Evening star., 1923-01-09
RETIREMENT LAW
CHANGES ASKED
Board of Actuaries Makes
Recommendations in Re-
port to Congress.

Recommendation for the establish
ment and maintenance of records by
the Civil Service Commission to carry
into practical effect provisions of the
civil service retirement act and recon-
mendations in regard to opening ac-
counts on the books of the Treasury
Department, showing the liabilities OF
the government in connection with
the operation Of the retirement act,
are made in the second annual report
of the board of actuaries transmitted
to Congress today.
Included in this report is draft Of
a proposed bill which incorporates
provisions for carrying these recon-
mendations into effect. The draft also
provides for amending the present
law in several important particulars,
some of which are as follows:
Recomme ndations Made.
Reduces optional age for retirement
from seventy years to sixty-five years
In the case of those who now have
the option of retiring only upon at
tanning the age of seventy.
Permits retirement after sixty years
of age. provided the employe shall
have rendered in the aggregate not
less than thirty years of service.
Makes retirement compulsory at
seventy years of age, after June so,
1925.
Higher Annuity.
Provides for somewhat higher an
nuity than under the present law,
scaled in relation both to number of
years in the service and average
compensation during the last ten
years of allowable service. There is
no maximum limitation.
Provides for certain optional ben
efits as defined in the draft of the
proposed bill.
Provides that those who have al
ready retired shall not participate in
the increase in annuities.
One section of the proposed bill
deals with the accounts to be main
tanned by the Secretary of the Treas
ury and another section with the
establishment and maintenance of
records by the Civil Service Commits
sion.
This report is required by a provi-
sion in the civil service retirement
act. The members Of the board of
actuaries signing the reort are George
B. Buck. j. d. Maddill and Joseph S.
Mccoy. Z
Letter From Commixsioner.
Accompanying this report is a let
ter of transnittal by H. NJ. Wander
wort, acting commissioner of pensions
in which he points out that while the
with the exception of the govern
ment actuaries, are selected by the
commissioner of pensions with the
approval of the Secretary of the In
terror, the board works independently
of the bureau of pensions, and con-
not necessarily reflect the views Of
the bureau.in every instance.
Other Provisions.
The proposed bill further provides that
the Secretary of the Treasury shall
cause to be maintained three accounts
as follows:
First, members savings accounts
This account will show the amounts
contributed by employees in active serv.
ice, with the interest accumulations.
Second, contingent reserve account
This account will show the liabilities
Of the government on account of an
nuities, which will be payable on &C.
Third, annuity reserve account. This
account will show the reserves neces-
sary to provide the annuities already
granted.
No changes are made in the present
provisions relating to employees to be
lowered and the service .creditable.
The benefits to annuitants already
retired will be continued at the pres
ent rate.
The present provision for the ad-
ministration of the system will re-
main unchanged except that pro-
visions for the medical examination
of applicants for disability retire:
ment and for discrimination of an
nuitants are made more specific.
The board of actuaries estimates the
cost of establishing and maintainins
the records as follows:
Initial cost, $4,000; annual cost
$4,000.