Page:United States Statutes at Large Volume 62 Part 1.djvu/84

 54 PUBLIC LAWS-CH. 84--FEB. 28, 1948 [62 STAT. 41 tat. 614. retirement and disability fund created by the Act of May 22, 1920, seq,: Supp.i ,§ 691 e and said fund is hereby appropriated for the payment of annuities, seq. refunds, and allowances as provided in this Act. Voluntary deposits. "Any officer or employee may at his option and under such regula- tions as may be prescribed by the Civil Service Commission deposit additional sums in multiples of $25 but not to exceed 10 per centum of his annual basic salary, pay, or compensation, for service rendered since August 1, 1920, which amount together with interest thereon at 3 per centum per annum compounded as of December 31 of each year, shall, at the date of his retirement, be available to purchase, as he shall elect and in accordance with such rules and regulations as may be prescribed by the Civil Service Commission, an annuity in addition to nutyad lie the annuity provided by this Act. The life annuity shall consist of $7 for each $100, increased by 20 cents for each full year, if any, such officer or employee is over the age of fifty-five years at the date of retirement. In the event of death or separation from the service of such officer or employee before becoming eligible for retirement on annuity, the total amount so deposited, with interest at 3 per centum per annum to date of death or separation compounded on December 31 of each year, shall be refunded in accordance with the provisions of Insfra. section 12 of this Act. In case a retired employee who is receiving a life annuity under this paragraph shall die without having received in annuity purchased by the total amount so deposited, with interest at 3 per centum per annum compounded on December 31 of each year, to date of retirement, the difference shall be paid, upon the establish- ment of a valid claim therefor, in the order of precedence prescribed Post, p. 56. in section 12 (e)." 46 Stat. 4 76. SEC. 11. Section 12 of the Act of May 29, 1930, as amended, is 5 U.S. C. §724; Supp. I, § 724. amended to read as follows: tDendividual acredntd "SEc. 12 . (a) Under such regulations as may be prescribed by the Civil Service Commission the amounts deducted and withheld from the basic salary, pay, or compensation of each officer or employee for credit to the 'civil-service retirement and disability fund' created by the Act of 54 stat.c61 May 22, 1920, covering service from and after August 1, 1920, shall be seq. Supp. , 691 credited to an individual account of such officer or employee. Separationith lss "(b) (1) In the case of any officer or employee to whom this Act thn 5 yers' servi. applies who shall become absolutely separated from the service before he shall have completed an aggregate of five years of service computed 46 tat. 472. as prescribed in section 5 of this Act, or who shall be transferred to a Ante, p. .t. position not within the purview of this Act, the amount credited to his individual account together with interest at 4 per centum per annum to December 31, 1947, and 3 per centum per annum thereafter com- pounded on December 31 of each year to date of separation shall be returned to such officer or employee: Provided, That in computing interest under this subsection, a fractional part of a month in the total service covered by the refund shall be disregarded, and no interest shall be allowed in any case unless the service covered by the refund aggre- gates more than one year. Redepositofrefund. "(2) All amounts returned to an officer or employee under this sub- section must, upon reinstatement, retransfer, or reappointment to a position within the purview of this Act, be redeposited, together 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, by such officer or employee before he may receive any credit for the service covered by the refund. Such interest shall not be required for any period during which the officer or employee is separated from the service. Paymentofannuity "(c) (1) In case any officer or employee to whom this Act applies towidow. shall die subsequent to the date of enactment of this Act after having rendered at least five years of civilian service computed as prescribed

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