Page:United States Statutes at Large Volume 53 Part 2.djvu/109

 53 STAT.] 76TH CONG. , 1ST SESS.-CH. 84 -APR. 24, 1939 which shall, if he so desires, carry with it a proviso that upon his death a cash benefit shall be paid in such amount as he may elect under regulations to be prescribed by the President, to a beneficiary desig- nated in writing and filed in accordance with instructions of the Sec- retary of State. The amount of such cash benefit shall not exceed the accumulated amount of the officer's additional deposits with interest to the date of retirement: Provided, however, That in lieu of such cash benefit, the officer may direct that beginning at the time of his death his beneficiary shall be paid a life annuity of such amount as may be purchasable with the amount of the cash benefit and such annuity shall provide for the guaranteed return of at least the amount of the cash benefit. The calculation of the amount of the additional annuity purchasable by the retired officer under the provisions of this option shall be based upon such tables of annuity values as may from time to time be prescribed for this purpose by the Secretary of the Treasury. In case an officer shall become separated from the service for any reason except retirement on an annuity, the amount of any additional deposits with interest at 3 per centum per annum com- pounded annually, made by him under the provisions of this para- graph shall be refunded in the manner provided elsewhere in this section for the return of contributions and interest in the case of death or withdrawal from active service. Any benefits payable to an officer, or to his beneficiary, in respect to the additional deposits provided under this paragraph, shall be in addition to the benefits otherwise provided under this section. "(d) When any Foreign Service officer has reached the age of sixty-five years and rendered at least fifteen years of service he shall be retired on an annuity computed as prescribed in paragraph (e) of this section: Provided, That any Foreign Service officer who has reached the age of sixty years and rendered at least thirty years of service may be retired at his own request on the annuity computed as prescribed under paragraph (e) of this section: Providedfurther, That any officer below the age of sixty years who has rendered at least thirty years of actual service, exclusive of extra service credits as provided in paragraph (k) of this section, may be retired at his own request and elect to receive either (1) a deferred annuity begin- ning at age sixty computed as prescribed under paragraph (e) of this section, or (2) an immediate annuity computed as prescribed under paragraph (e) of this section, reduced by one-fourth of 1 per centum of such annuity for each month or major fraction thereof, between the date of his retirement and the sixtieth anniversary of his date of birth: And provided further, That the President may in his discretion retain any such officer on active duty for such period prior to his reaching seventy years of age as he may deem for the interests of the United States. "(e) The annuity of a retired Foreign Service officer shall be equal to 2 per centum of his average annual basic salary for the ten years next preceding the date of retirement, multiplied by the number of years of service not exceeding thirty years: Provided, That at the time of his retirement a Foreign Service officer, if the husband of a wife to whom he has been married for at least five years, may elect to receive a reduced annuity and designate his wife as his beneficiary to whom will be paid any portion up to two-thirds of his reduced annuity, at the option of the officer, as long as she may live after his death: Provided, however, That the annuity payable to the widow shall in no case exceed 25 per centum of the officer's average annual basic salary for the ten years next preceding the date of retirement. If the age of the officer is less than the age of the wife or exceeds her age by not more than eight years, the annuity of the officer will be 585 Limitation on cash benefit. Payment of life an- nuity to beneficiary. Separation from service; refund of ad- ditional deposits. Benefits in respect to additional deposits to be additional. Age and period of service for retirement. Provisos. If 60 years of age with 30yearsofservice. If below 60 years of age with 30 years of service. Retention in active service by President. Computation of an- nuity. Provisos. Designation of wife as beneficiary; an- nuity to widow. Maximum amount of widow's annuity. Reduction in offi- cer's annuity; com- putation.

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