Public Law 74–3

That civilian members of the teaching staffs of the United States Naval Academy and Postgraduate School, whose employment commences from and after the date of approval of this Act, shall, as a part of their contracts of employment, be required to carry, during such employment, a deferred annuity policy, having no cash surrender or loan provision, from a joint-stock life insurance corporation, incorporated under the laws of any State of the United States, which has a charter restriction that its business must be conducted without profit to its stockholders.

Sec. 2.

Toward the purchase of said deferred annuity, each member of such teaching staffs shall be required to register a monthly allotment through the Navy Allotment Office, Navy Department, Washington, District of Columbia, equivalent in amount to 10 per

Proviso.

Credits.

centum of his monthly basic salary: Provided, That for each month such allotment is registered, the pay accounts of such member shall be credited monthly from such appropriations as may be made for this purpose with an additional sum equivalent to 5 per centum of his monthly basic salary.

Sec. 3.

The retiring age for all civilian members of the teaching staffs set forth in this Act shall be the 30th day of June following their sixty-fifth birthday, or any date between their sixty-fifth birthday and the following 30th day of June upon which their employment

Proviso.

Extension.

may be terminated: Provided, That in the discretion of the Secretary of the Navy, such retiring age may be extended to not beyond the seventieth birthday in individual and special cases.

Sec. 4.

Civilian members of the teaching staffs of the Naval Academy and Postgraduate School, who are so employed on the date of approval of this Act, may, at their own request, if made within sixty days thereafter to the Secretary of the Navy, participate in the

Retirement provisions.

benefits under the provisions of sections 1 and 2 of this Act. Each such member of the teaching staffs who so participates and who, upon reaching the date of retirement as set forth in section 3 of this Act has an insufficient accumulation of premium payments to his credit to have purchased for him an annuity of $1,200 per annum, shall be paid by the Secretary of the Navy from such appropriations as may be made for such purpose such amounts that, together with his purchased annuity, will make his total annuity $1,200 per annum. Each such member of the teaching staffs, who so participates and who is forced to retire for physical incapacity prior to his reaching the prescribed retirement age, shall be paid by the Secretary of the Navy, from such appropriations as may be made for such purpose, such amounts which together with his purchased annuity, will make his total annuity equivalent to an amount, not exceeding $1,200 per annum, which would have been due him had the provisions of this Act been in effect on the date of his original employment: Provided,

Proviso.

Alternative.

That each such member of the teaching staffs who is so employed on the date of approval of this Act and who is entitled to retirement and retirement benefits under the provisions of the Civil Service

U. S. C., p. 91.

Retirement Act of 1920, as amended, may elect to continue thereunder, or he may elect to participate in the benefits under the provisions of this section; but in the event that he elects to participate in the benefits under the provisions of this section, no further deductions shall be made from his pay for credit to the civil-service retirement fund, and the Civil Service Commission shall close his account with such fund under the same, provisions as though he voluntarily separated himself from the Federal service, except that the amount of such credit will be retained in the civil-service retirement fund and remain subject to claim by, and payment to, him, his beneficiary, or his estate only in the event of his separation from the Federal service by death or otherwise before retirement under the provisions of this Act, and then only in the amount by which such credit exceeds the total amount of 5 per centum of his basic salary which may have been credited to his monthly pay accounts under the provisions of section 2 of this Act.

Sec. 5.

Civilian members of the teaching staffs of the Naval Academy

Scope.

and Postgraduate School shall include instructors, assistant chief instructors, chief instructors, assistant professors, associate professors, and professors.

Sec. 6.

The Secretary of the Navy is authorized and directed to

Regulations.

make such regulations as may be necessary to carry out the provisions of this Act. There is hereby authorized to be appropriated,

Appropriations authorized.

Post, pp. 1400, 1403.

out of any money in the Treasury not otherwise appropriated, such amounts as may be necessary to carry out the provisions of this Act.