Page:United States Statutes at Large Volume 56 Part 1.djvu/44

 PUBLIC LAWS-CH. 16-JAN. 24, 1942 53 Stat. 1201. 5U. S.C. § Minimum ai 46 Stat. 474 . 5U.S.C. 735, 736. Deferred ann 53 Stat. 1201. 5U..S.C. § Provisos. Immediate al 46 Stat. 471 . 5U. S.C.§i Supra. Refunds. 46 Stat. 475; 1202. 5U.S.C. 719-1 ,721,722. Infra. Redeposit funds. Effect of rec ment. ( SEC. 4. Section 4 (b) of the Act of May 29, 1930, as amended by the Act of August 4, 1939, is amended by striking out the period at the end of section 4 (b) and inserting in lieu thereof a semicolon, and mnuity. by adding the following sentence after the semicolon: "nor shall such total annuity paid be less than an amount equal to the average annual basic salary, pay, or compensation received by the employee during any five consecutive years of allowable service at the option of the employee, multiplied by the number of years of service, not exceeding thirty-five years, and divided by seventy." SEC. 5 . Section 7 of the said Act of May 29, 1930, as amended, is P§733' hereby repealed, and in lieu thereof the following is substituted: auity. "(a) Should any officer or employee to whom this Act applies, after having served for a total period of not less than five years and before becoming eligible for retirement become separated from the service, such officer or employee shall be paid a deferred annuity beginning at the age of sixty-two years, computed as provided in clauses (1) and (2) of section 4 (a) of this Act: Provided, That any such person Inuity. involuntarily separated from the service not by removal for cause on charges of misconduct or delinquency may elect to receive an immediate annuity beginning at the age of fifty-five or at the date of separation from the service if subsequent to that age having a value equal to the present worth of a deferred annuity beginning at the age of sixty-two years, or at age of separation it subsequent to age 698- sixty-two, computed as provided in section 4 of this Act: Provided. further, That nothing in this Act shall be so construed as to prohibit 53St. the refund of deductions, deposits, or redeposits made prior to the §§719, effective date of this Act with interest thereon, or of any voluntary contributions made under the provisions of section 10 of this Act, of re- with interest: And provided further, That all moneys, except volun- tary contributions, so refunded an officer or employee must be rede- posited with interest before such officer or employee may derive any annuity benefits based on the service covered by the refund. employ- "(b) Should an annuitant under the provisions of this section be reemployed in a position included in the provisions of this Act, the annuity and any right to an immediate or deferred annuity as pro- vided herein shall cease as of the date of such employment. If such annuitant is reemployed in any position in the service of the United States or the District of Columbia, not within the provisions of this Act, annuity payments shall be discontinued during the period of such employment, and resumed in the same amount upon termination of such employment. "(c) Interest shall be allowed on the amount credited to such separated officer's or employee's individual account in the retirement fund at 3 per centum compounded on June 30 of each year until the beginning date of annuity." stserv- SEC. 6. That in section 9 of the Act of May 29, 1930, as amended, after the words "and also 31/2 per centum of the basic salary, pay or compensation for services rendered from and after July 1, 1926' insert the following: "and prior to July 1, 1942, and also 5 per centum of such basic pay, salary, or compensation for services ren- dered on and after July 1, 1942". from SEC. 7. Add to the first sentence of section 10 of the Act of May 29, 1930, as amended, the following: "Provided, That after June 30, 1942, there shall be deducted and withheld from the basic salary, pay, or compensation of any officer or employee to whom this Act applies a sum equal to 5 per centum of such officer's or employee's basic salary, pay, or compensation". H724 (b) SEC. 8. Strike out paragraph (b) of section 12 of the Act of May 29, 1930, as amended, and insert in lieu thereof the following: Interest. Credit for p ice. 46 Stat. 475. 5i. S.C.5 Deductions salaries. 46 Stat. 475. 5U.S.C. 46 Stat. 476. 6U.S.C.I [56 STAT.

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