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22 U.S.C. § 4071a — Definitions

submitted 40 years ago by Pub. L. 96-465 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 698 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section defines terms used in this part of the Foreign Service Pension System. It also explains how to calculate several retirement-related amounts.

The section does not define its own term “court order”; it gives that term the meaning in section 4044(4). “Fund” means the Foreign Service Retirement and Disability Fund maintained by the Treasury Secretary under section 4042.

“Lump-sum credit” means the unpaid amount made up of: (A) retirement deductions from a participant’s basic pay under section 4071e or the 1983 temporary adjustment law; (B) amounts the participant paid to receive credit for earlier civilian or military service under section 4071c; and (C) interest on those deductions and payments. For each calendar year, that interest equals the Fund’s overall average yield during the previous fiscal year on obligations bought by the Treasury Secretary under section 4059, as determined by the Treasury Secretary, compounded yearly. Interest is not included if the covered service totals 1 year or less, or for a fractional month in the total service.

“Normal cost” means the entry-age normal cost of the System provisions related to the Fund. The Secretary of State calculates it using generally accepted actuarial practices and standards, using dynamic assumptions, and states it as a level percentage of total basic pay. “Participant” means a person who participates in the Foreign Service Pension System.

For a former spouse, “pro rata share” means the percentage found by dividing the years the former spouse was married to the participant during the participant’s service creditable under this subchapter by the participant’s total years of that service. Extra credit under section 4057 is disregarded.

A “revised annuity participant” is an individual who, on December 31, 2012, (A)(i) was not a participant, (ii) was not performing service creditable under section 4071c, and (iii) had less than 5 years of such creditable service, and who, after that date and before January 1, 2014, became a participant performing such creditable service.

A “further revised annuity participant” is an individual who, on December 31, 2013, (A)(i) was not a participant, (ii) was not performing service creditable under section 4071c, and (iii) had less than 5 years of such creditable service, and who became a participant performing such creditable service after December 31, 2013.

“Supplemental liability” means the estimated excess of (A) the actuarial present value of all future benefits payable from the Fund under this part based on participants’ or former participants’ service, over (B) the total of: (i) the actuarial present value of deductions from participants’ future basic pay under section 4071e and contributions for past civilian and military service; (ii) the actuarial present value of future contributions under section 4071f; (iii) the Fund balance when the liability is determined, to the extent attributable to (I) the System or (II) contributions under the 1983 temporary adjustment law; and (iv) any other appropriate amount the Secretary of State determines under generally accepted actuarial practices and principles. “System” means the Foreign Service Pension System. The section does not define “special agent”; it gives that term the meaning in section 4044(15).

the actual law source: uscode.house.gov ↗public domain

As used in this part, unless otherwise specified—

(1)

the term “court order” has the same meaning given in section 4044(4) of this title;

(2)

the term “Fund” means the Foreign Service Retirement and Disability Fund maintained by the Secretary of the Treasury pursuant to section 4042 of this title;

(3)

the term “lump-sum credit” means the unrefunded amount consisting of—

(A)

retirement deductions made from the basic pay of a participant under section 4071e of this title (or under section 204 of the Federal Employees’ Retirement Contribution Temporary Adjustment Act of 1983);

(B)

amounts deposited by a participant under section 4071c of this title to obtain credit under this System for prior civilian or military service; and

(C)

interest on the deductions and deposits which, for any calendar year, shall be 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 (compounded annually); but does not include interest—

(i)

if the service covered thereby aggregates 1 year or less; or

(ii)

for a fractional part of a month in the total service;

(4)

the term “normal cost” means the entry-age normal cost of the provisions of the System which relate to the Fund, computed by the Secretary of State in accordance with generally accepted actuarial practice and standards (using dynamic assumptions) and expressed as a level percentage of aggregate basic pay;

(5)

the term “participant” means a person who participates in the Foreign Service Pension System;

(6)

the term “pro rata share” in the case of any former spouse of any participant or former participant means the percentage which is equal to the percentage that (A) the number of years during which the former spouse was married to the participant during the service of the participant which is creditable under this subchapter is of (B) the total number of years of such service, disregarding extra credit under section 4057 of this title;

(7)

the term “revised annuity participant” means any individual who—

(A)

on December 31, 2012—

(i)

is not a participant;

(ii)

is not performing service which is creditable service under section 4071c of this title; and

(iii)

has less than 5 years creditable service under section 4071c of this title; and

(B)

after December 31, 2012, and before January 1, 2014, becomes a participant performing service which is creditable service under section 4071c of this title;

(8)

the term “further revised annuity participant” means any individual who—

(A)

on December 31, 2013—

(i)

is not a participant;

(ii)

is not performing service which is creditable service under section 4071c of this title; and

(iii)

has less than 5 years creditable service under section 4071c of this title; and

(B)

after December 31, 2013, becomes a participant performing service which is creditable service under section 4071c of this title;

(9)

the term “supplemental liability” means the estimated excess of—

(A)

the actuarial present value of all future benefits payable from the Fund under this part based on the service of participants or former participants, over

(B)

the sum of—

(i)

the actuarial present value of (I) deductions to be withheld from the future basic pay of participants pursuant to section 4071e of this title and (II) contributions for past civilian and military service;

(ii)

the actuarial present value of future contributions to be made pursuant to section 4071f of this title;

(iii)

the Fund balance as of the date the supplemental liability is determined, to the extent that such balance is attributable—

(I)

to the System, or

(II)

to the contributions made under the Federal Employees’ Retirement Contribution Temporary Adjustment Act of 1983 (5 U.S.C. 8331 note); and

(iv)

any other appropriate amount, as determined by the Secretary of State in accordance with generally accepted actuarial practices and principles;

(10)

the term “System” means the Foreign Service Pension System; and

(11)

the term “special agent” has the same meaning given in section 4044(15) of this title.

Source credit: (Pub. L. 96–465, title I, § 852, as added Pub. L. 99–335, title IV, § 415, June 6, 1986, 100 Stat. 615; amended Pub. L. 100–238, title II, § 241, Jan. 8, 1988, 101 Stat. 1776; Pub. L. 105–382, § 2(a)(2), Nov. 13, 1998, 112 Stat. 3406; Pub. L. 112–96, title V, § 5002(a), Feb. 22, 2012, 126 Stat. 200; Pub. L. 113–67, div. A, title IV, § 402(a), Dec. 26, 2013, 127 Stat. 1185.)

history & why it existsrecord from the source credit
  • 1986Enacted · Pub. L. 96-465 · 100 Stat. 615
  • 1988Amended · Pub. L. 100-238 · 101 Stat. 1776
  • 1998Amended · Pub. L. 105-382 · 112 Stat. 3406
  • 2012Amended · Pub. L. 112-96 · 126 Stat. 200
  • 2013Amended · Pub. L. 113-67 · 127 Stat. 1185

A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-465 on 1986-06-06.

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