Page:United States Statutes at Large Volume 70.djvu/1078

 1022

Investments.

Credits to individual accounts.

Refund.

Payment to widow and children.

PUBLIC LAW 9 7 3 - A U G. 3, 1956

[70

ST AT.

section t07 of title 5. Such interest shall not be required for any period during which the judge was separated from all such service and was not receiving salary under section 371(a) or 373 of this title. Each judge may elect to make such deposits in installments during the continuance of his judicial service in such amounts and under such conditions as ma^ be determined in each instance by the Director of the Administrative Office of the United States Courts. Notwithstanding the failure of a judge to make such deposit, credit shall be allowed for the service rendered, but the annuity of the widow of such judge shall be reduced by an amount equal to 10 per centum of the amount of such deposit, computed as of the date of the death of such judge, unless such widow shall elect to eliminate such service entirely from credit under subsection (o) of this section: Provided, That no deposit shall be required from a judge for any service rendered prior to August 1, 1920, or for any honorable service in the Army, Navy. Air Force, Marine Corps, or Coast Guard of the United States, " (d) The Secretary of the Treasur}^ shall invest from time to time, in interest-bearing securities of the United States or Federal farm loan bonds, such portions of the judicial survivors annuity fund as in his judgment may not be immediately required for the payment of annuities, refunds and allowances as provided in this section. The income derived from such investments shall constitute a part of said fund for the purpose of paying annuities and of carrying out the provisions of subsections (f), (g), (i), and (j) of this section. "(e) The amount deposited by or deducted and withheld from the salary of each judge electing to bring himself within the purview of this section for credit to the judicial survivors annuity fund created by this section covering service from and after August 1, 1920, shall be credited to an individual account of such judge. "(f) If any judge who has elected to bring himself within the purview of this section resigns from office otherwise than on salary under section 371(a) of this title, 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, compounded on December 31st of each year, to the date of his relinquishment of office, shall be returned to him. " (g) I n case any judge who has elected to bring himself within the purview of this section shall die while in office (whether in regular active service or retired from such service under section 371(b) or 372 (a) of this title), or after retirement from office by resignation on salary under section 371(a) of this title, after having rendered at least five years of civilian service computed as prescribed in subsection (o) of this section, for the last five years of which the salary deductions provided for by subsection (b) of this section or the deposits required by subsection (c) of this section have actually been made— " (1) if such judge is survived by a widow but not by a dependent child, there shall be paid to such widow an annuity beginning with the day of the death of the judge or following the widow's attainment of the age of fifty years, whichever is the later, in an amount computed as provided in subsection (n) of this section; or "(2) if such judge is survived by a widow and a dependent child or children, there shall be paid to such widow an immediate annuity in an amount computed as provided in subsection (n) of this section, and there shall also be paid to or on behalf of each • such child an immediate annuity equal to one-half the amount of the annuity of such widow, but not to exceed $900 per year divided

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