Evening star., 1924-08-04
j. s. ANNUITY FUND
TOTAL S59,O6O,O|)O
Amount Remaining at End of
Fiscal Year $34,O27,75O,
Report Reveals.

A Treasury statement just made
available covering the operation OF
the civil service retirement and disa-
bility act from August /, 1920, to July
1, 1924, shows that the Government
employees themselves, through a de-
duction of 2lA per cent from their
basic salaries, have up to the close
of the last fiscal year contributed
s55,S01, ,611.24, which, with interest
amounted to s59,060.38352.
Refunds paid to those who have re-
signed or been dropped from the rolls,
with the annuities paid to those who
have been retired, reached total of
s25, 5,667,34S.s7. The balance in the
temployes' fund which remained in
vested at the close of the fiscal year
had a par value of $34027.750.
There has been set aside ST., ,Oo0, 900,
representing the estimated amount
the Government employees will amount
to during the present fiscal year
ending July /, 1925.
From July 1, 1924, to July 90, 1924,
investments in Government securities
in the face amount of s12,000,000 were
made on account of the civil service
retirement and diSa ability fund at a
principal cost exclusive of accrued
interest) of $12,211, ,206.26, making the
total face amount of the securities
held on July % on account of this
fund $46,027,750, purchased at a
principal cost exclusive of accrued
interest) of S45.515, 5,428.5S. 1t is esti-
mated, however, that about s4,00o,000
of the Investments made during the
period from July l to July 20 will be
required for authorized payments in
estimated investments on June 80.
1925, approximately $42,027,75O, face
amount.
Law in Operation Four Years.
The retirement law for Government
employees in the classified civil serv-
ice has been in operation for four
years. There are now about 10,55G
persons on the annuity roll, while
about $500 have been dropped on
account of baltimore than SOC
within the last year.
During the present year the en-
ployes will pay out of their salaries
some SS.000,000 more than is needed
to pay the current annuitieS and re-
funds. The amount paid to those on
the retired list last year was nearly
S5,1OU,UUU, While SOIIle SS-SUU,Uuo " d,
paid in refunds to those separated
from the service and to the estates
Of employees who died in service be-
fore reaching the retirement age.
The average amount being paid to
those on the retired list is about $3.50
per annum.
U. s. Aid Not Needed.
The expenditures from the retire.
ment fund are being met entirely by
/. the deductions from the salaries Of
the employees Of the Government, plus
the interest and profits on the sur
plus available for investment. The
Government has not been called upon
for any appropriation whatever to
meet any of the expenditures from
the retirement fund. and there is no
good reason to anticipate that any
appropriation for that purpose will
be required within the next 25 years;
and such aid, even if then needed,
will be very slight for years there
after.
While the deductions under the
present law for the present fiscal
year are expected to be $17,000.000,
on IN per cent contribution by the
employees, the proposed increase in
contribution from .2s.tassApe per cent,