Page:United States Statutes at Large Volume 93.djvu/941

 PUBLIC LAW 96-122—NOV. 17, 1979

93 STAT. 909

month which begins after the end of the ninety-day period beginning on the date of enactment of this Act. DEFERRED ANNUITIES

SEC. 207. (a)(1) The Policemen and Firemen's Retirement and Disability Act is amended— (A) by redesignating subsections (1) through (r) as subsections (m) through (s), respectively; and (B) by inserting immediately after subsection (k) the following new subsection:

D.C. Code 4-521 note.

DEFERRED ANNUITIES

"(1)(1) Except as provided in paragraph (2), any member who is an officer or member of the Metropolitan Police force or the Fire Department of the District of Columbia who completes five years of police or fire service and who is thereafter separated from his department, except for retirement under subsection (f), (g), or (h), D.C. Code 4-526, shall be entitled to an annuity commencing on the first day of the 4-527, 4-528. month during which such member attains the age of fifty-five or on the first day of the first month beginning after such member's separation from his department, whichever" month occurs later. Such annuity shall be computed at the rate of V-k per centum of his average pay for each year of service up to twenty years of service and at the rate of 3 per centum of his average pay for each year of service after twenty years of service, or, in the case of a member who first became such a member after the end of the ninety-day period beginning on the date of the enactment of the District of Columbia Retirement Reform Act, after twenty-five years of service, except Ante, p. 866 that such annuity may not exceed 80 per centum of the average pay of such member. "(2)(A) Any member who is an officer or member of the Metropoli- Refund. tan Police force or the Fire Department of the District of Columbia who completes five years of police or fire service and who is thereafter separated from his department (other than a member who retires under subsection (f), (g), or (h)) may elect, at the time of his separation, to receive a refund of the amount of deductions made from his salary under this section. Receipt of such refund by the member shall void all annuity rights under this section. "(B)(i) Any member who, by electing to receive a refund under Annuity rights, subparagraph (A), loses annuity rights under this section, may reinstatement. reestablish all such rights at any time prior to attaining the age of fifty-five by redepositing the amount of such refund plus interest computed in accordance with paragraph (3). "(ii) If any member who receives a refund under subparagraph (A) is subsequently reappointed to any department whose members come under this section and elects, at the time of such reappointment, to redeposit the amount refunded to him under subparagraph (A) plus interest computed in accordance with paragraph (3), then credit shall be allowed under this section for such member's prior period of service. Such redeposit (and the required interest thereon) may, at the election of the member, be made in a lump sum or in not to exceed 60 monthly installments, except that if the member dies before depositing the full amount due under the preceding sentence, the requirements of such sentence shall be deemed to have been met. "(3) The interest which is required by paragraphs (2)(B)(i) and (ii) of interest this subsection and by paragraph (2)(B) of subsection (d) to be paid by

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