Page:United States Statutes at Large Volume 60 Part 1.djvu/905

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PUBLIC LAWS-CH. 779-AUG. 7 ,1946 Discontinued annu- ity. Annuity because of voluntary deposits. Computation of an- nutty. 50 Stat. 488 . D. C . Code, Supp. V, It 31-38 to 31-058. Ante, p. 717. Options. Mhinmum credit. BRetriion. In all cases where the annuity is discontinued under the provisions of this section, the annuity payments made under (1) of section 5 hereof shall be charged against his individual account and, unless he shall become reemployed in a position under the purview of this Act, he shall be considered as having been separated from the service for other than retirement purposes and entitled to the benefits of section 9 hereof: Provided,however, That if such teacher were also receiving an annuity because of voluntary deposits made under the provisions of section 1 hereof, such annuity may be continued or, at the option of the teacher, the actuarial reserve value of such annuity may be withdrawn in cash unless the teacher is reemployed in a position within the purview of this Act, in which case the amount of such reserve value shall be treated as a voluntary deposit under the pro- visions of section 1 hereof. SEC. 5 . That following the effective date of this Act every teacher who shall be retired under the provisions of section 3 or section 4 of this Act shall receive an annuity composed of (1) a sum equal to 1 per centum of his average annual salary received during any five consecutive years of allowable service in the public schools of the District of Colunbia, at the option of the teacher, for each year of his whole term of service, but in no event shall the amount of the average annual salary used to determine this portion of the annuity be less than the maximum salary for class 1, group A, established by the District of Columbia Teachers' Salary Act of 1945, as amended; and (2) an additional sum of $20 for each year of his whole term of service, not exceeding forty. The total annuity shall be fixed at the nearest multiple of 12 cents, and shall be payable monthly. Annuities pay- able to any retired teacher who has become eligible for retirement because of age as defined in section 3 of this Act shall be payable during the lifetime of the annuitant. Annuities payable to any teacher retired on account of disability shall be subject to the condi- tions set forth under section 4 of this Act. Any teacher retiring under the provisions of this Act may, at the time of his retirement, elect one of the following options: (1) He may elect to receive in lieu of the life annuity described herein a reduced annuity of equivalent value providing that, in the event the annuitant shall die without having received in annuities purchased by his con- tributions accumulated with interest to the date of his retirement an aggregate sum equal to the total amount to his credit at time of retire- ment, the difference shall be paid in accordance with the provisions of section 10 of this Act; or (2) he may elect to receive in fieu of the life annuity as described herein a reduced annuity of equivalent value providing for a life-insurance benefit payable in a lump sum at the time of the annuitant's death. The face amount of such life insur- ance may be in any amount which the retiring teacher shall designate at the time of retirement but shall not exceed his contributions accu- mulated with interest to the date of retirement. Payment of such insurance shall be made in accordance with the provisions of section 10 of this Act. Any annuitant who elects to receive the reduced annuity with fixed life-insurance benefits may reconvert the value of the life insurance to an additional annuity of equivalent value on any anniversary of the retirement date of said annuitant prior to reaching age seventy. SBc. 6. That in calculating, as provided in section 5, the second part of the annuity of a teacher retired under the provisions of section 4 of this A, a minimum credt of twenty years shall be used in deter- mining the sum allowable to a teacher with less than twenty years of service: Provided, That such minimum credit shall not exceed the total number of years of service which the teacher might have served 878 [60 STAT.