Page:United States Statutes at Large Volume 80 Part 1.djvu/1111

 80 STAT. ]

PUBLIC LAW 89-699-OCT. 30, 1966

1075

(b) The Kailroad Retirement Board is authorized to request the f^^ds"^^^*^ °^ Secretary of the Treasury to transfer from the Railroad Retirement Account to the credit of the Railroad Retirement Supplemental Account such moneys as the Board estimates would be necessary for the payment of the Supplemental annuities, provided for in section 3(j) of the Railroad Retirement Act of 1937, for the six months next fol- ^"^^' P- I°^^lowing enactment of this Act, and for administrative expenses necessary in the administration of such section 3(j) (which expenses are hereby authorized) until such time as an appropriation for such expenses is made pursuant to section 15(b) of such Act, and the Secre- '^'^' ^* ^°^'*" tary shall make such transfer. The Railroad Retirement Board shall request the Secretary of the Treasury at any time before the expiration of one year following the enactment of this Act, to retransfer from the Railroad Retirement Supplemental Account to the credit of the Railroad Retirement Account the amount transferred to the Railroad Retirement Supplemental Account pursuant to the next preceding sentence, plus interest at a rate equal to the average rate of interest borne by all special obligations held by the Railroad Retirement Account on the last day of the fiscal year ending on June 30, 1966, rounded to the nearest multiple of one-eighth of 1 per centum, and the Secretary shall make such retransfer. TITLE II — AMENDMENTS TO THE R A I L R O A D RETIREMENT ACT O F 1937 TO P R O VI D E AN I N C R E A S E I N CERTAIN A N N U I T I E S U N D E R THE ACT SEC. 201. (a)(1) Section 2(e) of the Railroad Retirement Act of.^spouse's annu1937 is amended by striking out the period at the end thereof and in- es Stat. 683; serting in lieu thereof the following: ": And provided further, That '^^4|'usc^2*28b the spouse's annuity provided for herein and in subsection (h) of this section shall be computed without regard to the reduction in the ^^ Stat. 26. individual's annuity under the first two provisos in section 3(a)(1) of this Act and without regard to the effect of section 3(a)(2) on the annuity of the individual from whom such spouse's annuity derives.". (2) Section 2 of such Act is further amended by adding a new subsection at the end thereof as follows: "(i) The spouse's annuity provided under subsections (e) and (h) of this section shall (before any reduction on account of age) be reduced in accordance with the first two provisos in section 3(a)(1) of this Act except that the spouse's annuity shall not be less than it would be had this Act not been amended in 1966." (b) Section 3(a) of such Act is amended by striking out all that computation of ^

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appeairs therein and inserting in lieu thereof the lollowing: "SEC. 3. (a)(1) The annuity shall be computed by multiplying an individual's 'years of service' by the following percentages of his 'monthly compensation': 3.58 per centum of the first $50; 2.69 per centum of the next $100; 1.79 per centum of the next $300; and 1.67 per centum of the remainder up to an amount equal to one-twelfth of the current maximum annual taxable 'wages' as defined in section 3121 of the Internal Revenue Code of 1954: Provided, however, That in cases where an individual is entitled to a benefit under title II of the Social Security Act, the amount so computed shall be reduced by 6.55 per centum of the amount of such social security benefit (disregarding any increases in such benefit based on recomputations other than for the correction of errors after such reduction is first applied and any increases derived from changes in the primary insurance amount through legislation enacted after the Social Security Amendments of 1965): Provided further, That in determining social security benefit amounts for the purpose of this subsection, if such individual's

annuities.

so Stat. 310. " ^ ^sc 228c. ^

68A Stat. 417. 26 USC 3121.

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79 Stat. 286. 42 USC 3 0 2 note.

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