Page:United States Statutes at Large Volume 50 Part 1.djvu/336

 75TH CONGRESS, 1ST SESSION-CH. 382-JUNE 24, 1937 311 "(4) In no case shall the years of service include any service rendered after June 30, 1937, by an individual who is sixty-five years of age or over, except for the purpose of computing his monthly compensation as provided in subsection (c) of this section . "(c) The monthly compen sation' shall be the averag e compe nsa- "Monthly compen. ti on earned by an empl oyee in ca lendar mont hs include d in his years oft i§n, " c ompu tat ion of service', except (1) that with respect to service prior to January 1, 1937, the monthly compensation shall be the average compensation earned by an employee in calendar months included in his years of service in the years 1 924-1931, and (2) that where service in the period 1924-1931 is, in the judgment of the Board, insufficient to constitute a fair and equitable basis for determining the monthly compensation for service prior to January 1, 1937, the Board shall determine the monthly compensation for such service in such manner as in its judgment shall be just and equitable. If th e emp loyee earned compens ation a fter Ju ne 30, 1937, and after the last clay of th e mont h in wh ich he attaine d age s ixty-fi ve, suc h compe nsation shall be disregarded if the result of taking such compensation into account would be to diminish his annuity . In computing the monthly compensation, no part of any month's compensation in excess of $3 00 shall b e recogniz ed. "(d) The annuity of an individual who shall have been an Annuity to em- em ployee repres entativ e shall be det ermined in the same manner ployeerepresentativel and with the same effect as if the employee organization by which be shall have b een emp loyed w ere an employe r . "(e) If the individual was an employee when he attained age ss Employeeeattaining iog sixty-five and has completed twenty years of service, the minimum service. annuity payable to him shall be $40 per month : Provided, however, Proviso. That if the monthly compensation on which his annuity is based is ti nins i an$5o nsa - less than $50, his annuity shall be 80 per centum of such monthly compensation, except that if such 80 per centum is less than $20, the annuity shall be $20 or the same amount as the monthly com- pensation, whichever is less. In no case shall the value of the D4inimum annuit y. annuity be less than the value of the additional old-age benefit he would receive under title II of the Social Security Act if his service 4s stat. 622. as an employee after December 31, 1936, were included in the term e mployment' as define d therein. "(f) Annuity payments due an individual but not yet paid at death . upon de ath shall be paid to a survivi ng spouse i f such spo use is ent itled to an annuity under an election made pursuant to the provisions of section 4 ; otherwise they shall be paid to the same individual or individuals who may be entitled to receive any death benefit that may be payable under the provision s of secti on 5 . "(g) No annuity shall accrue with respect to the calendar month in which an annuitant dies. "(h) After an annuity has begun to accrue, it shall not be subject Recomputation on account of service to recomp utation on acc ount of servic e rende red the reafter to an rendered . em ployer, ex cept as pr ovided in subdivision 3 of sect ion 2 (a) . " (i) If an annuity is less than $2 .50, it may, in the discretion of If annuity less than the Board, be paid quarterly or in a lump sum equal to its com- $2 .60. muted value as determined by the Board. JOINT AND SU RVI VOR AN NUI TY "SEC. 4. An individual whose annuity shall not have begun to accrue may elect prior to January 1, 1938, or at least five years before the da te on whic h his annu ity begins to accrue, or upon f urnishing proof of health satisfactory to the Board, to have the value of his annuity apply to the payment of a reduced annuity to him during life and Joint and survivor annuity.