Page:United States Statutes at Large Volume 77.djvu/252

 220

70 Stat. 836. 45 USC 288e.

70 Stat. 875. 42 USC 417. 42 USC 401425.

62 Stat. 577;

7 2 Stat. 1780 I «f=t e i7Rn 45 u s 288e

60 Stat. 7 34;

72 Stat. 1781.

50 stat^. 316. 45 USC 2 28o.

PUBLIC LAW 88-133-OCT. 5, 1963

[77 STAT.

(4) by striking out all of the seventh sentence after "thereon" and inserting in lieu thereof a period; (5) by striking out the eighth sentence and inserting in lieu thereof the following: " I n determining pursuant to section 5(k) (2) for any fiscal year the total amount to be credited from the Railroad Retirement Account to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, credit shall be given such Account for the amount of the taxes described in clause (3)(B) of the first sentence of this subsection and the amount of such taxes with respect to military service after June 30, 1963."; and (6) by adding at the end of the subsection the following new sentences: "The amount authorized to be appropriated to the Railroad Retirement Account pursuant to clause (2) of the first sentence of this subsection shall be reduced by the amounts credited to such Account pursuant to section 5(k)(2) for military service rendered before January 1, 1957, and the amounts so credited shall be considered as additional costs within the meaning of section 217(g) of the Social Security Act. In any determination made pursuant to section 5(k)(2), no further charges shall be made against the Trust Funds established by title II of the Social Security Act for military service rendered before January 1, 1957, and with respect to which appropriations authorized by clause (2) of the first sentence of this subsection shall have been credited to the Railroad Retirement Account, but the additional benefit payments incurred by such Trust Funds by reason of such military service shall be taken into account in making any such determination." SEC. 5. Section 5(f)(2) of the Railroad Retirement Act of 1937 is amended by inserting after "so amended" (in the first parenthetical phrase after clause (vi)) the following: "and before the calendar month next following the month in which this Act was amended in 1963, and in excess of $450 for any month after the month in which this Act was so amended". SEC. 6. (a) Section 5(1)(9) of the Railroad Retirement Act of 1937 IS amended— (1) by Striking out "and" where it appears the third time; (2) by inserting after "so amended" the following: "and before the calendar month next following the month in which this Act was amended in 1963 and any excess over $450 for any calendar month after the month in which this Act was so amended"; and (3) by striking out "$400" where it appears the second time and inserting in lieu thereof "$450". (b) Section 5(1) (10) of such Act is amended by striking out "$400" and inserting in lieu thereof "$450". SEC. 7. (a) Section 15 of the Railroad Retirement Act of 1937 is amended by striking out the third sentence of subsection (a); and by striking out subsection (b) and inserting in lieu thereof the following: "(b) At the request and direction of the Board, it shall be the duty of the Secretary of the Treasury to invest such portion of the amounts credited to the Account as, in the judgment of the Board, is not immediately required for the payment of annuities, pensions, and death benefits. Such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose such obligations may be acquired (1) on original issue at the issue price; or (2) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may

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