1284
73d C ONGRESS . SESS . II. CH. 868. JUNE 27, 1934 . "A ge."
h) The term " age " means age at the latest attained birthday . 11 Carrier
tion . c o a s t i h n -
~i) Th e term "carr ier c ontrib ution" means the paymen t to b e contrihu- t ion . '
made by each carrier . "Empinyeecontribu- (j) The term " employee contribution " means the payment to be Lion .
made by each employee . "Voluntary contri- (k) The term " voluntary contribution " means the payment made hut ion ."
by an employee equal to the total of both the employee and the carrier contribution . "Effective date ."
(1) Th e term
" effective date "
means the 1st day of the second
month after the taking effect of this Act .
"R ailroad
Ret ire-
(m) The term "Railroad Retirement Act" means and may be
ment
Act."
used in citing this Act and subsequent amendments thereto . PURPOSES Purposes and ob- SEC. 2. (a) For the purpose of providing adequately for the satis- leots. factory retirement of aged employees and promoting efficiency and safety in inte rstate transp ortation, and to make possi ble greater employment opportunity and more rapid advancement of employees in the service of carriers, there is hereby established a railroad retire- Retirement sys tem ment system ; and it is made the duty of all carriers and employees established. subject to this Act to perform and fulfill the obligations imposed thereby . This Act shall be administered and construed with the intent and to the purpose of providing the greatest practicable amount of relief from unemployment and the greatest possible use of resources available for said purpose and for the payment of annui- ties for the relief of superannuated employees . SPECIAL REPORT Special report to he
(b) Not later than four years from the effective date, the Board, suhmitted to the rres- in a special report to the President of the United States to be sub- mitted to Congress, shall make specific recommendations for such changes in the retirement system hereby created as shall assure the adequacy and p ermanency of said retireme nt system on t he basis of its experience and all information and experience then available . For I nvest igat ions and this purpose the Board shall from time to time make such investiga- mde risl studies to be tions and actuarial studies as shall provide the fullest information practicable for such report and recommendations . ANNUI TIES Payment of annui- SEC . 3. Each employee having attained the age of sixty-five years, t ies . or having completed a service period of thirty years, shall be paid an annuity, to begin on a date specified in a written application, which date shall not be more than sixty days before the making of Commencement . the application . No annuity shall begin less than six months after Service basis the effective date . Such annuity shall be based upon the service period of the employee and shall be the sum of the amounts determined by multiplying the number of years of service, not exceeding thirty Computation .
years, by the following percentages of the monthly compensation 2 per centum of the first $50 ; 11/2 per centum of the next $100 ; and sa" "Monthly sneaII1pen- 1 per centum of the compensation in excess of $150 . The " monthly compe nsatio n " shall be the average of the monthly compensation paid to the employee by the carrier, except that where applicable for service before the effective date the monthly compensation shall be the average of the monthly compensation for all pay-roll periods for which the employee has received compensation from any carrier out of eight consecutive calendar years of such services ending maximum .
December 31, 1931 . No part of any monthly compensation in excess of $300 shall be recognized in determining any annuity for any
