Page:United States Statutes at Large Volume 76.djvu/917

 76 STAT. ]

PUBLIC LAW 87-793-OCT. 11, 1962

If the annuity commences between— January 2, 1963, and December 31, January 1, 1964, and December 31, January 1, 1965, and December 31, January 1, 1966, and December 31,

1963 1964 1965 1966

The annuity shall be increased by— 4 iter centum 3 per centum 2 per centum 1 per centum

(c) I n lieu of any other increase provided by this section, the annuity of a survivor of a retired employee or Member of Congress who received an increase under this section shall be increased by a percentage equal to the percentage by which the annuity of such employee or Member was so increased. (d) No increase provided by this section shall be computed on any additional annuity purchased at retirement by voluntary contributions. (e) The limitation reading "or (3) the sum necessary to increase such annuity, exclusive of annuity purchased by voluntary contributions under the second paragraph of section 10 of this Act, to $2,160" contained in section 8(c)(1) of the Civil Service Retirement Act of May 29, 1930, as amended by the Acts of July 16, 1952 (66 Stat. 722; Public Law 555, Eighty-second Congress), and August 31, 1954 (68 Stat. 1043; Public Law 747, Eighty-third Congress), shall not be effective on or after the effective date of this section. (f) The limitation contained in the next to the last sentence of section 8(d)(1) of the Civil Service Retirement Act of May 29, 1930, as amended, as enacted by the Act of August 11, 1955 (69 Stat. 692; Public Law 369, Eighty-fourth Congress), shall not be effective on and after the effective date of this section. (g) The increases provided by this section shall take effect on the effective date of this section, except that any increase under subsection (b) or (c) shall take effect on the beginning date of the annuity. (h) The monthly installment of annuity after adjustment under this section shall be fixed at the nearest dollar. SEC. 1102. (a) Section 1 of the Civil Service Retirement Act is amended by adding at the end thereof the following new subsection: " (t) The term 'price index' shall mean the annual average over a calendar year of the Consumer Price Index (all items—United States city average) published monthly by the Bureau of Labor Statistics." (b) Such Act is furthei'' amended by redesignating section 18 as 19, and by inserting after section 17 the following new section: COST-OF-LIVING «,

869

ADJUSTMENT OF ANNUITIES

"SEC. 18. (a) After January 1, 1964, and after each succeeding January 1, the Commission shall determine the per centum change in the price index from the later of 1962 or the year preceding the most recent cost-of-living adjustment to the latest complete year. On the basis of such Commission determination, the following adjustments shall be made: "(1) Effective April 1, 1964, if the change in the price index from 1962 to 1963 shall have equaled a rise of at least 3 per centum, each annuity payable from the fund which has a commencing date earlier than January 2, 1963, shall be increased by the per centum rise in the price index adjusted to the nearest one-tenth of 1 per centum. "(2) Effective April 1 of any year other than 1964 after the price index change shall have equaled a rise of at least 3 per centum, each annuity payable from the fund which has a commencing date earlier than January 2 of the preceding year shall be increased by the per centum rise in the price index adjusted to the nearest one-tenth of 1 per centum.

s use 736c.

s use 736c.

7ostat.743. ' ^^^ ^^'*"

s use 2251 note.

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