77 STAT. ]
PUBLIC LAW 88-130-SEPT. 24, 1963
the grade of lieutenant or lieutenant commander, respectively, for the second time shall: "(1) be honorably discharged on June 30 of the fiscal year in which his second failure of selection occurs; or "(2) if he so requests, be honorably discharged at an earlier date without loss of benefits that would accrue if he were discharged on that date under clause (1); or "(3) if on the date specified for his discharge in this section he is eligible for retirement under any law, be retired under that law on that date. "(b) Each officer subject to discharge or retirement under subsection (a) may elect to revert to his permanent grade. '*§285. Regular lieutenant commanders and commanders; retirement for failure of selection for promotion "Each officer of the Regular Coast Guard serving in the grade of lieutenant commander or commander, who has failed of selection for promotion to the grade of commander or captain, respectively, for the second time shall: "(1) if eligible for retirement under any law on June 30 of the fiscal year in which his second failure of selection occurs, be retired on that date; or "(2) if ineligible for retirement on the date specified in clause (1) be retained on active duty and retired on the last day of the month in which he completes twenty years of active service, unless earlier removed under another provision of law. "§ 286. Discharge in lieu of retirement; severance pay " (a) Each officer who is retained on active duty under section 283(a)(4), 283(b), or 285 of this title may, if he so requests, with the approval of the Secretary, be honorably discharged at any time prior to the date otherwise specified for his retirement or discharge. "(b) Each officer discharged under this section or under section 282, 283, or 284 of this title is entitled to a lump-sum payment computed by multiplying his years of active commissioned service, but not more than twelve, by two months' basic pay of the grade in which he is serving on the date of his discharge. In determining the total number of years of active service to be used as a multiplier in computing this payment, a part of a year that is six months or more is counted as a whole year and a part of a year that is less than six months is disregarded. The acceptance of a lump-sum payment under this section does not deprive a person of any retirement benefits from the United States. However, there shall be deducted from each of his retirement payments so much thereof as is based on the service for which he has received payment under this section until the total amount deducted equals the amount of the lump-sum payment. "§ 287. Separation for failure of selection for promotion or continuation; time of "If, under section 282,283, 284,285, or 289 of this title, the discharge or retirement of any officer would be required less than six months following approval of the report of the board which considered but did not select him for promotion or continuation, the discharge or retirement of such officer shall be deferred until the last day of the sixth calendar month after such approval. "§288. Regular captains; retirement " (a) Each officer of the Regular Coast Guard serving in the grade of captain whose name is not carried on an approved list of officers selected for promotion to the grade of rear admiral shall, if not earlier retired, be retired on June 30 of the fiscal year in which he, or any
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