Page:United States Statutes at Large Volume 62 Part 1.djvu/83

 80rT OONG., 2D SESS.- CH. 84-FEB. 28, 1948 such annuitant may, prior to the effective date herein prescribed, elect to retain his or her present annuity, in lieu of the increased annuity provided by this section, and name his wife or her husband to receive upon his or her death one-half of his or her present annuity but not to exceed $600 per annum during the remainder of the life of such surviv- ing husband or wife and upon the death of such survivor no further annuity shall be due or payable. Except as provided in this paragraph, the amendments made by this Act shall not apply in the case of officers and employees retired prior to the effective date of this Act. "In case any officer or employee shall have been separated subsequent to January 23, 1942, and prior to the effective date of this Act and have acquired title to annuity under section 7 of the Act of May 29, 1930, as amended, beginning after such effective date, his rights shall be deter- mined and annuity computed as though this Act had not been enacted." SEC. 9. Section 9 of the Act of May 29, 1930, as amended, is amended to read as follows: "SEC. 9. Each officer or employee within the purview of this Act shall deposit, with interest at 4 per centum per annum to December 31, 1947, and 3 per centum per annum thereafter, compounded on December 31 of each year, to the credit of the 'civil-service retirement and disability fund' a sum equal to 2/2 per centum of his basic salary, pay, or com- pensation received for services rendered after July 31, 1920, and prior to July 1, 1926; 31/2 per centum of the basic salary, pay, or compensa- tion for services rendered from and after July 1, 1926, and prior to July 1, 1942; 5 per centum of said basic pay, salary, or compensation for services rendered from and after July 1, 1942, and prior to the first day of the first pay period which begins after June 30, 1948, and also 6 per centum thereafter, covering service during which no deduc- tions were withheld for deposit in the said fund. Such interest shall not be required for any period during which the officer or employee is separated from the service. Each such officer or employee may elect to make such deposits in installments during the continuance of his service in such amounts and under such conditions as may be determined in each instance by the Civil Service Commission. The amount so deposited shall be credited to the individual account of the officer or employee in the said fund. Notwithstanding the failure of an officer or employee to make such deposit, credit shall be allowed for the service rendered, but the annuity of such employee shall be reduced by an amount equal to 10 per centum of the amount of such deposit, unless the officer or employee shall elect to eliminate such service entirely from credit under this Act: Provided, That no deposit shall be required for any service rendered prior to August 1, 1920, or for periods of honorable service in the Army, Navy, Marine Corps, or Coast Guard of the United States." SEc. 10. The first two paragraphs of section 10 of the Act of May 29, 1930, as amended, are amended to read as follows: "Beginning as of July 1, 1942, there shall be deducted and withheld from the basic salary, pay, or compensation of each 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: Provided,That from and after the first day of the first pay period which begins after June 30, 1948, there shall be deducted and withheld from the basic salary, pay, or compensation of each officer or employee to whom this Act applies a sum equal to 6 per centum of such officer's or employee's basic salary, pay, or compensation. The amounts so deducted and withheld from the basic salary, pay, or compensation of each officer or employee shall, in accordance with such procedure as may be pre- scribed by the Comptroller General of the United States, be deposited in the Treasury of the United States to the credit of the civil-service Election to retain present annuity. Protection of ac- quired rights. 46 Stat. 474. 6 U.S. C. §733. 46 Stat. 475. 5U.S. C.§736b. Deposits to credit of fund by employees. Deposits in install- ments. Credit to individual account. Exemptions. 46 Stat. 475 . 5U.8.C. n719, 719-1 . Deductions from salary. Increase in deduc- tions. 62 STAT.] 53

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