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Page:United States Statutes at Large Volume 100 Part 1.djvu/597

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 561

"(f)(1) Subject to paragraph (4), a survivor who is entitled to an annuity under subsection (a) shall also be entitled to a supplementary annuity under this subsection. "(2) A supplementary annuity under this subsection shall be equal to the lesser of— "(A) the amount by which the survivor's assumed CSRS annuity exceeds the annuity payable to such survivor under subsection (a); or "(B) the amount determined under paragraph (3). "(8)(A) Except as provided in subparagraph (B), the amount under this paragraph for a survivor is the amount of widow's or widower's insurance benefits which would be payable to such survivor under title II of the Social Security Act (without regard to sections 202(e)(7), 202(0(2), and 203 of such Act) based on the wages and selfemployment income of the deceased annuitant, and determined— "(i) as of the date on which the annuitant died; and "(ii) as if the survivor had attained age 60 and made application for those benefits under subsection (e) or (f) of section 202 of such Act, as the case may be. "(B) Any computation or determination under this paragraph shall be made in accordance with the applicable provisions of the Social Security Act, except that in computing any primary insurance amount under section 215 of such Act for purposes of determining an amount under this subsection, subparagraphs (A) and (C) of section 842103)(2) shall apply. "(4) A supplementary annuity under this subsection— "(A) shall be payable to a survivor only for calendar months ending before the calendar month in which such survivor first satisfies the minimum age requirement under section 202(e)(l)(B)(i) or 202(f)(l)(B)(i) of the Social Security Act, as the case may be; "(B) shall not be payable to a survivor who would not be entitled to benefits under subsection (e) or (f) of section 202 of the Social Security Act based on the wages and self-employment income of the deceased annuitant (determined, as of the date of the annuitant's death, as if the survivor had attained age 60 and made appropriate application for benefits, but without regard to any restriction under either such subsection relating to remarriage); and "(C) shall not be payable to a survivor for any calendar month in which such survivor is entitled (or would, on proper application, be entitled) to benefits under section 202(g) of the Social Security Act (relating to mother's and father's insurance benefits), or under section 202(e) or (f) of such Act by reason of having become disabled, based on the wages and selfemployment income of the deceased annuitant. "(5) For the purpose of this subsection, the term 'assumed CSRS annuity', as used in the case of a survivor, means the amount of the annuity to which such survivor would be entitled under subchapter III of chapter 83 of this title based on the service of the deceased annuitant, determined— "(A) as of the day after the date of the annuitant's death; "(B) as if the survivor had made appropriate application therefor; and "(C) as if the service of the deceased annuitant were creditable under such subchapter.

42 USC 401. 42 USC 402, 403.

42 USC 1305. 42 USC 415.

42 USC 402.

Post, pp. 589, 591-593.

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Page:U.S. Department of the Interior Annual Report 1880.djvu/42

40 in the case of Thomas vs. West Jersey Railroad Company, any unauthorized lease entered into by railroad companies must be canceled.

Another important decision is that of the Court of Claims, No. 11471, in the case of The Atchison, Topeka and Santa Fé Railroad Company vs. The United States, in which the court holds that 50 per cent, of its gross earnings is a fair compensation to the company for the actual cost of transportation and such part of the profits upon transportation as are earned by the company from the government.

Particular attention is called to the circular of the Treasury Department dated November 29, 1879, giving notice to all government officers and employes that no money payments for transportation can be made to Pacific Railroads which have been subsidized with bonds.

On January 26,1880, articles of consolidation were filed in this department in accordance with law, in which the Union Pacific Railroad Company, the Kansas Pacific Railway Company, and the Denver Pacific Railway and Telegraph Company are consolidated under the name of "The Union Pacific Railway Company."

The property and business of the Union Pacific Railway Company is reported on in full, and has been found in good condition, with business increasing. Under the sinking-fund act of May 7, 1878, the "25 per cent, of net earnings" found due the United States by the company amounts to $1,532,916.12.

The Union Pacific Railway Company furnishes reports from which the following statements are derived:

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/


text:
Page:United States Statutes at Large Volume 100 Part 1.djvu/598

 100 STAT. 562

PUBLIC LAW 99-335—JUNE 6, 1986

"(6) An amount payable under this subsection shall be adjusted under section 8462 and shall otherwise be treated under this chapter in the same way as an amount payable under subsection (a). "(g)(1) If the widow or widower of an annuitant under section 8452 (hereinafter in this subsection referred to as a 'disability annuitant') is determined under subsection (a) to be entitled to an annuity based on the service of such disability annuitant, the annuity of the widow or widower shall be equal to 50 percent of the amount determined under paragraph (2), rather than of the amount referred to in subsection (a). "(2)(A) Except as provided in subparagraph (B), the amount on which the annuity of the widow or widower of a disability annuitant is based shall be the amount of the annuity to which such disability annuitant was entitled, as computed under section 8452 (including appropriate reduction under subsection (a)(2) of such section and any adjustments under section 8462 allowed under section 8452), as of the day before the date of the disability annuitant's death. "(B)(i) In the case of a widow or widower entitled to an annuity based on the service of a disability annuitant who dies before age 62, the amount under clause (ii) shall apply instead of the amount which would otherwise apply under subparagraph (A). "(ii)(I) Subject to subclause (II), the amount of the annuity to which the disability annuitant was entitled as of the day before the date of death shall be considered to be the amount which would be computed with respect to such disability annuitant under section 8452(b) if the disability annuitant had attained age 62 on the day before date of death. "(II) For purposes of any such computation under section 8452(b)(2) pursuant to this clause, creditable service shall (in addition to the service which would otherwise be used under subparagraph (B)(i) of such section) include the period of time between date of death and the date of the sixty-second anniversary of the birth of the annuitant, and average pay shall be adjusted in accordance with subparagraph (B)(ii) of such section only through date of death. "(h) The following rules shall apply notwithstanding any other provision of this section: "(1) The annuity payable under this section to a widow or widower may not exceed the difference between— "(A) the amount of the annuity which would otherwise be payable to such widow or widower under this section; and spouse of the deceased employee. Member, or annuitant, or former employee or Member, based on an election made under section 8417(b) or a court order previously issued or agreement previously entered into as described in section 8445(a). "(2) The amount payable under subsection (b)(1)(A) to a widow or widower may not exceed the difference between— "(A) the amount which would otherwise be payable to such widow or widower under such subsection; and "(B) the portion of such amount payable to any former spouse of the deceased employee, Member, or annuitant, or former employee or Member, based on a court order previously issued or agreement previously entered into. "(3) A lump-sum credit under subsection (c)(2) shall be subject to the same terms and conditions as apply with respect to a lump-sum credit under section 8424(b).
 * (B) the amount of the annuity payable to any former

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Page:United States Statutes at Large Volume 100 Part 1.djvu/599

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 563

"(a)(1) If an employee or Member dies after completing at least 18 months of civilian service which is creditable under section 8411, or an annuitant dies, each surviving child is, for any month, entitled to an annuity equal to— "(A) the amount by which the applicable amount under paragraph (2) for such month exceeds the applicable amount under paragraph (3) for such month, divided by "(B) the number of children entitled to a payment under this section for such month. "(2) The applicable amount under this paragraph for any month is the total amount to which the surviving child or children (as the case may be) of the annuitant, employee, or Member would be entitled for such month under subchapter III of chapter 83 based on the service of such annuitant, employee, or Member, if the service of such annuitant, employee, or Member were creditable under such subchapter. "(3) The applicable amount under this paragraph for any month is the total amount of child's insurance benefits which are payable (or would, on proper application, be payable) under title II of the Social Security Act for such month based on the wages and self-employment income of such annuitant, employee, or Member. "(b) The annuity of a child under this subchapter— "(1) commences on the day after the annuitant, employee, or Member dies; "(2) commences or resumes on the first day of the month in which the child later becomes or again becomes a student as described by section 8441(4), if any lump sum paid is returned to the Fund; or "(3) commences or resumes on the first day of the month in which the child later becomes or again becomes incapable of self-support because of a mental or physical disability incurred before age 18 (or a later recurrence of such disability), if any lump sum paid is returned to the Fund. This annuity and the right thereto terminate on the last day of the month before the child— "(A) becomes 18 years of age unless then a student as described or incapable of self-support; "(B) becomes capable of self-support after becoming 18 years of age unless then such a student; "(C) becomes 22 years of age if then such a student and capable of self-support; "(D) ceases to be such a student after becoming 18 years of age unless then incapable of self-support; or "(E) dies or marries; whichever occurs first. On the death of the surviving wife or husband, or former wife or husband, or termination of the annuity of a child, the annuity of any other child or children shall be recomputed and paid as though the wife or husband, former wife or husband, or child had not survived the annuitant, employee, or Member.
 * '§ 8443. Rights of a child

5 USC 8443.

Post, pp. 589, 591-593.

42 USC 40i.

"§ 8444. Rights of a named individual with an insurable interest 5 USC 8444. "The annuity of a survivor named under section 8420(a) is 55 percent of the reduced annuity of the retired employee or Member determined under paragraph (2) of such section 8420(a). The annuity of the survivor commences on the day after the retired employee or

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Page:United States Statutes at Large Volume 100 Part 1.djvu/600

 100 STAT. 564

5 USC 8445.

Contracts.

