Page:United States Statutes at Large Volume 93.djvu/950

 93 STAT. 918

PUBLIC LAW 96-122—NOV. 17, 1979

(i) by striking out "the accumulated contributions and interest" and inserting in lieu thereof "(1) the accumulated contributions", and (ii) by inserting immediately before the colon at the end of such proviso ", and (2) interest thereon computed in accordInfra. ance with section 24(b) of this Act"; and (B) in the seventh sentence, by striking out "with interest at 3 per centum per annum compounded annually". (4) Section 9(a) of such Act (D.C. Code, sec. 31-729(a)) is amended— (A) in the first proviso— (i) by inserting "(computed to the date of separation or the end of the 90-day period beginning on the date of the enactment of the District of Columbia Retirement Reform Ante, p. 866. Act, whichever is earlier)" immediately after "thereon", and (ii) by inserting "(computed to the date of separation or the end of the 90-day period beginning on the date of the enactment of the District of Columbia Retirement Reform Act, whichever is earlier)" immediately after "interest" the second time it appears; (B) in the second proviso, by inserting "(including the interest thereon) plus interest computed in accordance with section 24(c) of this Act" immediately before the colon at the end of such proviso; and (C) in the third proviso, by striking out ", with interest at 3 per centum compounded annually". (5) Section 10(f)(3) of such Act (D.C. Code, sec. 31-730(0(3)) is amended by inserting after "interest" the first time it appears ", earned prior to the end of the 90-day period beginning on the date of the enactment of the District of Columbia Retirement Reform Act". (6) Such Act is further amended by adding at the. end thereof the following new section: Interest accrual "SEC. 24. (a) For purposes of determining the amount available to ""^^s and purchase an annuity under the second paragraph of the first section periods. ^^ ^j^-g p^^^^ interest shall be deemed to accrue on deposits at the following rates for the following periods: "(1) Prior to the end of the 90-day period beginning on the date of the enactment of the District of Columbia Retirement Reform Act, interest shall accrue at the rate of 3 per centum per annum compounded as of December 31 of each year. "(2) For the period beginning at the end of the 90-day period beginning on the date of the enactment of the District of Columbia Retirement Reform Act and ending on September 30, 1981, interest shall accrue at a rate which (as determined by the Mayor of the District of Columbia) is equal to the average rate of interest on interest-bearing obligations of the United States forming a part of the public debt (adjusted to the nearest oneeighth of 1 per centum). "(3) After October 1, 1981, interest shall accrue at an annual rate which (as determined by the Mayor of the District of Columbia) is equal to the average annual rate of return on investment (adjusted to the nearest one-eighth of 1 per centum) for the District of Columbia Teachers' Retirement Fund established by section 123 of the District of Columbia Retirement Ante, p. 873. Reform Act. D.C. Code "(b) Interest required on deposits under section lA or 8 of this Act n^r^ n<^ 31-728. or under the Act of June 27, 1960, shall be computed as follows: 31-745 ^ "(1) 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 Teachers' Retirement Fund

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