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U.S. Code as of:
01/19/04
Section 763. Retirement for age of officers and employees generally; retirement pay; waiver of retirement pay
All officers and employees engaged in the field service or on
vessels of the Lighthouse Service, except persons continuously
employed in district offices or shop, who (1) shall have reached
the age of fifty-five years, after having been thirty years in the
active service of the Government, (2) shall have reached the age of
sixty-two years, after having been twenty-five years in the active
service of the Government, or (3) are involuntarily separated from
further performance of duty, except by removal for cause on charges
of misconduct or delinquency, after completing twenty-five years in
the active service of the Government, or after completing twenty
years of such service and after reaching the age of fifty years,
may at their option be retired from further performance of duty;
and all such officers and employees who shall have reached the age
of seventy years shall be compulsorily retired from further
performance of duty: Provided, That the annual compensation of
persons so retired shall be a sum equal to one-fortieth of the
average annual pay received for the last three years of service for
each year of active service in the Lighthouse Service, or in a
department or branch of the Government having a retirement system,
not to exceed in any case thirty-fortieths of such average annual
pay received: Provided further, That the retirement pay computed
under the preceding proviso for any such officer or employee
retiring under clause (3) shall be reduced by one-sixth of 1 per
centum for each full month the officer or employee is under
fifty-five years of age at the date of retirement: Provided
further, That such retirement pay shall not include any amount on
account of subsistence or other allowance: Provided further, That
the retirement provisions and pay shall not apply to persons in the
field service of the Lighthouse Service whose duties do not require
substantially all their time. Any person entitled to retirement pay
under this section may decline to accept all or any part of such
retirement pay by a waiver signed and filed with the Secretary of
the Treasury. Such waiver may be revoked in writing at any time,
but no payment of the retirement pay waived shall be made covering
the period during which such waiver was in effect.
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