PUBLIC LAW 99-335—JUNE 6, 1986

Member dies. This annuity and the right thereto terminate on the last day of the month before the survivor dies. "§ 8445. Rights of a former spouse "(a) Subject to subsections (b) through (e), a former spouse of a deceased employee, Member, or annuitant (or of a former employee or Member who dies after having separated from the service with title to a deferred annuity under section 8413 but before having established a valid claim for annuity) is entitled to an annuity under this section, if and to the extent expressly provided for in an election under section 8417(b), or in the terms of any decree of divorce or annulment or any court order or court-approved property settlement agreement incident to such decree. "(b)(1) The annuity payable to a former spouse under this section may not exceed the difference between— "(A) the amount applicable in the case of such former spouse, as determined under paragraph (2); and "(B) the amount of any annuity payable under this section to any other former spouse of the employee, Member, or annuitant, or former employee or Member, based on an election previously made under section 8417(b), or a court order previously issued or agreement previously entered into as described in subsection (a). "(2) The applicable amount, for purposes of paragraph (1)(A) in the case of a former spouse, is the amount of the annuity which would be payable under the provisions of section 8442 (including subsection (f) of such section, but without regard to subsection (h) of such section) if such former spouse were a widow or widower entitled to an annuity under such provisions based on the service of the deceased employee, Member, or annuitant, or former employee or Member. "(c) The commencement and termination of an annuity payable under this section shall be governed by the terms of the applicable order, decree, agreement, or election, as the case may be, except that any such annuity— "(1) shall not commence before— "(A) the day after the employee. Member, or annuitant, or former employee or Member, dies; or "(B) the first day of the second month beginning after the date on which the Office receives written notice of the order, decree, agreement, or election, as the case may be, together with such additional information or documentation as the Office may prescribe; whichever is later; and "(2) shall terminate no later than the last day of the month before the former spouse remarries before becoming 55 years of age or dies. "(d) For purposes of this chapter, a modification in a decree, order, agreement, or election referred to in subsection (a) shall not be effective— "(1) if such modification is made after the retirement or death of the employee. Member, or annuitant, or former employee or Member, concerned; and "(2) to the extent that such modification involves an annuity under this section. "(e) For purposes of this chapter, a decree, order, agreement, or election referred to in subsection (a) shall not be effective, in the

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Page:United States Statutes at Large Volume 100 Part 1.djvu/601

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 565

case of a former spouse, to the extent that it is inconsistent with any joint waiver previously executed with respect to such former spouse under section 8416(a). "(fKD Any amount under section 8442(b)(l)(A) which would otherwise be payable to a widow or widower based on the service of another individual shall be paid (in whole or in part) by the Office to a former spouse of such individual if and to the extent expressly provided for in the terms of a court decree of divorce, annulment, or legal separation, or the terms of a court order or court-approved property settlement incident to any decree of divorce, annulment, or legal separation. "(2) Paragraph (1) shall apply only to payments made by the Office after the date of receipt in the Office of written notice of such decree, order, or agreement, and such additional information and documentation as the Office may prescribe. "(g) Any payment under this section to a person bars recovery by any other person. "SUBCHAPTER V—DISABILITY BENEFITS "§ 8451. Disability retirement 5 USC 8451. "(a)(l)(A) An employee who completes at least 18 months of civilian service creditable under section 8411 and has become disabled shall be retired on the employee's own application or on application by the employee's agency. "(B) For purposes of this subsection, an employee shall be considered disabled only if the employee is found by the Office to be unable, because of disease or injury, to render useful and efficient service in the employee's position. "(2)(A) Notwithstanding paragraph (1), an employee shall not be eligible for disability retirement under this section if the employee has declined a reasonable offer of reassignment to a vacant position in the employee's agency for which the employee is qualified if the position— "(i) is at the same grade (or pay level) as the employee's most recent grade (or pay level) or higher; "(ii) is within the employee's commuting area; and "(iii) is one in which the employee would be able to render useful and efficient service. "(B) An employee who is applying for disability retirement under Regulations. « this subchapter shall be considered for reassignment by the employee's agency to a vacant position described in subparagraph (A) in accordance with such procedures as the Office shall by regulation prescribe. "(C) An employee is entitled to appeal to the Merit Systems Protection Board under section 7701 any determination that the employee is not unable, because of disease or injury, to render useful and efficient service in a position to which the employee has declined reassignment under this section. "(D) For purposes of subparagraph (A), an employee of the United States Postal Service shall not be considered qualified for a position if such position is in a different craft or if reassignment to such position would be inconsistent with the terms of a collectivebargaining agreement covering the employee. "(b) A Member who completes at least 18 months of service as a Member and is found by the Office to be disabled for useful and

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Page:United States Statutes at Large Volume 100 Part 1.djvu/602

 100 STAT. 566

PUBLIC LAW 99-335—JUNE 6, 1986

efficient service as a Member because of disease or injury shall be retired on the Member's own application. "(c) An employee or Member retiring under this section is entitled to an annuity computed under section 8452. 5 USC 8452.

42 USC 423.

42 USC 416.

42 USC 424a.

"§ 8452. Computation of disability annuity "(a)(l)(A) Except as provided in paragraph (2), or subsection (b), (c), or (d), the annuity of an annuitant under this subchapter— "(i) for the period beginning on the date on which such annuity commences, or is restored (as described in section 8455(b)(2) or (3)), and ending at the end of the twelfth month beginning on or after such date, shall be equal to 60 percent of the annuitant's average pay; and "(ii) after the end of the period referred to in clause (i), shall be equal to 40 percent of the annuitant's average pay. "(B) An annuity computed under this paragraph shall not, for purposes of any adjustment under section 8462 (including any adjustment under subsection (c)(1) of such section), be considered to have commenced until after such annuity ceases to be determined under subparagraph (A)(i). "(2)(A) For any month in which an annuitant is entitled both to an annuity under this subchapter as computed under paragraph (1) and to a disability insurance benefit under section 223 of the Social Security Act, the annuitant's annuity for such month (as so computed) shall— "(i) if such month occurs during a period referred to in paragraph (IXAXi), be reduced by 100 percent of the annuitant's assumed disability insurance benefit for such month; or "(ii) if such month occurs other than during a period referred to in paragraph (IXAXi), be reduced by 60 percent of the annuitant's assumed disability insurance benefit for such month; except that an annuity may not be reduced below zero by reason of this paragraph, "(B)(i) For purposes of this paragraph, the assumed disability insurance benefit of an annuitant for any month shall be equal to— "(I) the amount of the disability insurance benefit to which the annuitant would have been entitled under section 223 of the Social Security Act for the month in which the annuity under this subchapter commenced, or was restored, determined as if such annuitant had then satisfied all requirements for entitlement to a benefit under such section, adjusted by "(II) all adjustments made under section 8462(b) between the date on which the annuity commenced, or was restored, and the start of the month involved (without regard to whether the annuitant's annuity was affected by any of those ac^ustments). For purposes of computing the assumed disability insurance benefit, the month in which the annuitant's disability began (as determined under section 216(i)(2)(C) of the Social Security Act) shall be the month in which the annuity commenced or, if earlier (and if a determination was actually made) the month determined under such section. "(ii) For purposes of applying section 224 of the Social Security Act to the assumed disability insurance benefit used to compute the reduction under this paragraph, the amount of the annuity under this subchapter which is considered shall be the amount of the annuity as determined before the application of this paragraph.

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Page:United States Statutes at Large Volume 100 Part 1.djvu/603

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 567

"rt)Xl) Except as provided in subsection (d), if an annuitant is entitled to an annuity under this subchapter as of the day before the date of the sixty-second anniversary of the annuitant's birth (hereinafter in this section referred to as the annuitant's 'redetermination date'), such annuity shall be redetermined under paragraph (3) or (4), as applicable. Effective as of the annuitant's redetermination date, the annuity (as so redetermined) shall be in lieu of any annuity to which such annuitant would otherwise be entitled under this subchapter. "(2)(A) In order to carry out paragraphs (3) and (4), the Office shall compute an annuity for the annuitant under section 8415. "(B) In performing a computation under this paragraph— "(i) creditable service of the annuitant shall be increased by including the period (or periods), if any, before the annuitant's redetermination date during which the annuitant was entitled to an annuity under this subchapter; and "(ii) the average pay which would otherwise be used shall be adjusted to reflect all adjustments made under section 8462(b) with respect to any period (or periods) referred to in clause (i) (without regard to whether the annuitant's annuity was affected by any of those adjustments). "(3) If, as of the day before the annuitant's redetermination date, the annuitant's annuity is subject to reduction under subsection (a)(2), the annuitant's redetermined annuity shall be the lesser of— "(A) the amount determined with respect to such annuitant under paragraph (2); or "(B) subject to the following sentence, the amount (converted so as to be expressed as an annual amount) which would otherwise be payable under this subchapter for the month in which occurs the day before the annuitant's redetermination date, as computed under subsection (a) (based on the assumption that the annuitant was entitled to an annuity under this subchapter, and to a disability insurance benefit under section 223 of the Social Security Act, for the entirety of such month). 42 USC 423. If the annuitant's redetermination date occurs during the period described in subsection (a)(1)(A), the amount used under subparagraph (B) may not exceed the amount (converted so as to be expressed as an annual amount) which would otherwise be payable under this subchapter for the first month after such period, as computed under subsection (a) based on the assumption that the annuitant was entitled to an annuity under this subchapter, and to a disability insurance benefit under section 223 of the Social Security Act, for the entirety of such month. "(4) If, as of the day before the annuitant's redetermination date, the annuitant's annuity is not subject to reduction under subsection (a)(2), the annuitant's redetermined annuity shall be the lesser of— "(A) the amount determined with respect to such annuitant under paragraph (2); or "(B) the amount which would be used for such annuitant under subparagraph (B) of paragraph (3) (as determined subject to the second sentence of such paragraph), if such paragraph applied to such annuitant. "(c) Except as provided in subsection (d), the annuity of an annuitant under this subchapter shall be computed under section 8415 if— "(1) such annuity commences, or is restored, beginning on or after the redetermination date of the annuitant; or

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Page:Narrative of an Official Visit to Guatemala.djvu/103

CH. VI.] Parker, and Mr. Aylwin. They had most of them been in Peru, Chile, and other parts of the continent, and were here engaged both in the coasting trade of the country, and in shipping to England cochineal, hides, indigo and other articles peculiar to the place.

