Page:United States Statutes at Large Volume 49 Part 1.djvu/1014

74TII CONGRESS . SESS. I. CH. 812 . AUGUST 29, 1935 . employee filed with the Board, which agreement may provide for extens ion of employment for one year and thereafter in li ke manner for successive periods of one year each . Such reduction of annuity shall not apply to an employee who occupies an official position in the service of a carrier or to employees ' representatives . ANNUITIES SEC . 3. The following-described employees, after retirement whether or not then in the service of a carrier, shall be paid annuities (a) A person (without regard to the period of service and whether rendered before or after the enactment hereof), who either at the enactm ent hereof or the reafter shall be sixty-five years of age or over . (b) A person who either at the enactment hereof or who thereafter shall be f ifty years of age or over and who shall have comple ted a service period of thirty years . An annuity paid under this subdivi- sion shall be reduced by one-fifteenth of such annuity for each year such emplo yee may be less t han sixty-five ye ars of age at the time of the first annuity payment . (c) A person who either before or after the enactment shall have completed a service period of thirty years and who shall be after the enactment hereof retired by the carrier on account of mental or physical disability . An annuity paid under this subdivision shall not be subject to the deduction specified in subdivision (b) of this sect ion . The annuities hereinbefore mentioned shall be paid out of any money in the Treasury which may be appropriated for that purpose . An annuity shall begin as of a date to be specified in a written appli- cation to be s igned by the empl oyee entitled the reto, and approve d by the Board, which date shall not be more than sixty days before the filing of the application, nor before the date on which the first annuity shall have become due and payable . An annuity shall not be due and payable until ninety days after the effective date hereof . The annuity shall be payable on the 1st day of the month during the lifetime of the annuitant . Such annuity shall be based upo n the service period of the employee and shall be the sum of the amounts determined by multiplying the total number of years of service not ex ceeding thirty ye ars by the follow ing percentages o f the monthly compensation : 2 per centum of the first $50 ; 1i per centum of the next $100 ; and 1 per centum of the compensation in excess of $150 . The "mo nthl y c ompe nsat ion " 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 compen- sation for all pay-roll periods for which the employee shall have received compensation from any carrier out of eight consecutive calendar years of such services ended December 31, 1931 . No part of any monthly compensation in excess of $300 shall be recognized in determining any annuity . Any employee who shall be entitled to an annuity with a commuted value determined by the Board of less than $300 shall be paid such value in a lump sum . ANNUITIES TO REPRESENTAtiVES SEC . 4. The annuity of a repr esen tat ive shall be determined according to such rules and regulations as the Board shall deem just and reasonable and, as near as may be, shall be the same annuity as if the representative were still in the employ of his last former carrier . Classes of persons to whom paid . Post, p . 1178. W hen a ttai ning sixty-five years. When attaining fifty years and completing thirty years' service . Reduction. When having com- ple ted thirty years' service and retire d be- cause of mental or physical disability. No reduction . Payment. Date annuity to be- gin . Monthly payments. Computation of amounts . "Monthl y compen. sation" construed. Restriction . Lum p sum ments . 969 Employees in official positions . Annuities . pay- Annuities to repre- sentatives . Determination of.