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PUBLIC LAW 91-93-OCT. 20, 1969

[83

STAT.

Public Law 91-93 October 20, 1969 [H. R. 9825]

Civil Service Retirement Amendments of 1969.

AN ACT To amend subchapter III of chapter 83 of title 5, United States Code, relating to civil service retirement, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Civil Service Retirement Amendments of 1969". TITLE I—CIVIL SERVICE RETIREMENT FINANCING

80 Stat. 564; 81 Stat. 213.

"Normal c o s t. "

"Fund balance.'

"Unfunded liability."

Post,

p. 137.

Agencyemployee contributions. 80 Stat. 569.

SEC. 101. Section 8331 of title 5, United States Code, is amended— (1). by striking out "and" at the end of paragraph (15); (2) by striking out the period at the end of paragraph (16) and inserting a semicolon in lieu thereof; and (3) by adding immediately below paragraph (16) the following new paragraphs: (17) 'normal cost' means the entry-age normal cost computed by the Civil Service Cohimission in accordance with generally accepted actuarial practice and expressed as a level percentage of aggregate basic pay; " (18) 'Fund balance' means the sum of— " (A) the investments of the Fund calculated at par value; and " (B) the cash balance of the Fund on the books of the Treasury; and "(19) 'unfunded liability' means the estimated excess of the present value of all benefits payable from the Fund to employees and Members, and former employees and Members, subject to this subchapter, and to their survivors, over the sum of— " (A) the present value of deductions to be withheld from the future basic pay of employees and Members currently subject to this subchapter and of future agency contributions to be made in their behalf; plus " (B) the present value of Government payments to the Fund under section 8348(f) of this title; plus " (C) the Fund balance as of the date the unfunded liability is determined.". SEC. 102. (a) Section 8334 of title 5, United States Code, is amended— (1) by amending subsection (a) to read as follows: " (a)(1) The employing agency shall deduct and withhold 7 percent of the basic pay of an employee, 7i/^ percent of the basic pay of a Congressional employee, and 8 percent of the basic pay of a Member. An equal amount shall be 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. "(2) 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 also shall be credited to the Fund."; and

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