I willingly accepted of their polite attentions, and took my meals with them in a large house occupied by the young married couple. The bride was a small, shy, little girl about fifteen years of age, but plump and healthy, with a pair of bright black eyes which made up, by the force and variety of their expression, for the silence and reserve of her general manner. The high tables, of which I have before spoken, render eating exceedingly awkward, even to a tall person, but with regard to one so short as was our amiable little hostess, it seemed to be a matter of the utmost convenience; for, laying her chin down on the edge of the plate, with her elbows poised on the table on each side of it, her hands moved


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Page:United States Statutes at Large Volume 100 Part 1.djvu/604

 100 STAT. 568

PUBLIC LAW 99-335—JUNE 6, 1986

"(2) as of the day on which such annuity commences, or is restored, the annuitant satisfies the age and service requirements for entitlement to an annuity under section 8412 (other than subsection (g) of such section). "(d) The annuity to which an annuitant is entitled under this section shall not be less than the amount of an annuity computed under section 8415 (excluding subsection (f) of such section). Claims.

"§ 8453. Application "A claim may be allowed under this subchapter only if application is filed with the Office before the employee or Member is separated from the service or within 1 year thereafter. This time limitation may be waived by the Office for an employee or Member who, at the date of separation from service or within 1 year thereafter, is mentally incompetent if the application is filed with the Office within 1 year from the date of restoration of the employee or Member to competency or the appointment of a fiduciary, whichever is earlier.

5 USC 8454.

"§ 8454. Medical examination "An annuitant receiving a disability retirement annuity from the Fund shall be examined under the direction of the Office— "(1) at the end of 1 year from the date of the disability retirement; and "(2) annually thereafter until becoming 60 years of age; unless the disability is permanent in character. If the annuitant fails to submit to examination as required by this section, payment of the annuity shall be suspended until continuance of the disability is satisfactorily established.

5 USC 8455.

"§ 8455. Recovery; restoration of earning capacity "(a)(1) If an annuitant receiving a disability retirement annuity from the Fund recovers from the disability before becoming 60 years of age, payment of the annuity terminates on reemployment by the Government or 1 year after the date on which the Office determines that the annuitant has recovered, whichever is earlier. "(2) If an annuitant receiving a disability annuity from the Fund, before becoming 60 years of age, is restored to an earning capacity fairly comparable to the current rate of pay of the position occupied at the time of retirement, payment of the annuity terminates 180 days after the end of the calendar year in which earning capacity is so restored. Earning capacity is deemed restored if in any calendar year the income of the annuitant from wages or self-employment or both equals at least 80 percent of the current rate of pay of the position occupied immediately before retirement. "(b)(1) If an annuitant whose annuity is terminated under subsection (a) is not reemployed in a position in which that individual is subject to this chapter, such individual is deemed, except for service credit, to have been involuntarily separated from the service for the purpose of subchapter II of this chapter as of the date of termination of the disability annuity, and after that termination is entitled to annuity under the applicable provisions of such subchapter. "(2) If an annuitant whose annuity is terminated under subsection (a)(2)"(A) is not reemployed in a position subject to this chapter; and

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Page:United States Statutes at Large Volume 100 Part 1.djvu/605

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 569

"(B) has not recovered from the disability for which that individual was retired; the annuity of such individual shall be restored at the applicable rate under section 8452 effective the first of the year following any calendar year in which such individual's income from wages or selfemployment or both is less than 80 percent of the current rate of pay of the position occupied immediately before retirement. "(3) If an annuitant whose annuity is terminated because of a medical finding that the individual has recovered from disability is not reemployed in a position in which such individual is subject to this chapter, the annuity of such individual shall be restored at the applicable rate under section 8452 effective from the date on which the Office determines that there has been a recurrence of the disability. "(4) Paragraphs (2) and (3) shall not apply in the case of an annuitant receiving an annuity from the Fund under subchapter II of this chapter. "§ 8456. Relationship to workers' compensation 5 USC 8456. "(a)(1) An individual is not entitled to receive an annuity under this subchapter and compensation for injury to or disability of the individual under subchapter I of chapter 81 covering the same 5 USC 8101. period of time. "(2) Paragraph (1) does not bar the right of a claimant to the greater benefit conferred by either subchapter referred to in such paragraph for any part of the period referred to in such paragraph. "(3) Paragraph (1) and the provisions of subchapter I of chapter 81 do not deny an individual an annuity which the individual is entitled to receive under this chapter on account of service performed by the individual and do not deny any concurrent benefit to the individual under subchapter I of chapter 81 on account of the death of another individual. "(b)(1) Subject to paragraph (2), an individual's receipt of a lumpsum payment for compensation under section 8135 shall not affect the individual's entitlement to an annuity under this subchapter. "(2) If an annuity is payable under this subchapter by reason of the same disability for which a lump-sum payment of compensation referred to in paragraph (1) has been made, so much of the compensation as has been paid for a period extended beyond the date payment of the annuity commences, as determined by the Department of Labor, shall be refunded to that Department for credit to the Employees' Compensation Fund. Before the individual may receive the disability annuity, the individual shall— "(A) refund to the Department of Labor the amount representing the commuted compensation payments for the extended period; or "(B) authorize the deduction of the amount from the annuity. Deductions from the annuity may be made from accrued or accruing payments. The amounts deducted and withheld from the annuity shall be transmitted to the Department of Labor for reimbursement to the Employees' Compensation Fund. When the Department of Labor finds that the financial circumstances of an individual entitled to an annuity under this subchapter warrant deferred refunding under this paragraph, deductions from the annuity may be prorated against and paid from accruing payments in such manner as the Department determines appropriate.

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Page:United States Statutes at Large Volume 100 Part 1.djvu/606

 100 STAT. 570 5 USC 8457.

PUBLIC LAW 99-335—JUNE 6, 1986

"§ 8457. Military reserve technicians "(a)(1) Except as provided in paragraph (2) or (3), an individual shall be retired under this subchapter if the individual— "(A) is separated from employment as a military reserve technician by reason of a disability that disqualifies the individual from membership in a reserve component of the Armed Forces specified in section 261(a) of title 10 or from holding the military grade required for such employment; "(B) is not considered to be disabled under section 8451(a)(1)(B); "(C) is not appointed to a position in the Government (whether under subsection (c) or otherwise); and "(D) has not declined an offer of an appointment to a position in the Government under subsection (c). "(2) Payment of any annuity for an individual pursuant to this section terminates— "(A) on the date the individual is appointed to a position in the Government (whether pursuant to subsection (c) or otherwise); "(B) on the date the individual declines an offer of appointment to a position in the Government under subsection (c); or "(C) as provided under section 8455(a). "(3) An individual eligible to retire under section 8414(c) shall not be eligible to retire under this section. "(b) Any individual applying for or receiving any annuity pursuant to this section shall, in accordance with regulations prescribed by the Office, be considered by any agency of the Government before any vacant position in the agency is filled if— "(1) the position is located within the commuting area of the individual's former position; "(2) the individual is qualified to serve in such position, as determined by the head of the agency; and "(3) the position is at the same grade or equivalent level as the position from which the individual was separated. "SUBCHAPTER VI—GENERAL AND ADMINISTRATIVE PROVISIONS

5 USC 8461.

"§ 8461. Authority of the Office of Personnel Management "(a) The Office shall pay all benefits that are payable under subchapter II, IV, V, or VI of this chapter from the Fund. "(b) The Office shall administer all provisions of this chapter not specifically required to be administered by the Board, the Executive Director, the Secretary of Labor, or any other officer or agency. "(c) The Office shall adjudicate all claims under the provisions of this chapter administered by the Office. "(d) The Office shall determine questions of disability and dependency arising under the provisions of this chapter administered by the Office. Except to the extent provided under subsection (e), the decisions of the Office concerning these matters are final and conclusive and are not subject to review. The Office may direct at any time such medical or other examinations as it considers necessary to determine the facts concerning disability or dependency of an individual receiving or applying for annuity under the provisions of this chapter administered by the Office. The Office may suspend or deny annuity for failure to submit to examination.

