Page:United States Statutes at Large Volume 81.djvu/249

 81

STAT.]

PUBLIC LAW 90-83-SEPT. 11, 1967

computed under subsections (c) and (e) of this section for a Member retiring under the second or third sentence of section 8336(f) of this title or the third sentence of section 8338(b) of this title is reduced by •^2 of 1 percent for each full month not in excess of 60 months, and l^ of 1 percent for each full month in excess of 60 months, the Member is under 60 years of age at the date of separation." (79) Section 8340 is amended to read as follows: "§ 8340. Cost-of-living adjustment of annuities " (a) Effective December 1, 1965, each annuity payable from the Fund having a commencing date before December 2, 1965, is increased " (1) the percent rise in the price index, adjusted to the nearest i/io of 1 percent, determined by the Civil Service Commission on the basis of the annual average price index for calendar year 1962 and the price index for the base month of July 1965; plus " (2) 61/^ percent if the commencing date (or in the case of the survivor of a deceased annuitant the commencing date of the annuity of the retired employee) occurred before October 2, 1956, or 11/^ percent if the commencing date (or in the case of the survivor of a deceased annuitant the commencing date of the annuity of the retired employee) occurred after October 1, 1956. Each annuity payable from the Fund (other than the immediate annuity of an annuitant's survivor or of a child entitled under section 8341(e) of this title) having a commencing date after December 1, 1965, but before January 1, 1966, is increased from its commencing date as if the annuity commencing date were December 1, 1965. Each survivor annuity authorized by— " (A) section 8 of the Act of May 29, 1930, as amended to July 6, 1950; or " (B) section 2 of the Act of June 25, 1958 (72 Stat. 219); is increased by any additional amount required to make the total increase under this subsection equal to the smaller of 15 percent or $10 a month. "(b) Each month the Commission shall determine the percent change in the price index. Effective the first day of the third month that begins after the price index change equals a rise of at least 3 percent for 3 consecutive months over the price index for the base month, each annuity payable from the F u n d having a commencing date not later than tnat effective date shall be increased by the percent rise in the price index (calculated on the highest level of the price index during the 3 consecutive months) adjusted to the nearest YIQ of 1 percent. "(c) Eligibility for an annuity increase under this section is governed by the commencing date of each annuity payable from the F u n d as of the effective date of an increase, except as follows: "(1) Effective from its commencing date, an annuity payable from the F u n d to an annuitant's survivor (except a child entitled under section 8341(e) of this title), which annuity commences the day after the death of the annuitant and after the effective date of the first increase under this section, shall be increased by the total percent increase the annuitant was receiving under this section at death. However, the increase in a survivor annuity authorized by section 8 of the Act of May 29, 1930, as amended to July 6, 1950, shall be computed as if the annuity commencing date had been the effective date of the first increase under this section. "(2) For the purpose of computing an annuity that commences after the effective date of the first increase under this section to a child under section 8341(e) of this title, the items

215

so Stat. sve.

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6 2 Stat. 52;

64 Stat. 320. 74 Stat. 359.

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