Page:United States Statutes at Large Volume 90 Part 1.djvu/894

 90 STAT. 844

22 USC 1116. Lump-sum payment.

Ante, p. 840.

PUBLIC LAW 94-350—JULY 12, 1976 a deferred annuity to the date the voluntary contribution account is claimed, or to the commencing date fixed for the deferred annuity or to the date of death, whichever is earlier. A participant's or former participant's account shall, effective on the date the participant becomes eligible for an annuity or a deferred annuity and at the participant's election, be—". (b) Section 881 of such Act is further amended by striking out subsections (c) and (d) thereof and by inserting in lieu thereof the following: "(c) A voluntary contribution account shall be paid in a lump sum following receipt of an application therefor from a present or former participant provided application is filed prior to payment of any additional annuity. If not sooner paid, the account shall be paid at such time as the participant separates from the Service for any reason without entitlement to an annuity, or a deferred annuity or at such time as a former participant dies or withdraws compulsory contributions to the Fund. In case of death, the account shall be paid in the order of precedence specified in section 841(g).". COST-OF-LIVING

22 USC 1121.

ty

Eligibility.

22 USC 1004.

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ADJUSTMENTS

SEC. 515. (a) Subsections (a), (b), and (c) of section 882 of such Act are amended to read as follows: " (a) A cost-of-living annuity increase shall become effective under this section on the effective date of each such increase under section 8340(b) of title 5, United States Code. E a c h such increase shall be applied to each annuity payable from the F u n d which has a commencing date not later than the effective date of the increase. " (b) The first annuity increase under this section after the effective date of this paragraph shall equal the per centum rise in the price index, adjusted to the nearest one-tenth of 1 p e r centum, between the month last used to establish an increase under this section and the base month used to establish the concurrent increase under section 8340(b) of title 5, United States Code. E a c h subsequent annuity increase under this section shall be identical to the corresponding percentage increase under section 8340(b) of title 5, United States Code. " (c) Eligibility for an annuity increase under this section shall be 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) A n annuity, except a deferred annuity under section 834 or any other section of this Act, payable from the F u n d to a participant who retires and receives a n immediate annuity, or to a surviving spouse of a deceased participant who dies in service or who dies after being separated under the provisions of section 634(b)(2), which has a commencing date after the effective date of the then last preceding general annuity increase under this section shall not be less than the annuity which would have been payable if the commencing date of such annuity h a d been the effective date of such last preceding increase. I n the administration of this paragraph, the number of days of unused sick leave to an employee's or deceased employee's ciedit on the effective date of the then last preceding general annuity increase under this section shall be deemed to be equal to the number of days of unused sick leave to his or her credit on the day of separation from the Service. " (2) Effective from its commencing date, an annuity payable from the F u n d to an annuitant's survivor, except a child entitled

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