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 PATESHULL or PATTISHALL, SIMON  (d. 1274), judge and knight, was either a younger son or a grandson of Simon de Pateshull (d. 1217?) [q. v.], judge, and seems to have succeeded to the estates of Bishop Hugh de Pateshull [q. v.], his brother or perhaps uncle, who died in 1241; for little more than a year after the bishop's death he was engaged in a suit against the priory of Dunstable, with reference to the lease of Grimscote, in Cold Higham, Northamptonshire (Annales Monastici, iii. 161). He appears in 1257 as one of the king's justices, and as justice for the Jews (Fœdera, i. 262). He held the manor of Bletsoe, by service of one knight's fee, and is called therefrom the lord of Bletsoe (Miracula Symonis de Montfort ap., p. 106). In 1258 Ida, widow of William de Beauchamp of Bedford, invaded and did much damage to his manor of Crawley, Buckinghamshire. From 1260 to 1262 he was sheriff of Northamptonshire. He joined the baronial party, and was with Simon de Montfort the younger in Northampton when it was besieged by the king in 1264 (Annales Monastici, iii. 229), and was in Kenilworth with other baronial leaders when it was besieged in 1265 (ib. p. 241). About Ascension day 1273 he was very sick, and, expecting his death, demanded and received the rites of the church; he became speechless, but, a relic from the body of Earl Simon de Montfort having been applied to him, he recovered and went to Evesham to offer there (Miracula, u.s.) He died at Easter 1274. He was succeeded by his son, Sir John de Pateshull, who paid a relief of forty-six shillings and sixpence for his land at Grimscote to the priory of Dunstable, and died in 1290. John's son Simon, called the younger, married Isabella, daughter and heiress of Sir John de Steyngreve (Cal. Genealogicum, pp. 504, 526;, Baronage, ii. 144; the editor of Annales Monastici, ii. 401 n. makes Isabella the mother of Simon, and widow of John), and inherited his father-in-law's lands in Bedfordshire and Yorkshire in 1294. He died in 1295 before receiving knighthood, leaving a son,

(1291?–1349), who was about four years old at his father's death, and was in the king's wardship. He married Mabel, sister, and eventually coheiress, of Otho, lord Grandison; was summoned to a council of magnates in 1335 (Fœdera, ii. 916), and received a summons to the parliament of 1342, but no later parliamentary summons, and his name occurs among the knights summoned to military service in 1345 (ib. iii. 52). He died in 1349, and was succeeded by his son William, who was born about 1322, did not receive a summons to parliament, and died without issue in 1360, leaving his four sisters, Sybill, wife of Sir Roger de Beauchamp; Alice, wife of Thomas Wake; Mabel, wife of Walter de Fauconberg, who inherited Pattishall; and Katherine, wife of Sir Robert de Tudenham, his coheirs, among whose descendants the barony is in abeyance.

[Ann. de Dunstap. ap. Ann. Monast. iii. 161, 215, 241, 319, 365, 401 (Rolls Ser.); Roberts's Cal. Geneal. pp. 504, 526 (Record Publ.); Rymer's Fœdera, i. 262, ii. 856, 916, 1013 (Record ed.); Rishanger's Chron. de Bellis, p. 106 (Camden Soc.); Blaydes's Visit. of Bedfordshire, p. 52 (Harl. Soc.); Dugdale's Baronage, ii. 143; Courthope's Peerage, p. 373, ed. Nicolas; Bridges's Northamptonshire, i. 5, 260, 267.]  PATESHULL, WALTER (d. 1232), judge, appears to have resided in Bedfordshire, and is described by Fuller as of Accestane. In 1218 he was a justice itinerant for Bedfordshire, Buckinghamshire, and other shires. Being in 1224 sheriff of Bedfordshire and Buckinghamshire, an office that he held for four years, he, in conjunction with Henry de Braybroc [q. v.], was ordered by the king to cause the castle of Bedford, the stronghold of Falkes de Breauté [q. v.], to be demolished. He died shortly before 20 Aug. 1232 (Excerpta e Rotulis Finium, i. 225). Whether he was any relation to Simon de Pateshull [q. v.] or Martin de Pateshull [q. v.] is not known.

[Foss's Judges, ii. 440; Dugdale's Chron. Ser. p. 7; Rot. Litt. Claus. i. 581, 632, Excerpta e Rot. Fin. i. 225 (both Record publ.)]  PATEY, CHARLES GEORGE EDWARD (1813–1881), admiral, son of Commander Charles Patey, one of five brothers who served in the navy during the Napoleonic wars, and whose sons and grandsons have followed in their footsteps, was born in 1813, and entered the navy in 1824. He was promoted to the rank of lieutenant on 6 Dec. 1836, and after serving in the Caledonia and Princess Charlotte, flagships in the Mediterranean, was in 1840 first lieutenant of the Castor frigate, in which he took part in the operations on the coast of Syria, and in the bombardment of Acre. On the following day, 4 Nov. 1840, he was promoted to the rank of commander. He commanded the Resistance troopship, from March 1842, until advanced to post-rank on 18 May 1846. In 1851 he was appointed to organise the great rush of emigration from Liverpool to Australia, and was presented by the shipowners of Liverpool with a piece of plate in acknowledgment of his services.


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 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 571

"(e)(1) Subject to paragraph (2), an administrative action or order affecting the rights or interests of an individual or of the United States under the provisions of this chapter administered by the Office may be appealed to the Merit Systems Protection Board under procedures prescribed by the Board. "(2) In the case of any individual found by the Office to be disabled in whole or in part on the basis of the individual's mental condition, and that finding was made pursuant to an application by an agency for purposes of disability retirement under section 8451, the procedures under section 7701 shall apply and the decision of the Board shall be subject to judicial review under section 7703. "(f) The Office shall fix the fees for examinations made under subchapter V of this chapter by physicians or surgeons who are not medical officers of the United States. The fees and reasonable traveling and other expenses incurred in connection with the examinations are paid from appropriations for the cost of administering the provisions of this chapter administered by the Office. "(g) The Office may prescribe regulations to carry out the provisions of this chapter administered by the Office. "(h)(1) Each Government agency shall furnish the Director with such information as the Director determines necessary in order to administer this chapter. "(2) The Director, in consultation with the officials from whom Regulations. such information is requested, shall establish (by regulation or otherwise) such safeguards as are necessary to ensure that information made available under this subsection is used only for the purpose authorized. "(i) In making a determination of 'actuarial equivalence' under this chapter, the economic assumptions used shall be the same as the economic assumptions most recently used by the Office (before the determination of actuarial equivalence involved) in determining the normal-cost percentage of the System. "(j)(l) Notwithstanding any other provision of this chapter, the Director of Central Intelligence shall, in a manner consistent with the administration of this chapter by the Office, and to the extent considered appropriate by the Director of Central Intelligence— "(A) determine entitlement to benefits under this chapter based on the service of employees of the Central Intelligence Agency; "(B) maintain records relating to the service of such Records. employees; "(C) compute benefits under this chapter based on the service of such employees; "(D) collect deposits to the Fund made by such employees, their spouses, their former spouses, and their survivors; "(E) authorize and direct disbursements from the Fund to the extent based on service of such employees; and "(F) perform such other functions under this chapter (other than under subchapters III and VII of this chapter) with respect to employees of the Central Intelligence Agency as the Director of Central Intelligence, in consultation with the Director of the Office of Personnel Management, determines to be appropriate. "(2) The Director of the Office of Personnel Management shall furnish such information and, on a reimbursable basis, such services to the Director of Central Intelligence as the Director of Central Intelligence requests to carry out paragraph (1).

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Page:U.S. Department of the Interior Annual Report 1880.djvu/43

Rh The following statement shows the earnings of the Union Pacific Railroad Company prior to consolidation, for seven months ending January 31, 1880:

Since the consolidation the Union Pacific Eailway Company has had earnings to June 30, 1880, as follows:

Under the act of May 7, 1878, the earnings for the year ending December 31, 1879, have been as follows:

The property of this road is referred to in detail by the railroad engineer, and is in good condition and well maintained. The company has opened a new and shorter route from Sacramento to San Francisco, via Benicia, over which the bulk of the overland traffic is now done. In view of the fact that this is not a subsidized road, and that the debt due to the United States by this company is still quite large, the Auditor questions whether two or three hours quicker transportation of the mails is more to be considered than the retention of a greater or less proportion of compensation, for carrying the mails, to be applied on the


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 100 STAT. 572

Regulations.

5 USC 8462.

PUBLIC LAW 99-335—JUNE 6, 1986

"(k)(l) The Director of Central Intelligence, in consultation with the Executive Director of the Federal Retirement Thrift Investment Board, may— "(A) maintain exclusive records relating to elections, contributions, and accounts under the Thrift Savings Plan provided in subchapter III of this chapter in the case of employees of the Central Intelligence Agency; "(B) provide that contributions by, or on behalf of, such employees to the Thrift Savings Plan be accounted for by such Executive Director in aggregate amounts; "(C) make the necessary disbursements from, and the necessary allocations of earnings, losses, and charges to, individual accounts of such employees under the Thrift Savings Plan; and "(D) perform such other functions under subchapters III and VII of this chapter (but not including investing sums in the Thrift Savings Fund) with respect to employees of the Central Intelligence Agency as the Director of Central Intelligence, in consultation with the Executive Director of the Federal Retirement Thrift Investment Board, determines to be appropriate. "(2) The Executive Director of the Federal Retirement Thrift Investment Board may not exercise authority under this chapter in the case of employees of the Central Intelligence Agency to the extent that the Director of Central Intelligence exercises authority provided in paragraph (1). "(3) The Executive Director of the Federal Retirement Thrift Investment Board shall furnish such information and, on a reimbursable basis, such services to the Director of Central Intelligence as the Director of Central Intelligence determines necessary to carry out this subsection. "(1) Subsection (h)(1), and sections 8439(b) and 8474(c)(4), shall be applied with respect to information relating to employees of the Central Intelligence Agency in a manner that protects intelligence sources, methods, and activities. "(m)(l) The Director of Central Intelligence, in consultation with the Director of the Office of Personnel Management and the Executive Director of the Federal Retirement Thrift Investment Board, shall by regulation prescribe appropriate procedures to carry out subsections (j), (k), and (1). "(2) The regulations shall provide procedures for the Director of the Office of Personnel Management to inspect and audit disbursements from the Fund, and from the Thrift Savings Fund, under this chapter. "(3) The Director of Central Intelligence shall submit the regulations prescribed under paragraph (1) to the Select Committee on Intelligence of the Senate and the Permanent Select Committee on Intelligence of the House of Representatives before the regulations take effect. "§ 8462. Cost-of-living adjustments "(a) For the purpose of this section— "(1) the term 'base quarter', as used with respect to a year, means the calendar quarter ending on September 30 of such year; "(2) the price index for a base quarter is the arithmetical mean of such index for the 3 months comprising such quarter; and

