Page:United States Statutes at Large Volume 93.djvu/942

 93 STAT. 910

Ante, p. 872.

PUBLIC LAW 96-122—NOV. 17, 1979 a member who redeposits the amount of previously refunded deductions shall be computed as follows: "(A) Interest shall be paid at a rate which (as determined by the Mayor of the District of Columbia) is equal to the average rate of return on investment (adjusted to the nearest one-eighth of 1 per centum) for the District of Columbia Police Officers and Fire Fighters' Retirement Fund (established by section 122 of the District of Columbia Retirement Reform Act) for the period beginning on the first day of the first month which begins after the end of the service with respect to which the redeposit is made and ending on the last day of the month which precedes the month during which he redeposits the refund if he makes a lump sum payment or during which he makes the first monthly payment if he makes monthly payments, except that for so much of any such period which precedes October 1, 1981, the average rate of interest on interest-bearing obligations of the United States forming a part of the public debt (adjusted to the nearest one-eighth of 1 per centum) shall be used in determining the interest rate to be paid on redeposits under this section. "(B) Interest shall be payable for the period beginning on the first day of the first month which begins after the end of the period of service with respect to which the redeposit is made and ending on the last day of the month which precedes the month during which he redeposits the refund. "(C) If a member elects to make his redeposit in monthly installments, each monthly payment shall include interest on that portion of the refund which is then being redeposited.". (2) Subsection (k) of such Act (D.C. Code, 4-531), as amended by section 206 of this Act, is further amended— (A) in paragraph (2)— (i) by striking out "or" the first place it appears, and (ii) by inserting "or of any member entitled to receive an annuity under subsection (1) (regardless of whether such member is receiving such annuity at the time of death)," immediately after "after retirement,"; (B) in paragraph (3)— (i) by striking out "or" the second place it appears, and (ii) by inserting "or of any member entitled to receive an annuity under subsection (1) (regardless of whether such member is receiving such annuity at the time of death)," immediately after "after retirement,"; and (C) in paragraph (6)— (i) by striking out ", may," in the first sentence and inserting in lieu thereof "may", (ii) by inserting ", and any member entitled to receive an annuity under subsection (1) of this section may at the time such annuity commences," immediately after "such retirement," in the first sentence, (iii) by striking out "the retired annuitant's" in the first sentence and inserting in lieu thereof "such member's", (iv) by striking out "the retiring" in the proviso in the first sentence and inserting in lieu thereof "such", (v) by striking out "retiring" in the second and fourth sentences, (vi) by striking out "retirement" in the last sentence and inserting in lieu thereof "election", and (vii) by striking out "or (h)" in the last sentence and inserting in lieu thereof "(h), or (1), as the case may be".

