively to the Account) may be sold at the market price, and such special obligation s may be redeemed at par plus accrued interest. (d) The interest on, and the proceeds from the sale or redemption of, any obligations held in the Account shall be credited to and form a part of the Account. (e) All amounts credited to the Account shall be available for making payments required under this title. (f) The Secretary of the Treasury shall include in his annual report the actuarial status of the Account. OLD-AGE BENEFIT PAYMENTS SEC. 20 2 . (a) Every qualified individu al (as defined in section 210) shall be entitled to receive, with respect to the period beginning on the date he attains the age of sixty-five, or on January 1, 1942, whichever is the later, and ending on the date of his death, an old- age benefit (payable as nearly as practicable in equal monthly installments) as follows (1) If the total wages (as defined in section 210) determined by the Board to have been paid to him, with respect to employ- ment (as defined in section 210) after December 31, 1936, and before he attained the age of sixty-five, were not more than $3,000, the o ld-age benefit shall be at a m onthly rate of one-half of 1 per centum of such total wa ges ; (2) If such total wages were more than $3,000, the old-age benefit shall b e at a monthly rate equal to th e sum of the follo wing (A) One-half of 1 per centum of $3,000 ; plus (B) One-twelfth of 1 per centum of the amount by which such total wages exceeded $3,000 and did not exceed $45,000 ; plus (C) One-twenty-f ourth of 1 per c entum of the amo unt by which such total wages exceeded $45,000. (b) In no case shall the monthly rate compu ted under subsection (a) exceed $85. (c) If the Board finds at any time that more or less than the correct amount has theretofore been paid to any individual under this section, then, under regulations made by the Board, proper ad justm ents shall be m ade i n con nect ion w ith s ubseq uent payme nts under this section to the same individual. (d) When ever the Board find s tha t any qual ifie d ind ividu al ha s received wages with respect to regular employment after he attained the age of sixty-five, the old-age benefit payable to such individual shall be reduced, for each calendar month in any part of which such regular employment occurred, by an amount equal to one month's benefit. Such reduction shal l be mad e, u nder regu lati ons pre- scribed by the Board, by deductions from one or more payments of old-age benefit to such individual. PAYME NTS UPON DEATH SEC. 203 . (a) If any individual dies before attaining the age of sixty-five, there shall be paid to his estate an amount equal to 3 1/, per centum of the total wages determined by the Board to have been paid to him, with respect to employment after December 31, 1936. Sale of. Interest and proceeds of sale credited to Ac- count. Avai lability . 623 Other obligations ; ac- quisition of. Annual report of actuarial status. Old-age benefit pay- ments. Persons entitled to receive. Post, p. 625. Amounts to be paid. Post, p. 625. Restriction on total monthly rate. Adjust ments. Reductions. Payments upon death. When individual dies befo re r ecei ving any benefit payment.