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 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 573

"(3) the term 'percent change in the price index', as used with respect to a year, means the percentage derived by— "(A) reducing— "(i) the price index for the base quarter of such year, by (ii) the price index for the base quarter of the preceding year in which an adjustment under this subsection was made; "(B) dividing the difference under subparagraph (A) by the price index referred to in subparagraph (A)(ii); and "(C) multiplying the quotient under subparagraph (B) by 100. "0))(1) Except as provided in subsection (c), effective December 1 of any year in which an adjustment under this subsection is to be made, as determined under paragraph (2), each annuity payable from the Fund under this chapter (other than an annuity under section 8443) having a commencing date not later than such December 1 shall be adjusted as follows: "(A) If the percent change in the price index for the year does not exceed 3 percent, each annuity subject to adjustment under this subsection shall be increased by the lesser of— "(i) the percent change in the price index (rounded to the nearest one-tenth of 1 percent); or "(ii) 2 percent. "(B) If the percent change in the price index for the year exceeds 3 percent, each annuity subject to adjustment under this subsection shall be increased by the excess of— "(i) the percent change in the price index (rounded to the nearest one-tenth of 1 percent), over "(ii) 1 percent. "(2) An adjustment under this subsection shall be made in a year only if the price index for the base quarter of such year exceeds the price index for the base quarter of the preceding year in which an adjustment under this subsection was made. '(3) An annuity under this chapter shall not be subject to adjustment under section 8340. "(c) Eligibility for an annuity increase under this section is governed by the commencing date of each annuity payable from the Fund as of the effective date of an increase, except as follows: "(1) The first increase (if any) made under subsection (b) to an annuity which is payable from the Fund to an annuitant or survivor (other than a child under section 8443) whose annuity has not been increased under this subsection or subsection (b) shall be equal to the product (adjusted to the nearest one-tenth of 1 percent) of— "(A) one-twelfth of the applicable percent change computed under subsection (b), multiplied by "(B) the number of months (not to exceed 12 months, counting any portion of a month as a month)— "(i) for which the annuity was payable from the Fund before the effective date of the increase; or "(ii) in the case of a survivor of a deceased annuitant whose annuity has not been so increased, since the annuity was first payable to the deceased annuitant. "(2) Effective from its commencing date, an annuity payable from the Fund to an annuitant's survivor (other than a widow or widower whose annuity is computed under section 8442(g) or

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Page:United States Statutes at Large Volume 100 Part 1.djvu/610

 100 STAT. 574

Post, pp. 589,

PUBLIC LAW 99-335—JUNE 6, 1986

a child under section 8443) shall be increased by the total percentage by which the deceased annuitant's annuity had been increased under this section during the period beginning on the date the deceased annuitant's annuity commenced and ending on the date of the deceased annuitant's death. "(3)(A) An adjustment under subsection (b) for any year shall not be effective with respect to the annuity of an annuitant who is under 62 years of age as of the date on which such adjustment would otherwise first take effect. "(B)(i) Except as provided in clause (ii), this paragraph applies only with respect to an annuitant under section 8412, 8413, or 8414. "(ii) This paragraph does not apply with respect to an annuitant under subsection (d) or (e) of section 8412 or (in the case of an annuitant separated from service as a military reserve technician as a result of disability) under section 8414(c). "(4) The first increase (if any) made under subsection (b) to an annuity which is payable from the Fund to a widow or widower whose annuity is computed under section 8442(g) shall be equal to the product (adjusted to the nearest one-tenth of 1 percent) of— "(A) one-twelfth of the applicable percent change computed under subsection (b), multiplied by "(B) the number of months (not to exceed 12 months, counting any portion of a month as a month) since— "(i) the effective date of the adjustment last made under this section in the annuity of the annuitant on whose service on the widow's or widower's annuity is based; or "(ii) if the annuity of the annuitant (referred to in clause (i)) has not been increased under this section, the commencement date of such annuitant's annuity (determined subject to section 8452(a)(1)(B)). "(d) The monthly installment of an annuity after adjustment under this section shall be rounded to the next lowest dollar. However, the monthly installment shall, after adjustment, reflect an increase of at least $1. "(e) The $15,000 amount referred to in section 8442(b)(l)(A)(ii) shall be increased at the same time that, and by the same percent as the percentage by which, annuities under subchapter III of chapter 83 are increased.

591-593.

5 USC 8463.

"§ 8463. Rate of benefits "Each annuity payable from the Fund is stated as an annual amount, one-twelfth of which, rounded to the next lower dollar, constitutes the monthly rate payable on the first business day of the first month beginning after the month for which it has accrued.

5 USC 8464.

"§ 8464. Commencement and termination of annuities of employees and Members "(a)(1) Except as otherwise provided in this chapter— "(A) an annuity payable from the Fund commences on the first day of the month after— "(i) separation from the service, in the case of an employee or Member retiring under section 8412, or subsection (a) or (b)(1)(B) of section 8414; or

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 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 575

"(ii) pay ceases, and the applicable age and service requirements are met, in the case of an employee or Member retiring under section 8413; "(B) an annuity payable from the Fund commences on the day after separation from the service in the case of an employee retiring under subsection (b)(1)(A) or (c) of section 8414; and "(C) an annuity payable from the Fund commences on the day after separation from the service or the day after pay ceases and the requirements for title to an annuity are met in the case of an employee or Member retiring under section 8451. "(2) Notwithstanding paragraph (l)(A)(i), an annuity payable from the Fund commences on the day after separation from the service in the case of an employee or Member— "(A) who retires under section 8412; and "(B) whose separation occurs upon the expiration of a term (or other period) for which the individual was appointed or elected. "(b) Except as otherwise provided in this chapter, the annuity of an annuitant under subchapter II or V of this chapter terminates on the date death or other terminating event occurs. "§ 8465. Waiver, allotment, and assignment of benefits 5 USC 8465. "(a) An individual entitled to an annuity payable from the Fund may decline to accept all or any part of the amount of the annuity by a waiver signed and filed with the Office. The waiver may be revoked in writing at any time. Payment of the annuity waived may not be made for the period during which the waiver is in effect. "(b) An individual entitled to an annuity payable from the Fund may make allotments or assignments of amounts from the annuity for such purposes as the Office considers appropriate. "§ 8466. Application for benefits 5 USC 8466 "(a) No payment of benefits based on the service of an employee or Member shall be made from the Fund unless an application for payment of the benefits is received by the Office before the one hundred and fifteenth anniversary of the birth of the employee or Member. "(b) Notwithstanding subsection (a), after the death of an employee. Member, or annuitant, or former employee or Member, a benefit based on the service of such employee. Member, or annuitant, or former employee or Member, shall not be paid under subchapter II or IV of this chapter unless an application therefor is received by the Office within 30 years after the death or other event which establishes the entitlement to the benefit. "(c) Payment due a minor, or an individual mentally incompetent Children and or under other legal disability, may be made to the person who is youth. constituted guardian or other fiduciary by the law of the State of Disabled persons. residence of the claimant or is otherwise legally vested with the care of the claimant or his estate. If a guardian or other fiduciary of the individual under legal disability has not been appointed under the law of the State of residence of the claimant, payment may be made to any person who, in the judgment of the Office, is responsible for the care of the claimant, and the payment bars recovery by any other person. "§ 8467. Court orders 5 USC 8467. "(a) Payments under this chapter which would otherwise be made to an employee. Member, or annuitant (including an employee.

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Page:United States Statutes at Large Volume 100 Part 1.djvu/612

 100 STAT. 576

PUBLIC LAW 99-335—JUNE 6, 1986 Member, or annuitant as defined under section 8331) beised on the service of that individual shall be paid (in whole or in part) by the Office or the Executive Director (as the case may be), to another person if and to the extent that the terms of any court decree of divorce, annulment, or legal separation, or the terms of any court order or court-approved property settlement agreement incident to any court decree of divorce, annulment, or legal separation expressly provide. Any payment under this subsection to a person bars recovery by any other person. "(b) Subsection (a) shall apply only to payments made by the Office or the Executive Director under this chapter after the date on which the Office or the Executive Director (as the case may be) receives written notice of such decree, order, or agreement, and such additional information and documentation as the Office or the Executive Director may require.

