Page:United States Statutes at Large Volume 80 Part 1.djvu/610

 574

PUBLIC LAW 89-554-SEPT. 6, 1966

[80 STAT.

the compensation as has been paid for a period extended beyond the date the annuity becomes effective, as determined by the Department of Labor, shall be refunded to that Department to be covered into the Employees' Compensation Fund. Before the individual may receive Ihe annuity he shall— (1) refund to the Department of Labor the amount representing the commuted compensation payments for the extended period; or (2) authorize the deduction of that amount from the annuity payable to him under this subchapter, which amount shall be transmitted to the Department of Labor for reimbursement to the Employees' Compensation Fund. Deductions from the annuity may be made from accrued and accruing payments. When the Department of Labor finds that the financial circumstances of the annuitant warrant deferred refunding, deductions from the annuity may be prorated against and paid from accruing payments in such manner as that Department determines. § 8338. Deferred retirement (a) An employee who is separated from the service or transferred to a position not within the purview of this subchapter after completing 6 years of civilian service is entitled to an annuity beginning at the age of 62 years. (b) A Member who, after December 31, 1955, is separated from the service as a Member after completing 5 years of civilian service is entitled to an annuity beginning at the age of 62 years. A Member who is separated from the service after completing 10 or more years of Member service is entitled to an annuity beginning at the age of 60 years. A Member who is separated from the service after completing 20 or more years of service, including 10 or more years of Member service, is entitled to a reduced annuity beginning at the age of 50 years. (c) An annuity or reduced annuity authorized by this section is computed under section 8339 of this title. § 8339. Computation of annuity (a) Except as otherwise provided by this section, the annuity of an employee retiring under this subchapter is— (1) iy2 percent of his average pay multiplied by so much of his total service as does not exceed 5 years; plus (2) 1% percent of his average pay multiplied by so much of his total service as exceeds 5 years but does not exceed 10 years; plus (3) 2 percent of his average pay multiplied by so much of his total service as exceeds 10 years. However, when it results in a larger annuity, 1 percent of his average pay plus $25 is substituted for the percentage specified by paragraph (1), (2), or (3) of this subsection, or any combination thereof. (b) The annuity of a Congressional employee, or former Congressional employee, retiring under this subchapter is computed under subsection (a) of this section, except, if he has had— (1) at least 5 years' service as a Congressional employee or Member or any combination thereof; and (2) deductions withheld from his pay or has made deposit covering his last 5 years of civilian service; his annuity is computed, with respect to so much of his service as a Congressional employee and his military service as does not exceed a

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