Page:United States Statutes at Large Volume 70.djvu/804

 748

PUBLIC LAW 854-JULY 31, 1966

[70 STAT.

period covered by such payment, except the ri^ht to the benefits to which he shall be entitled under this Act, notwithstanding any law, rule, or regulation affecting the individual's salary, •errtce* after jiS' "^^^ Each employee or Member credited with civilian service after 31, 1920? *' ^ July 31, 1920, for which, for any reason whatsoever, no retirement deductions or deposits have been made, may deposit with interest an amount equal to the following percentages of his basic salary received for such service: Percentage of basic salary Employee 2% 3% 5 6 Gh^ Member for Mem- 2V2 ber service. 3^! 5 6 7%

Service period August 1, 1920, to June 30, 1926 July 1, 1926, to June 30, 1942 July 1, 1942, to June 30, 1948 July 1, 1948, to October 31, 1956 After October 31, 1956 August 1, 1920, to June 30, 1926 July 1. 1926, to June 30, 1942 July 1, 1942, to August 1, 1946 August 2, 1946, to October 31, 1956 After October 31, 1956

" (d) Each employee or Member who has received a refund of retirement deductions under this or any other retirement system established for employees of the Government covering service for which he may be allowed credit under this Act may deposit the amount received, with interest. No credit shall be allowed for the service covered by the refund until the deposit is made. "(e) Interest under subsection (c) or (d) shall be computed from the midpoint of each service period included in the computation, or from the date refund was paid, to the date of deposit or commencing date of annuity, whichever is earlier. The interest shall be computed at the rate of 4 per centum per annum to December 31, 1947, and 3 per centum per annum thereafter compounded annually. Such deposit may be made in one or more installments. (f) Under such regulations as may be prescribed by the Commission, amounts deducted under subsection (a) and deposited under subsections (c) and (d) shall be entered on individual retirement records. " (g) No deposit shall be required for any service prior to August 1, 1920, for periods of military service or for any service for the Panama Kailroad Company prior to January 1, 1924. ((MANDATORY SEPARATION

"SEC. 5. (a) Except as hereinafter provided, an employee who shall have attained the age of seventy years and completed fifteen years of service shall be automatically separated from the service. Such separation shall be effective on the last day of the month in which such employee attains the age of seventy years or completes fifteen years of service if then beyond such age, and all salary shall cease from that day. "(b) Each employing office shall notify each employee under its direction of the date of such separation from the service at least sixty days in advance thereof: Provided, That subsection (a) shall not take effect without the consent of the employee until sixty days after he has been so notified. pJE«j«^ption»>y "(c) The President may, by Executive order, exempt from automatic separation under this section any employee when, in his judgment, the public interest so requires.

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