5 USC 8468.

5 USC 8469. contracts.

"§ 8468. Annuities and pay on reemployment "(a) If an annuitant becomes employed in an appointive or elective position in the Government, payment of any annuity under subchapter II or V of this chapter to the annuitant terminates effective on the date of the employment. The annuitant's service on and after the date the annuitant becomes so employed is covered by this chapter unless such service is performed as a justice or judge of the United States (as defined by section 451 of title 28) or as an employee subject to another retirement system for Government employees. Upon termination of the employment, the rights of the annuitant under subchapter II or V of this chapter (as the case may be) shall be redetermined. If the annuitant dies while still so employed, a survivor annuity payable with respect to the deceased annuitant shall be redetermined as if the employment had otherwise terminated on the date of death. "(b) The amount of an annuity resulting from a redetermination of rights under this chapter pursuant to subsection (a) shall not be less than the amount of the terminated annuity plus any increases which (but for the reemployment) would have been payable under section 8462 after the termination of the annuity and before the commencement of the redetermined annuity. "(c) The redetermined annuity commences on the first day of the month after termination of employment. "§ 8469. Withholding of State income taxes "(a) The Office shall, in accordance with this section, enter into an agreement with any State within 120 days of a request for agreement from the proper State official. The agreement shall provide that the Office shall withhold State income tax in the case of the monthly annuity of any annuitant who voluntarily requests, in writing, such withholding. The amounts withheld during any calendar quarter shall be held in the Fund and disbursed to the States during the month following that calendar quarter. "(b) An annuitant may have in effect at any time only one request for withholding under this section, and an annuitant may not have more than two such requests in effect during any one calendar year. "(c) Subject to subsection (b), an annuitant may change the State designated by that annuitant for purposes of having withholdings made, and may request that the withholdings be remitted in accordance with such change. An annuitant also may revoke any request of that annuitant for withholding. Any change in the State des-

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 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 577

ignated or revocation is effective on the first day of the month after the month in which the request or the revocation is processed by the Office, but in no event later than on the first day of the second month beginning after the day on which such request or revocation is received by the Office. "(d) This section does not give the consent of the United States to the application of a statute which imposes more burdensome requirements on the United States than on employers generally, or which subjects the United States or any annuitant to a penalty or liability because of this section. The Office may not accept pay from a State for services performed in withholding State income taxes from annuities. Any amount erroneously withheld from an annuity and paid to a State by the Office shall be repaid by the State in accordance with regulations issued by the Office. "(e) For the purpose of this section— "(1) the term 'State' means a State, the District of Columbia, or any territory or possession of the United States; and "(2) the term 'annuitant' includes a survivor who is receiving an annuity from the Fund. "§ 8470. Exemption from legal process; recovery of payments 5 USC 8470. "(a) An amount payable under subchapter II, IV, or V of this chapter is not assignable, either in law or equity, except under the provisions of section 8465 or 8467, or subject to execution, levy, attachment, garnishment or other legal process, except as otherwise may be provided by Federal laws. "(b) Recovery of payments under subchapter II, IV, or V of this chapter may not be made from an individual when, in the judgment of the Office, the individual is without fault and recovery would be against equity and good conscience. Withholding or recovery of money paid under subchapter II, IV, or V of this chapter on account of a certification or payment made by a former employee of the United States in the discharge of his official duties may be made only if the head of the agency on behalf of which the certification or payment was made certifies to the Office that the certification or payment involved fraud on the part of the former employee. "SUBCHAPTER VII—FEDERAL RETIREMENT THRIFT INVESTMENT MANAGEMENT SYSTEM "§ 8471. Definitions 5 USC 8471. "For the purposes of this subchapter— "(1) the term 'beneficiary' means an individual (other than a participant) entitled to payment from the Thrift Savings Fund under subchapter III of this chapter; "(2) the term 'Council' means the Employee Thrift Advisory Council established under section 8473 of this title; "(3) the term 'participant' means an individual for whom an account has been established under section 8439 of this title; "(4) the term 'person' means an individual, partnership, joint venture, corporation, mutual company, joint-stock company, trust, estate, unincorporated organization, association, or labor organization; and "(5) the term 'Thrift Savings Fund' means the Thrift Savings Fund established under section 8437 of this title.

71-194 0 - 8 9 - 2 1

 * (X 3 Parti

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Page:U.S. Department of the Interior Annual Report 1880.djvu/44

 debt. When the junction of the lines of this company from Goshen is effected with those of the Atchison, Topeka and Santa Fé Company in New Mexico, the diverted traffic will doubtless considerably reduce the amount to be applied on the debt due the government by both the Union and the Central Pacific Eailroad Companies.

The company is making many important improvements in their property—new car-shops and other buildings at Ogden; new passenger and freight depots at Sacramento; extensive renewals in the snow galleries; and a costly permanent embankment for a wharf and tracks at Oakland, instead of the present pile and trestle work.

This company also leases and operates 550 miles of the Southern Pacific Eailroad.

Under the sinking-fund act of May 7, 1878, the “25 per cent. of net earnings” found due the United States by this company to December 31, 1879, amounted to $899,563.92.

The following statements are taken from reports furnished by the company:


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Page:United States Statutes at Large Volume 100 Part 1.djvu/614

 100 STAT. 578 5 USC 8472.

PUBLIC LAW 99-335—JUNE 6, 1986 "§ 8472. Federal Retirement Thrift Investment Board "(a) There is established in the Executive branch of the Government a Federal Retirement Thrift Investment Board. "(b) The Board shall be composed of— "(1) 3 members appointed by the President, of whom 1 shall be designated by the President as Chairman; and "(2) 2 members appointed by the President, of whom— "(A) 1 shall be appointed by the President after taking into consideration the recommendation made by the Speaker of the House of Representatives in consultation with the minority leader of the House of Representatives; and "(B) 1 shall be appointed by the President after taking into consideration the recommendation made by the majority leader of the Senate in consultation with the minority leader of the Senate. "(c) Except as provided in section 311 of the Federal Employees' Retirement System Act of 1986, appointments under subsection (a) shall be made by and with the advice and consent of the Senate. "(d) Members of the Board shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans. "(e)(1) Except as provided in section 311 of the Federal Employees' Retirement System Act of 1986, a member of the Board shall be appointed for a term of 4 years, except that of the members first appointed (other than the members appointed under such section)— "(A) the Chairman shall be appointed for a term of 4 years; "(B) the members appointed under subsection (b)(2) shall be appointed for terms of 3 years; and "(C) the remaining members shall be appointed for terms of 2 years. "(2)(A) A vacancy on the Board shall be filled in the manner in which the original appointment was made and shall be subject to any conditions which applied with respect to the original appointment, "(B) An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced. "(3) The term of any member shall not expire before the date on which the member's successor takes office. "(f) The Board shall— "(1) establish policies for— "(A) the investment and management of the Thrift Savings Fund; and "(B) the administration of subchapter III of this chapter; "(2) review the performance of investments made for the Thrift Savings Fund; and "(3) review and approve the budget of the Board. "(g)(1) The Board may— "(A) adopt, alter, and use a seal; "(B) except as provided in paragraph (2), direct the Executive Director to take such action as the Board considers appropriate to carry out the provisions of this subchapter and subchapter III of this chapter and the policies of the Board; "(C) upon the concurring votes of four members, remove the Executive Director from office for good cause shown; and

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Page:United States Statutes at Large Volume 100 Part 1.djvu/615

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 579

"(D) take such other actions as may be necessary to carry out the functions of the Board. "(2) Except in the case of investments required by section 8438 of this title to be invested in securities of the Government, the Board may not direct the Executive Director to invest or to cause to be invested any sums in the Thrift Savings Fund in a specific asset or to dispose of or cause to be disposed of any specific asset of such Fund. "(h) The members of the Board shall discharge their responsibilities solely in the interest of participants and beneficiaries under this subchapter and subchapter III of this chapter. "§ 8473. Employee Thrift Advisory Council "(a) The Board shall establish an Employee Thrift Advisory Council. The Council shall be composed of 14 members appointed by the Chairman of the Board in accordance with subsection (b). "(b) The Chairman shall appoint 14 members of the Council, of whom— "(1) 4 shall be appointed to represent the respective labor organizations representing (as exclusive representatives) the first, second, third, and fourth largest numbers of individuals subject to chapter 71 of this title; "(2) 2 shall be appointed to represent the respective labor organizations which have been accorded exclusive recognition under section 1203(a) of title 39 representing the largest and second largest numbers of individuals employed by the United States Postal Service; "(3) 1 shall be appointed to represent the labor organization which has been accorded exclusive recognition under section 1203(a) of title 39 representing the largest number of individuals employed by the United States Postal Service as rural letter carriers; "(4) 2 shall be appointed to represent the respective managerial organizations (other than an organization described in paragraph (5)) which consult with the United States Postal Service under section 1004(b) of title 39 and which represent the largest and second largest numbers of individuals employed by the United States Postal Service as managerial personnel; "(5) 1 shall be appointed to represent the supervisors' organization as defined in section 1004(h) of title 39; "(6) 1 shall be appointed to represent employee organizations having as a purpose promoting the interests of women in Government service; "(7) 1 shall be appointed to represent the organization representing the largest number of individuals receiving annuities under this chapter or chapter 83 of this title; "(8) 1 shall be appointed to represent the organization representing the largest number of individuals subject to the Performance Management and Recognition System under chapter 54 of this title; and "(9) 1 shall be appointed to represent the organization representing the largest number of members of the Senior Executive Service. "(c)(1) The Chairman of the Board shall designate 1 member of the Council to serve as head of the Council. "(2) A member of the Council shall be appointed for a term of 4 years.

5 USC 8473

5 USC 7101 et seq.

5 USC 8301 et seq. 5 USC 5401 et rep-

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Page:United States Statutes at Large Volume 100 Part 1.djvu/616

 100 STAT. 580

5 USC app. 5 USC 8474

contracts.

Regulations.

