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10 U.S.C. § 8583 — Annuity premium to be paid by monthly installments; government reimbursement

submitted 70 years ago by ch. 1041 to r/title-10-ARMED-FORCES · 66 words · no verdicts yet

in plain englishAI-generated · not legal advice

Each civilian teacher must pay 10 percent of their monthly salary into their annuity policy, and the government adds another 5 percent of that salary on top, for as long as the payments continue.

Each civilian member must set aside 10 percent of their monthly basic salary, every month, to buy their deferred annuity policy. For every month this payment is made, the government adds an extra 5 percent of the member's monthly basic salary to their pay account, using money appropriated for this purpose.
the actual law source: uscode.house.gov ↗public domain

Each civilian member shall make a monthly allotment in an amount equal to 10 percent of his monthly basic salary toward the purchase of his deferred annuity policy. For each month the allotment is in force, the pay account of the civilian member shall be credited monthly from appropriations made for this purpose with an additional amount equal to 5 percent of his monthly basic salary.

Source credit: (Aug. 10, 1956, ch. 1041, 70A Stat. 439, § 7083; Pub. L. 89–718, § 39, Nov. 2, 1966, 80 Stat. 1120; renumbered § 8583, Pub. L. 115–232, div. A, title VIII, § 807(c)(1), Aug. 13, 2018, 132 Stat. 1836.)

history & why it existsrecord from the source credit
  • 1956Enacted · Act of Aug. 10, 1956, ch. 1041
  • 1966Amended · Pub. L. 89-718 · 80 Stat. 1120
  • 2018Amended · Pub. L. 115-232 · 132 Stat. 1836

A history note hasn’t been published yet. The record shows enactment by ch. 1041 on 1956-08-10.

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