63 STAT.] 81ST CONG., 1ST SESS.-CH. 393-AUG. 4 , 1949 § 423. Computation of retired pay The retired pay of a grade or rating shall be computed at the rate of 21/2 percent of the sum of the active-duty pay of that grade or rating, and all permanent additions thereto including longevity credit, to which the officer or enlisted man concerned was entitled at the time of retirement, multiplied by the number of years of service for which he was entitled to credit in the computation of his pay when last on active duty. In the case of an officer or enlisted man retired for disability or an officer retired in a higher grade because of a special commendation the retired pay shall be 75 percent of the sum of the active-duty pay and all permanent additions thereto, including longevity credit to which the officer or enlisted man con- cerned is entitled, of the grade on which the retired pay is computed. In the case of an officer whose retired pay is computed on the pay of a grade for which active-duty pay is not based upon years of service the retired pay shall be 21/2 percent of his active-duty pay in the grade in which serving at the time of retirement multiplied by the number of years of service for which he would be entitled to credit in the computation of pay on the active list had he been serving in the grade of captain at the time of his retirement. A fractional year of six months or more shall be considered a full year in com- puting the number of years of service by which the rate of 2/2 per- cent is multiplied. § 424. Limitations on retirement and retired pay The provisions of any section of this title shall not be construed so as to prevent any officer or enlisted man from being placed on the retired list with the highest grade or rating and the highest retired pay to which such officer or enlisted man may be entitled under the provisions of any other section of this title or under the provisions of any other law. In no case shall the retired pay of an officer or enlisted man exceed 75 percent of the sum of the active-duty pay and all permanent additions thereto, including longevity credit to which the officer or enlisted man concerned is entitled, of the grade or rating on which his pay is computed. § 425. Retiring boards (a) The Secretary shall designate and assemble from time to time a Coast Guard retiring board, composed of officers of the Coast Guard and medical officers of the Public Health Service, consisting of not less than five commissioned officers, two-fifths of whom shall be medical officers of the Public Health Service, for the purpose of examining and reporting on such commissioned officers, warrant offi- cers, and enlisted men of the Coast Guard as appear to be incapable of performing the duties of their office and are ordered by the Secretary to appear before it. (b) A retiring board shall inquire into and determine the facts touching the nature and occasion of the disability of any commissioned officer, warrant officer, or enlisted man ordered to appear before such board, and shall have such powers as may be necessary for that purpose. When the board finds a commissioned officer, warrant officer, or enlisted man incapacitated for active service it shall also find and report the cause which in its judgment has produced his incapacity, whether due to infirmities of age or physical or mental disability, and whether incident to service, or whether due to his own vicious habits. (c) In the case of a commissioned officer, the proceedings of the retiring board shall be transmitted to the Secretary and shall by him be laid before the President for his approval or disapproval and his orders 525 Transmission of pro- ceedings to Secretary and President.
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