5 USC 3109.

PUBLIC LAW 99-335—JUNE 6, 1986

"(3)(A) A vacancy in the Council shall be filled in the manner in which the original appointment was made and shall be subject to any conditions which applied with respect to the original appointment "(B) An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member replaced. "(C) The term of any member shall not expire before the date on which the member's successor takes office. "(d) The Council shall act by resolution of a majority of the members. "(e) The Council shall— "(1) advise the Board and the Executive Director on matters relating to— "(A) investment policies for the Thrift Savings Fund; and "(B) the administration of this subchapter and subchapter III of this chapter; and "(2) perform such other duties as the Board may direct with respect to investment funds established in accordance with subchapter III of this chapter. "(f) Section 14(a)(2) of the Federal Advisory Committee Act shall not apply to the Council. "§ 8474. Executive Director "(a)(1) The Board shall appoint, without regard to the provisions of law governing appointments in the competitive service, an Executive Director by action agreed to by a majority of the members of the Board. "(2) The Executive Director shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans. "(b) The Executive Director shall— "(1) carry out the policies established by the Board; "(2) invest and manage the Thrift Savings Fund in accordance with the investment policies and other policies established by the Board; "(3) purchase annuity contracts and provide for the payment of other benefits under subchapter III of this chapter; "(4) administer the provisions of this subchapter and subchapter III of this chapter; "(5) prescribe such regulations (other than regulations relating to fiduciary responsibilities) as may be necessary for the administration of this subchapter and subchapter III of this chapter; and "(6) meet from time to time with the Council upon request of the Council. "(c) The Executive Director may— "(1) prescribe such regulations as may be necessary to carry out the responsibilities of the Executive Director under this section, other than regulations relating to fiduciary responsibilities; "(2) appoint such personnel as may be necessary to carry out the provisions of this subchapter and subchapter III of this chapter; "(3) subject to approval by the Board, procure the services of experts and consultants under section 3109 of this title; "(4) secure directly from an Executive agency, the United States Postal Service, or the Postal Rate Commission any

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Page:United States Statutes at Large Volume 100 Part 1.djvu/617

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 581

information necessary to carry out the provisions of this subchapter or subchapter III of this chapter and policies of the Board; "(5) make such payments out of sums in the Thrift Savings Fund as the Executive Director determines are necessary to carry out the provisions of this subchapter and subchapter III of this chapter and the policies of the Board; "(6) pay the compensation, per diem, and travel expenses of individuals appointed under paragraphs (2), (3), and (7) of this subsection from the Thrift Savings Fund; "(7) accept and use the services of individuals employed intermittently in the Government service and reimburse such individuals for travel expenses, as authorized by section 5703 of this title, including per diem as authorized by section 5702 of this title; "(8) except as otherwise expressly prohibited by law or the policies of the Board, delegate any of the Executive Director's functions to such employees under the Board as the Executive Director may designate and authorize such successive redelegations of such functions to such employees under the Board as the Executive Director may consider to be necessary or appropriate; and "(9) take such other actions as are appropriate to carry out the functions of the Executive Director. "§ 8475. Investment policies "The Board shall develop investment policies under section 8472(f)(1) of this title which provide for— "(1) prudent investments suitable for accumulating funds for payment of retirement income; and "(2) low administrative costs.

5 USC 5703. 5 USC 5702.

5 USC 8475.

"§ 8476. Administrative provisions 5 USC 8476. "(a) The Board shall meet— "(1) not less than once during each month; and "(2) at additional times at the call of the Chairman. "(b)(1) Except as provided in sections 8472(g)(1)(C) and 8474(a)(1) of this title, the Board shall perform the functions and exercise the powers of the Board on a majority vote of a quorum of the Board. "(2) A vacancy on the Board shall not impair the authority of a quorum of the Board to perform the functions and exercise the powers of the Board. "(c) Three members of the Board shall constitute a quorum for the transaction of business. "(d)(1) Each member of the Board who is not an officer or employee of the Federal Government shall be compensated at the daily rate of basic pay for grade GS-18 of the General Schedule for each 5 USC 5332. day during which such member is engaged in performing a function of the Board. "(2) A member of the Board shall be paid travel, per diem, and other necessary expenses under subchapter I of chapter 57 of this title while traveling away from such member's home or regular 5 USC 5701. place of business in the performance of the duties of the Board. "(3) Payments authorized under this subsection shall be paid from the Thrift Savings Fund.

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Page:United States Statutes at Large Volume 100 Part 1.djvu/618

 100 STAT. 582

PUBLIC LAW 99-335—JUNE 6, 1986

"(e) The accrued annual leave of any employee who is a member of the Board or the Council shall not be charged for any time used in performing services for the Board or the Council. 5 USC 8477.

15 USC 78f.

"§ 8477. Fiduciary responsibilities; liability and penalties "(a) For the purposes of this section— "(1) the term 'account' is not limited by the definition provided in section 8401(1); "(2) the term 'adequate consideration' means— "(A) in the case of a security for which there is a generally recognized market— "(i) the price of the security prevailing on a national securities exchange which is registered under section 6 of the Securities Exchange Act of 1934; or "(ii) if the security is not traded on such a national securities exchange, a price not less favorable to the Thrift Savings Fund than the offering price for the security as established by the current bid and asked prices quoted by persons independent of the issuer and of any party in interest; and "(B) in the case of an asset other than a security for which there is a generally recognized market, the fair market value of the asset as determined in good faith by a fiduciary or fiduciaries in accordance with regulations prescribed by the Secretary of Labor; "(3) the term 'fiduciary' means— "(A) a member of the Board; "(B) the Executive Director; "(C) any person who has or exercises discretionary authority or discretionary control over the management or disposition of the assets of the Thrift Savings Fund; and ' (D) any person who, with respect to the Thrift Savings Fund, is described in section 3(21)(A) of the Employee Retirement Income Security Act of 1974 (29 U.S.C 1002(21)(A)); and "(4) the term 'party in interest' includes— "(A) any fiduciary; "(B) any counsel to a person who is a fiduciary, with respect to the actions of such person as a fiduciary; '(C) any participant; "(D) any person providing services to the Board and, with respect to the actions of the Executive Director as a fiduciary any person providing services to the Executive Director; "(E) a labor organization, the members of which are participants; "(F) a spouse, sibling, ancestor, lineal descendant, or spouse of a lineal descendant of a person described in subparagraph (A), (B), or (D); "(G) a corporation, partnership, or trust or estate of which, or in which, at least 50 percent of— "(i) the combined voting power of all classes of stock entitled to vote or the total value of shares of all classes of stock of such corporation; "(ii) the capital interest or profits interest of such partnership; or "(iii) the beneficial interest of such trust or estate.

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Page:United States Statutes at Large Volume 100 Part 1.djvu/619

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 583

is owned directly or indirectly, or held by a person described in subparagraph (A), (B), (D), or (E); "(H) an official (including a director) of, or an individual employed by, a person described in subparagraph (A), (B), (D), (E), or (G), or an individual having powers or responsibilities similar to those of such an official; "(I) a holder (directly or indirectly) of at least 10 percent of the shares in a person described in any subparagraph referred to in subparagraph (H); and "(J) a person who, directly or indirectly, is at least a 10 percent partner or joint venturer (measured in capital or profits) in a person described in any subparagraph referred to in subparagraph (H). "(b)(l) To the extent not inconsistent with the provisions of this chapter and the policies prescribed by the Board, a fiduciary shall discharge his responsibilities with respect to the Thrift Savings Fund or applicable portion thereof solely in the interest of the participants and beneficiaries and— (A) for the exclusive purpose of^ "(i) providing benefits to participants and their beneficiaries; and "(ii) defraying reasonable expenses of administering the Thrift Savings Fund or applicable portions thereof; "(B) with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent individual acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like objectives; and "(C) to the extent permitted by section 8438 of this title, by diversifying the investments of the Thrift Savings Fund or applicable portions thereof so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. "(2) No fiduciary may maintain the indicia of ownership of any assets of the Thrift Savings Fund outside the jurisdiction of the district courts of the United States. "(c)(1) A fiduciary shall not permit the Thrift Savings Fund to engage in any of the following transactions, except in exchange for adequate consideration: "(A) A transfer of any assets of the Thrift Savings Fund to any person the fiduciary knows or should know to be a party in interest or the use of such assets by any such person. "(B) An acquisition of any property from or sale of any property to the Thrift Savings Fund by any person the fiduciary knows or should know to be a party in interest. "(C) A transfer or exchange of services between the Thrift Savings Fund and any person the fiduciary knows or should know to be a party in interest. "(2) Notwithstanding paragraph (1), a fiduciary with respect to the Thrift Savings Fund shall not— "(A) deal with any assets of the Thrift Savings Fund in his own interest or for his own account; "(B) act, in an individual capacity or any other capacity, in any transaction involving the Thrift Savings Fund on behalf of a party, or representing a party, whose interests are adverse to the interests of the Thrift Savings Fund or the interests of its participants or beneficiaries; or

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Page:United States Statutes at Large Volume 100 Part 1.djvu/620

 100 STAT. 584

Law enforcement and ^^^^^26 USC 4975.

PUBLIC LAW 99-335—JUNE 6, 1986

"(C) receive any consideration for his own personal account from any party dealing with sums credited to the Thrift Savings Fund in connection with a transaction involving Eissets of the Thrift Savings Fund. "(3)(A) The Secretary of Labor may, in accordance with procedures which the Secretary shall by regulation prescribe, grant a conditional or unconditional exemption of any fiduciary or transaction, or class of fiduciaries or transactions, from all or part of the restrictions imposed by paragraph (2). "(B) An exemption granted under this paragraph shall not relieve a fiduciary from any other applicable provision of this chapter. "(C) The Secretary of Labor may not grant an exemption under this paragraph unless he finds that such exemption is— "(i) administratively feasible; "(ii) in the interests of the Thrift Savings Fund and of its participants and beneficiaries; and "(iii) protective of the rights of participants and beneficiaries of such Fund. "(D) An exemption under this paragraph may not be granted unless— "(i) notice of the proposed exemption is published in the Federal Register; "(ii) interested persons are given an opportunity to present views; and "(iii) the Secretary of Labor affords an opportunity for a hearing and makes a determination on the record with respect to the respective requirements of clauses (i), (ii), and (iii) of subparagraph (C). "(d) This section does not prohibit any fiduciary from— "(1) receiving any benefit which the fiduciary is entitled to receive under this subchapter or subchapter III of this chapter as a participant or beneficiary; "(2) receiving any reasonable compensation authorized by this subchapter for services rendered, or for reimbursement of expenses properly and actually incurred, in the performance of the fiduciary s duties under this chapter; or "(3) serving as a fiduciary in addition to being an officer, employee, agent, or other representative of a party in interest. "(e)(1)(A) Any fiduciary that breaches the responsibilities, duties, and obligations set out in subsection (b) or violates subsection (c) shall be personally liable to the Thrift Savings Fund for any losses to such Fund resulting from each such breach or violation and to restore to such Fund any profits made by the fiduciary through use of assets of such Fund by the fiduciary, and shall be subject to such other equitable or remedial relief as a court considers appropriate. A fiduciary may be removed for a breach referred to in the preceding sentence. "(B) The Secretary of Labor may assess a civil penalty against a party in interest with respect to each transaction which is engaged in by the party in interest and is prohibited by subsection (c). The amount of such penalty shall be equal to 5 percent of the amount involved in each such transaction (as defined in section 4975(f)(4) of the Internal Revenue Code of 1954) for each year or part thereof during which the prohibited transaction continues, except that, if the transaction is not corrected (in such manner as the Secretary of Labor shall prescribe by regulation consistent with section 4975(f)(5) of such Code) within 90 days after the date the Secretary of Labor

