
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC4065]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                       CHAPTER 52--FOREIGN SERVICE
 
       SUBCHAPTER VIII--FOREIGN SERVICE RETIREMENT AND DISABILITY
 
        Part I--Foreign Service Retirement and Disability System
 
Sec. 4065. Voluntary contribution account


(a) Composition; election and return

    \1\ The voluntary contribution account shall be the sum of 
unrefunded amounts voluntarily contributed prior to February 15, 1981, 
by any participant or former participant under any prior law authorizing 
such contributions to the Fund, plus interest compounded at the rate of 
3 percent per year to the date of separation from the Service or (in 
case of participant or former participant separated with entitlement to 
a deferred annuity) to the date the voluntary contribution 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 annuity or a deferred annuity and at the 
election of the participant, his or her account shall be--
---------------------------------------------------------------------------
    \1\ See Amendment of Section note below.
---------------------------------------------------------------------------
        (1) returned in a lump sum;
        (2) used to purchase an additional life annuity;
        (3) used to purchase an additional life annuity for the 
    participant and to provide for a cash payment on his or her death to 
    a beneficiary whose name shall be notified in writing to the 
    Secretary of State by the participant; or
        (4) used to purchase an additional life annuity for the 
    participant and a life annuity commencing on his or her death 
    payable to a beneficiary 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 paragraph (3).

(b) Computation of benefits

    The benefits provided by subsection (a)(2), (3), or (4) of this 
section shall be actuarially equivalent in value to the payment provided 
for by subsection (a)(1) of this section and shall be calculated upon 
such tables of mortality as may be from time to time prescribed for this 
purpose by the Secretary of the Treasury.

(c) Lump-sum payment; time; order of precedence

    A voluntary contribution account shall be paid in a lump sum 
following receipt of an application therefor from a present or former 
participant 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 participant 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 section 4055(f) of this title.

(Pub. L. 96-465, title I, Sec. 825, Oct. 17, 1980, 94 Stat. 2122.)

                          Amendment of Section

        Section 1(a) and (c) of Ex. Ord. No. 12446, 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 contributions 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 obligations purchased by the Secretary of the Treasury 
    during such fiscal year under section 4059 of this title, as 
    determined by the Secretary of the Treasury.

                          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.

                  Section Referred to in Other Sections

    This section is referred to in sections 4061, 4063 of this title.
