Page:United States Statutes at Large Volume 80 Part 1.djvu/606

 570

PUBLIC LAW 89-554-SEPT. 6, 1966

[80 STAT.

a Member, and an equal amount shall b€s contributed from the appropriation or fund used to pay the employee or, in the case of an elected official, from an appropriation or fund available for payment of other salaries of the same office or establishment. When an employee in the legislative branch is paid by the Clerk of the House of Representatives, the Clerk may pay from the contingent fund of the House the contribution that otherwise would be contributed from the appropriation or fund used to pay the employee. The amounts so deducted and withheld, together with the amounts so contributed, shall be deposited in the Treasury of the United States to the credit of the Fund under such procedures as the Comptroller General of the United States may prescribe. Deposits made by an employee or Member under this section also shall be credited to the Fund. (b) Each employee or Member is deemed to consent and agree to these deductions from basic pay. Notwithstanding any law or regulation affecting the pay of an employee or Member, payment less these deductions is a full and complete discharge and acquittance of all claims and demands for regular services during the period covered by the payment, except the right to the benefits to which the employee or Member is entitled under this subchapter. (c) Each employee or Member credited with civilian service after July 31, 1920, for which retirement deductions or deposits have not been made, may deposit with interest an amount equal to the following percentages of his basic pay received for that service: Employee

Member for Member service.

Percentage of basic pay 2i^ 3% 5 6 ey^ 2% 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 subchapter may deposit the amount received, with interest. Credit ladij not be allowed for the service covered by the refund until the deposit is made. (e) Interest under subsection (c) or (d) of this section is computed from the mid-point 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 is computed at the rate of 4 percent a year to December 31, 1947, and 3 percent a year thereafter compounded annually. The deposit may be made in one or more installments. Interest may not be charged for a period of separation from the service which began before October 1, 1956. (f) Under such regulations as the Civil Service Commission may prescribe, amounts deducted under subsection (a) of this section and deposited under subsections (c) and (d) of this section shall be entered on individual retirement records. (g) Deposit may not be required for— (1) service before August 1, 1920; (2) military service; or (3^ service for the Panama Railroad Company before January 1, 1924.

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