Page:United States Statutes at Large Volume 66.djvu/63

 66 S T A T. ]

17

PUBLIC LAW 274-MAR. 6, 1952

Public Law 274

CHAPTER 95 AN ACT

To amend the Act for the retirement of public-school teachers in the District of Columbia.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the first section of the Act entitled "An Act for the retirement of public-school teachers in the District of Columbia"', approved August 7, 1946 (60 Stat. 875), as amended, is amended as follows: (a) By striking from the first sentence thereof the words "beginning as the 1st day of the September following the effective date of this Act"; (b) by striking from the first sentence thereof the words "annual amount computed to the nearest tenth of a dollar" and inserting in lieu thereof the word "amount"; (c) by striking from the first sentence thereof the figure " 5 " and inserting in lieu thereof the figure " 6 "; and (d) by striking therefrom the second, third, and fourth sentences. SEC. 2. Subsection (b) of section 3 of said Act is amended to read as follows: " (b) Any teacher to whom this Act applies who shall have attained or shall hereafter attain the age of fifty-five years and shall have rendered at least thirty years of service, computed as prescribed in section 8 of this Act, may voluntarily retire and shall be paid an immediate life annuity beginning on the first day of the month following the date of separation from the service, computed as prescribed in section 5(a) of this Act, reduced by one-fourth of 1 per centum for each full month such teacher is under sixty years of age." SEC. 3. The last paragraph of section 4 of such Act is amended to read as follows: " I n all cases where the annuity is discontinued under the provisions of this section, so much of the annuity payments as would have been provided by an annuity whose actuarial value at the time of retirement was equal to the contributions accumulated with interest shall be charged against his individual account and, unless he shall become reemployed in a position under the purview of this Act, he shall be considered as having been separated from the service for other than retirement purposes and entitled to the benefits of section 9(a) hereof: Provided, however, That if such teacher were also receiving an annuity because of voluntary deposits made under the provisions of section 1 hereof, such annuity may be continued or, at the option of the teacher, the actuarial reserve value of such annuity may be withdrawn in cash unless the teacher is reemployed in a position within the purview of this Act, in which case the amount of such reserve value shall be treated as a voluntary deposit under the provisions of section 1 hereof." SEC. 4. Section 5 of said Act is amended to read as follows: "SEC. 5. (a) That every teacher who shall be retired under the provisions of section 3 or section 4 of this Act shall receive an annuity composed of (1) a sum equal to 1 per centum of his average annual salary received during any five consecutive years of allowable service in the public schools of the District of Columbia, at the option of the teacher, multiplied by the years of service, plus a sum equal to $25 for each year of service or (2) a sum equal to 1^/2 per centum of his average annual salary received during any five consecutive years of allowable

March 6, 1952 [H.R.38^]

D. C. p u b l i c school teachers. Retirement. D. C. Code 31721.

D. C. Code 31723. Voluntary retirement.

Post,

p. 19.

D. C. Code 31724. Discontinued annuity.

D. C. Code 31729. Annuity b e c a u s e of voluntary deposits.

D. C. Code 31725. Annuity computation.

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