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Page:U.S. Department of the Interior Annual Report 1880.djvu/45

Rh For year ending Jane 30, 1880:

Since the Auditor's last report, important changes have occurred in the affairs of the company owning this road. The engineer reports its property in good condition, with large additions to the equipment during the year. This road, with the leased lines controlled by it, is now operated by the Missouri Pacific Railway Company.

From reports made, the following statements are derived:

The Kansas Pacific Railway Company was consolidated with the Union Pacific Railroad Company, January 26,1880. This report is therefore for the seven months ending January 30, 1880:


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Page:United States Statutes at Large Volume 100 Part 1.djvu/621

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 585

transmits notice to the party in interest (or such longer period as the Secretary of Labor may permit), such penalty may be in an amount not more than 100 percent of the amount involved. "(C) A fiduciary shall not be liable under subparagraph (A) with respect to a breach of fiduciary duty under subsection (b) committed before becoming a fiduciary or after ceasing to be a fiduciary. "(D) A fiduciary shall be jointly and severally liable under subparagraph (A) for a breach of fiduciary duty under subsection 0)) by another fiduciary if— "(i) the fiduciary participates knowingly in, or knowingly undertakes to conceal, an act or omission of such other fiduciary, knowing such act or omission is such a breach; "(ii) by the fiduciary's failure to comply with subsection (b) in the administration of the fiduciary's specific responsibilities which give rise to the fiduciary status, the fiduciary has enabled such other fiduciary to commit such a breach; or "(iii) the fiduciary has knowledge of a breach by such other fiduciary, unless the fiduciary makes reasonable efforts under the circumstances to remedy the breach. "(E) The Secretary of Labor shall prescribe, in regulations, proce- Regulations. dures for allocating fiduciary responsibilities among fiduciaries, including investment managers. Any fiduciary who, pursuant to such procedures, allocates to a person or persons any fiduciary responsibility shall not be liable for an act or omission of such person or persons unless— "(i) such fiduciary violated subsection (b) with respect to the allocation, with respect to the implementation of the procedures prescribed by the Board, or in continuing such allocation; or "(ii) such fiduciary would otherwise be liable in accordance with subparagraph (D). "(2) A civil action may be brought in the district courts of the Courts, U.S. United States— "(A) by the Secretary of Labor— "(i) to determine and enforce a liability under paragraph (1)(A); "(ii) to collect any civil penalty under paragraph (1)(B); or "(iii) to enjoin any act or practice which violates subsection (g)(2) or (h) of section 8472 of this title; "(B) by the Secretary of Labor, any participant, beneficiary, or fiduciary— "(i) to enjoin any act or practice which violates any provision of subsection (b) or (c); or "(ii) to obtain any other appropriate equitable relief to redress a violation of any such provision; or "(C) by any participant or beneficiary to recover benefits due to him or her under the provisions of subchapter III of this chapter, to enforce his or her rights under such provisions, or to clarify his or her rights to future benefits under such provisions. "(3) An action may not be commenced under paragraph (2) with respect to a fiduciary's breach of any responsibility, duty, or obligation under subsection (b) or a violation of subsection (c) after the earlier of— "(A) 6 years after (i) the date of the last action which constituted a part of the breach or violation, or (ii) in the case of an omission, the latest date on which the fiduciary could have cured the breach or violation; or

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Page:United States Statutes at Large Volume 100 Part 1.djvu/622

 100 STAT. 586

Courts, U.S.

5 USC 8478.

PUBLIC LAW 99-335—JUNE 6, 1986

"(B) 3 years after the earliest date on which the plaintiff had actual knowledge of the breach or violation, except that, in the case of fraud or concealment, such action may be commenced not later than 6 years after the date of discovery of such breach or violation. "(4)(A) The district courts of the United States shall have exclusive jurisdiction of civil actions under this subsection. "(B) An action under this subsection may be brought in the District Court of the United States for the District of Columbia or a district court of the United States in the district where the breach alleged in the complaint or petition filed in the action took place or in the district where a defendant resides or may be found. Process may be served in any other district where a defendant resides or may be found. "(5)(A) A copy of the complaint or petition filed in any action brought under this subsection (other than by the Secretary of Labor) shall be served on the Executive Director, the Secretary of Labor, and the Secretary of the Treasury by certified mail. "(B) Any officer referred to in subparagraph (A) of this paragraph shall have the right in his discretion to intervene in any action. If the Secretary of Labor brings an action under paragraph (2) of this subsection on behalf of a participant or beneficiary, he shall notify the Executive Director and the Secretary of the Treasury. "(f) The Secretary of Labor may prescribe regulations to carry out this section. "(g)(1) The Secretary of Labor shall establish a program to carry out audits to determine the level of compliance with the requirements of this section relating to fiduciary responsibilities and prohibited activities of fiduciaries. "(2) An audit under this subsection may be conducted by the Secretary of Labor, by contract with a qualified non-governmental organization, or in cooperation with the Comptroller General of the United States, as the Secretary considers appropriate. "§ 8478. Bonding "(a)(1) Except as provided in paragraph (2), each fiduciary (other than a member of the Employee Thrift Advisory Council with respect to his duties as a member) and each person who handles funds or property of the Thrift Savings Fund shall be bonded as provided in this section. "(2)(A) Bond shall not be required of a fiduciary (or of any officer or employee of such fiduciary) if such fiduciary— "(i) is a corporation organized and doing business under the laws of the United States or of any State; "(ii) is authorized under such laws to exercise trust powers or to conduct an insurance business; "(iii) is subject to supervision or examination by Federal or State authority; and "(iv) has at all times a combined capital and surplus in excess of such minimum amount (not less than $1,000,000) as the Secretary of Labor prescribes in regulations. "(B) If— "(i) a bank or other financial institution would, but for this subparagraph, not be required to be bonded under this section by reason of the application of the exception provided in subparagraph (A),

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Page:United States Statutes at Large Volume 100 Part 1.djvu/623

 PUBLIC LAW 99-335—JUNE 6, 1986

100 STAT. 587

"(ii) the bank or financial institution is authorized to exercise trust powers, and "(iii) the deposits of the bank or financial institution are not insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, such exception shall apply to such bank or financial institution only if the bank or institution meets bonding requirements under State law which the Secretary of Labor determines are at least equivalent to those imposed on banks by Federal law. "(b)(1) The Secretary of Labor shall prescribe the amount of a bond under this section at the beginning of each fiscal year. Except as otherwise provided in this paragraph, such amount shall not be less than 10 percent of the amount of funds handled. In no case shall such bond be less than $1,000 nor more than $500,000, except that the Secretary of Labor, after due notice and opportunity for hearing to all interested parties, and other consideration of the record, may prescribe an amount in excess of $500,000. "(2) For the purpose of prescribing the amount of a bond under paragraph (1), the amount of funds handled shall be determined by reference to the amount of the funds handled by the person, group, or class to be covered by such bond or by their predecessor or predecessors, if any, during the preceding fiscal year, or to the amount of funds to be handled during the current fiscal year by such person, group, or class, estimated as provided in regulations prescribed by the Secretary of Labor. "(c) A bond required by subsection (a)— "(1) shall include such terms and conditions as the Secretary of Labor considers necessary to protect the Thrift Savings Fund against loss by reason of acts of fraud or dishonesty on the part of the bonded person directly or through connivance with others; "(2) shall have as surety thereon a corporate surety company which is an acceptable surety on Federal bonds under authority granted by the Secretary of the Treasury pursuant to sections 6 through 13 of title 6; and "(3) shall be in a form or of a type approved by the Secretary of Labor, including individual bonds or schedule or blanket forms of bonds which cover a group or class. "(d)(1) It shall be unlawful for any person to whom subsection (a) Law enforcement applies, to receive, handle, disburse, or otherwise exercise custody or crime.and control of any of the funds or other property of the Thrift Savings Fund without being bonded as required by this section. "(2) It shall be unlawful for any fiduciary, or any other person having authority to direct the performance of functions described in paragraph (1), to permit any such function to be performed by any person to whom subsection (a) applies unless such person has met the requirements of such subsection. "(e) Notwithstanding any other provision of law, any person who is required to be bonded as provided in subsection (a) shall be exempt from any other provision of law which would, but for this subsection, require such person to be bonded for the handling of the funds or other property of the Thrift Savings Fund. "(f) The Secretary of Labor shall prescribe such regulations as Regulations may be necessary to carry out the provisions of this section, including exempting a person or class of persons from the requirements of this section.

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