106 STAT. 3226 PUBLIC LAW 102-496—OCT. 24, 1992 "(B) upon reaching age 60, in the case of any other participant in the system. (2) EFFECTIVE DATE OF RETIREMENT.—Retirement under paragraph (1) shall be effective on the last day of the month m which the participant reaches the age applicable to that participant under that paragraph. "(3) AUTHORITY FOR EXTENSION. — In any case in which the Director determines it to be in the puolic interest, the Director may extend the mandatory retirement date for a participant under this subsection by a period of not to exceed 5 years. "(c) RETIREMENT BENEFITS.—^A participant retired vmder this section shall receive retirement benefits in accordance with section 221. 50 USC 2056. " SEC. 236. ELIGIBILITY FOR ANNUITY. "(a) ONE-OUT-OF-TWO REQUIREMENT.^A participant must complete, within the last two years before any separation from service (except a separation because of death or disability) at least one year of creditable civilian service during which the participant IS subject to this title and in a pay status before the participant or the participant's survivors are eligible for an annuity under this title based on that separation. "(b) REFUND OF CONTRIBUTIONS FOR TIME NOT ALLOWED FOR CREDIT.—If a participant (other than a participant separated from the service because of death or disability) fails to meet the service and pay status requirement of subsection (a), any amounts deducted from the participant's pay during the period for which no eligibility is established based on the separation shall be returned to the participant on the separation. "(c) EXCEPTION.—Failure to meet the service and pay status requirement of subsection (a) shall not deprive the participant or the participant's survivors of any annuity to which they may be entitled under this title based on a previous separation. "Part E—Lump-Sum Payments 50 USC 2071. «SEC. 241. LUMP-SUM PAYMENTS. "(a) ENTITLEMENT TO LUMP-SUM CREDIT.— Subject to section 252(d) and subsection (b) of this section, a participant who— "(1) is separated from the Agency for at least 31 consecutive days and is not trsuisferred to emplo}ment covered by another retirement system for Government employees; "(2) files an application with the Director for payment of the lump-sum credit; "(3) is not reemployed in a position in which the participant is subject to this title at the time the participant files the application; and "(4) will not become eligible to receive an annuity under this title within 31 days after filing the application, is entitled to be paid the lump-sum credit. Receipt of the payment of the lump-simi credit by the former participant voids all annuity rights under this title based on the service on which the lumpsum credit is based, until the former participant is reemployed in service subject to this title. "(b) CONDITIONS FOR PAYMENT OF LUMP-SUM CREDIT. —
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