Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-02

q. When does this increased
A. Salary deductions at 6i2
per cent begin with the first pay
period after September 30, 1856.
@. Will ! also have social Sc
curity deductions taken from my
pay?
A. No. The 61a per cent is
the only deduction for retirement
purposes.
@. Is my agency required to
contribute to the retirement
fund?
A. Yes. Beginning in July,
1857. each agency will match the
amount paid by the employee.
@. Does the amount contri-
buted by my agency get credited
to my retirement account?
A. No. Agency contributions
go into the general retirement
fund to help pay for benefits and
will not be credited to any en-
ploye's account.
Retirement Conditions
@. What are the various con-
ditlons under which an employee
may retire?
A. An employe must retire at
age 70 after is or more years
service. An employe may retire
at the following ages and with
at least the amount of service
shown: age 81 Is years., age
go $50 years., age SIS go years,
at a reduced annuity, age so
II involuntarily separated GO
years., any age if involuntarily
separated and have IS years or
more service, any age with five
or more years of service if
totally disabled.
@. How much annuity will /
get?
A. The amount of an en-
ploye's annuity depends on vari-
Gus things. the most important
of which are length of service
and the might've" average
salary (the highest average basic
salary earned during any five
consecutive years Of Service) :.
There is a new formula based
on years of service and "high-
five" average salary which is
used to compute the basic an
nuity. The basic annuity is sub
ject to reduction for such special
conditions as retirement before
age so Except disability retire.
ment) and election of a survivor
annuity benefit.
@. How will I figure my an
nuity under the new formula?
A. An employees yearly an
nuity will be (a) IL percent of
the might've" average salary
multiplied by five years of serv-
ice, plus CD ia per cent of the
might've" average salary null
tiplied by years of service over
five and up to 10. plus (c) 2 per
cent of the might've" average
salary multiplied by years of |
service over 10.
A substitute formula of per
cent Of the might've" average
salary plus $25 for each year of |
service will produce a higher
annuity rate in the lower salary
ranges. This substitute formula |
will be used instead of any part |
of the other formula (a). (b), or
'c) If a higher annuity rate
would result.
@. After figuring my annuity
under the new formula, am L
also entitled to the annuity per-
centage increases granted last
year?
A. No.
No Minimum
@. Is there a minimum an
nuity?
A. No, except for retirement
for disability. An employee retir-
ing under the disability provi-
sion of the law is guaranteed the
lesser of "a 40 per cent of his
might've" average salary. or
tb) the amount obtained under
the new formula explained
above, after increasing his serv-
ice from the date of his separa-
ton to age so.
OF course, if his average salary
and length of service entitle him
to a larger annuity than the
minimum guaranteed amount,
he will receive the larger annuity.
@. Is there a limit on the
amount of annuity I may re-
ceive?
A. Yes. Annuity may not ex-
coed 80 per cent Of the high
i've" average salary.
@. If an annuitant retired forI