Page:United States Statutes at Large Volume 80 Part 1.djvu/620

 584

3^ use 774(2)

PUBLIC LAW 89.554-SEPT. 6, 1966

[80 STAT.

such changes as in the Board's judgment are necessary to protect the public interest and maintain the System on a sound financial basis. The Commission shall keep, or cause to be kept, such records as it considers necessary for making periodic actuarial valuations of the System. The Board shall make actuarial valuations every 5 years, or oftener if considered necessary by the Commission. (g) The Commission may exclude from the operation of this subchapter an employee or group of employees in or under an Executive agency whose employment is temporary or intermittent. (h) The Commission, on recommendation by the Commissioners of the District of Columbia, may exclude from the operation of this subchapter an individual or group of individuals employed by the government of the District of Columbia whose employment is temporary or intermittent. (i) The Architect of the Capitol may exclude from the operation of this subchapter an employee under the Office of the Architect of the Capitol whose employment is temporary or of uncertain duration. (j) The Librarian of Congress may exclude from the operation of this subchapter an employee under the Library of Congress whose employment is temporary or of uncertain duration. (k) The Secretary of Agriculture shall prescribe regulations to effect the application and operation of this subchapter to an individual named by section 8331(1)(F) of this title. § 8348. Civil Service Retirement and Disability Fund (a) There is a Civil Service Retirement and Disability Fund. The F u n d is appropriated for the payment of benefits as provided by this subchapter. (b) The Secretary of the Treasury may accept and credit to the Fund money received in the form of a donation, gift, legacy, or bequest, or otherwise contributed for the benefit of civil-service employees generally. (c) The Secretary shall immediately invest in interest-bearing securities of the United States such currently available portions of the F u n d as are not immediately required for payments from the Fund. The income derived from these investments constitutes a part of the Fund. (d) The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are extended to authorize the issuance at par of public-debt obligations for purchase by the Fund. The obligations issued for purchase by the Fund shall have maturities fixed with due regard for the needs of the Fund and bear interest at a rate equal to the average market yield computed as of the end of the calendar month next preceding the date of the issue, borne by all marketable interest-bearing obligations of the United States then forming a part of the public debt which are not due or callable until after the expiration of 4 years from the end of that calendar month. If the average market yield is not a multiple of % of 1 percent, the rate of interest on the obligations shall be the multiple of l^ of 1 percent nearest the average market yield. (e) The Secretary may purchase other interest-bearing obligations of the United States, or obligations guaranteed as to both principal and interest by the United States, on original issue or at the market price only if he determines that the purchases are in the public interest. (f) The Civil Service Commission shall submit estimates of the appropriations necessary to finance the F u n d on a normal cost plus interest basis and to carry out this subchapter.

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