SE VENT Y-FIR ST C ONGRESS . SESS . III . CH. 375 . 1931 . DEDUCTIONS SEC. 9. Beginning July 1, 1931, there shall be deducted and with- held from the basic salary, pay, or compensation of each employee to whom this Act applies a sum equal to 5 per centum of such employee's basic salary, pay, or compensation . The amounts so deducted and withheld from the basic salary, pay, or compensation of each em ployee shall be deposited with the Treasurer of the United States to the credit of a special fund to be known as the Canal Zone retirement and disability fund, in accordance with the procedure now or hereafter prescribed for covering into the United States Treasury the deductions from salaries under the Civil Serv- ice Retirement Act of May 22, 1920, as amended, and said fund is hereby appropriated for the payment of the annuities, refunds, and allowances as provided in this Act . The Commissioner of Pensions is hereby authorized and directed to ascertain the amount, including accrued interest, due employees of the Panama Canal coming within the purview of this Act from the civil service retirement and disability fund created by the Act of May 22, 1920, and to certify same to the Secretary of the Treasury, who is hereby authorized and directed to transfer such amount on the books of the Treasury Department to the Canal Zone retirement and disabil ity fund . The board of directors of th e Panama Railroad Company shal l cause to be transferred to the Secretary of the Treasury, for credit to the Canal Zone retirement and disability fund, the gross assets in the Panama Railroad pension fund at the close of business on Jun e 30, 19 31, apply ing to e mployees include d within the prov isions of this Act, subject to the assumption of the liabilities of that fund as of the close of business on June 30, 1931, by the Canal Zone ret irement and disab ility fu nd . Every employee coming within the provisions of this Act shall be deemed to consent and agree to the de ductions from salary, pay, or compensation as provided herein, and payment less such deductions shall be a full and complete discharge and acquittance of all cla ims and demands whatsoever for all regular services rendered by such employee during the period covered by such payment, except the right to the benefits to which he shall be entitled under the provisions of this Act, notwithstanding the provisions of any other law, rule, or regulation affecting the salary, pay, or compensation of any person or persons to whom this Act applies . INVESTMENTS AND ACCOUNTS SEC . 10. The Secretary of the Treasury shall invest from time to time in interest-bearing securities of the United States or in Federal farm-loan bonds such portions of the Canal Zone retirement and disability fund as in his judgment may not be immediately required for the payment of the annuities, refunds, and allowances herein authorized, and the incomes derived from such investments shall constitute a part of such fund . RETURN OF AMOUNTS DED UCTED FROM S ALARIE S SEC . 11 . (a) Under such regulations as may be prescribed by the Civil Service Commission the amounts deducted and withheld from the basic salary, pay, or compensation of each employee for credit to the civil-service retirement and disability fund or the Panama Ra ilroad pension fund, covering service rendered prior to the effective date of this Act, shall be credited to an individual account 1477 Deductions . Mo nthly ded ucti ons from salaries. Procedure to be pre- scribed. Transferred to special fund. Vol. 41, p. 614; Vol. 44, p. 904. Ante, p . 468. Credit due from pre- vious funds transferred to. Vol.41,p614. Tra nsfer of assets in the Panama Railroad pe nsion fund . Consent byem ployee of deductions inferred . Payment a full dis- charge of ail claims for services except annuity . Investments and ac- co unts . Unused portion of special fund in Federal securities, etc . a Return of amounts deducted from salary . Amounts deducted to b e credit ed to in divid- ual accounts, to date of Act .
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