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PUBLIC LAW 91-201-FEB. 28, 1970

Public Law 91-201 AN ACT

To amend title VIII of the Foreign Service Act of 1946, as amended, relating to the Foreign Service Retirement and Disability System, 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 "Foreign Service Act Amendments of 1969".

February 28, 1970 [H. R. 14789]

Foreign Service Act Amendments of 1969.

TITLE I—FOREIGN SERVICE RETIREMENT FINANCING SEC. 101. Section 804(b) of the Foreign Service Act of 1946 (22 LT.S.C. 1064(b)) is amended by adding at the end thereof the following new paragraphs: "(4) 'Fmid 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. "(5) 'Unfunded liability* means the estimated excess of the present value of all benefits payable from the Fund over the sum of— " (A) the present value of deductions to be withheld from the future basic salary of participants and of future agency contributions to be made in their behalf; plus " (B) the present value of Government payments to the Fund under section 865 of this title; plus " (C) the Fund balance as of the date the unfunded liability is determined." SEC. 102. (a) Section 811(a) of such Act (22 U.S.C. 1071 (a))_ is amended by striking out "Six and one-half" and inserting in lieu thereof "Seven*'. (b) The amendment made by subsection (a) of this section shall become effective on the first day of the first pay period beginningafter the date of enactment of this Act or after December 31, 1969, whichever is later. SEC. 103. Section 852(b) of such Act (22 U.S.C. 1091(b)) is amended by striking out "subsequent to July 1, 1924, and prior to the effective date of the Foreign Service Act Amendments of 1960, and at 6I/2" and inserting in lieu thereof "from July 1, 1924, to October 16, 1960, and at 6 ^ per centum from October 17, 1960, to December 31, 1969, and at 7". SEC. 104. (a) Part G of title VIII of such Act (22 U.S.C. 1101-1104) is amended by adding at the end thereof the following new sections:

74 Stat. 838. "Fund balance.'

"Unfunded liability."

Infra.

Contribution rate.

Effective date.

22 USC 1092.

60 Stat. 1024.

"PAYMENTS FOR FU'ITJRE BENEFITS

"SEC. 865. Any statute which authorizes— "(1) new or liberalized benefits payable from the Fund, including annuity increases other than under section 882; "(2) extension of the benefits of the System to new groups of employees; or "(3) increases in salary on which benefits are computed; is deemed to authorize appropriations to the Fund to finance the unfunded liability created by that statute, in thirt}?^ equal amiual installments with interest computed at the rate used in the then most

Post,

p. 19.

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