22 U.S.C. § 4065 — Voluntary contribution account

Page 1506 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 4065 1 See Amendment of Section note below. eral of the Department [of State] may waive the provi- sions of subsections (a) through (d) of section 824 of the Foreign Service Act of 1980 (22 U.S.C. 4064), on a case- by-case basis, for an annuitant reemployed by the In- spector General on a temporary basis, subject to the same constraints and in the same manner by which the Secretary of State may exercise such waiver authority pursuant to subsection (g) of such section.’’ EXTENSION OF AUTHORITY Extensions of the waiver authority of the Secretary of State under former subsec. (g)(2) of this section (see 2016 Amendment note above) were contained in the fol- lowing acts: Pub. L. 114–113, div. K, title VII, § 7034(k)(4), Dec. 18, 2015, 129 Stat. 2764. Pub. L. 113–235, div. J, title VII, § 7034(l)(4), Dec. 16, 2014, 128 Stat. 2625. Pub. L. 113–76, div. K, title VII, § 7034(m)(4), Jan. 17, 2014, 128 Stat. 515. Pub. L. 112–74, div. I, title VII, § 7034(m)(4), Dec. 23, 2011, 125 Stat. 1216. § 4065. Voluntary contribution account (a) Composition; election and return 1 The voluntary contribution account shall be the sum of unrefunded amounts voluntarily con- tributed prior to February 15, 1981, by any par- ticipant or former participant under any prior law authorizing such contributions to the Fund, plus interest compounded at the rate of 3 per- cent per year to the date of separation from the Service or (in case of participant or former par- ticipant separated with entitlement to a de- ferred annuity) to the date the voluntary con- tribution account is claimed, the commencing date fixed for the deferred annuity, or the date of death, whichever is earlier. Effective on the date the participant becomes eligible for an an- nuity or a deferred annuity and at the election of the participant, his or her account shall be— (1) returned in a lump sum; (2) used to purchase an additional life annu- ity; (3) used to purchase an additional life annu- ity for the participant and to provide for a cash payment on his or her death to a bene- ficiary whose name shall be notified in writing to the Secretary of State by the participant; or (4) used to purchase an additional life annu- ity for the participant and a life annuity com- mencing on his or her death payable to a bene- ficiary whose name shall be notified in writing to the Secretary of State by the participant, with a guaranteed return to the beneficiary or his or her legal representative of an amount equal to the cash payment referred to in para- graph (3). (b) Computation of benefits The benefits provided by subsection (a)(2), (3), or (4) shall be actuarially equivalent in value to the payment provided for by subsection (a)(1) and shall be calculated upon such tables of mor- tality as may be from time to time prescribed for this purpose by the Secretary of the Treas- ury. (c) Lump-sum payment; time; order of prece- dence A voluntary contribution account shall be paid in a lump sum following receipt of an appli- cation therefor from a present or former partici- pant if application is filed prior to payment of any additional annuity. If not sooner paid, the account shall be paid at such time as the partic- ipant separates from the Service for any reason without entitlement to an annuity or a deferred annuity or at such time as a former participant dies or withdraws compulsory contributions to the Fund. In case of death, the account shall be paid in the order of precedence specified in sec- tion 4055(f) of this title. (Pub. L. 96–465, title I, § 825, Oct. 17, 1980, 94 Stat. 2122.) AMENDMENT OF SECTION Ex. Ord. No. 12446, § 1(a), (c), Oct. 17, 1983, 48 F.R. 48443, set out as a note under section 4067 of this title, provided that the first sentence of subsection (a) of this section, applicable (i) to contributions for civilian service performed on or after the first day of Nov. 1983, (ii) to con- tributions for prior refunds to participants for which application is received by the employing agency on and after such first day of Nov. 1983, and (iii) to excess contributions under section 4055(h) of this title and voluntary contributions under section 4065(a) of this title from the first day of Nov. 1983, is deemed to be amended to provide that interest shall be compounded at the annual rate of 3 percent per annum through December 31, 1984, and thereafter at a rate equal to the overall average yield to the Fund during the preceding fiscal year from all obliga- tions purchased by the Secretary of the Treas- ury during such fiscal year under section 4059 of this title, as determined by the Secretary of the Treasury. Editorial Notes CODIFICATION In subsec. (a), ‘‘February 15, 1981’’ substituted for ‘‘the effective date of this Act’’ pursuant to section 2403 of Pub. L. 96–465, set out as an Effective Date note under section 3901 of this title. § 4066. Cost-of-living adjustment of annuities (a) Effective date A cost-of-living annuity increase shall become effective under this section on the effective date of each such increase under section 8340(b) of title 5. Each such increase shall be applied to each annuity payable from the Fund under this part which has a commencing date not later than the effective date of the increase. (b) Applicability of increases under other provi- sions of law Each annuity increase under this section shall be identical to the corresponding percentage in- crease under section 8340(b) of title 5. (c) Eligibility for increases Eligibility for an annuity increase under this section shall be governed by the commencing date of each annuity payable from the Fund under this part as of the effective date of an in- crease except as follows: (1) The first increase (if any) made under this section to an annuity which is payable from the Fund to a participant or to the sur-