H.R. 8469 - CIVIL SERVICE RETIREMENT ANNUITY ADJUSTMENT

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP67B00446R000600030005-8
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 2
• Document Creation Date: December 16, 2016
• Document Release Date: June 20, 2005
• Sequence Number: 5
• Publication Date: August 16, 1965
• Content Type: MFR

Approved For Release 2005/06/29 : CIA-RDP67B00446R000600030005-8
O ANDI,TM FOR THE RECORD
SUBJECT H. R. 8469 - Civil Service Retirement Annuity Adju
469, as amended, passed the House and is now bein
e Committee.
7-2y ho m
afik&round. The primary thrust of the bill has the support
of the Civil Service Commission and relates to the cost-of-living adjust.
merit feature established in the 1962 C$R amendments. The 1962 amend.
ment, which has not yet been operable, provides th.t when a 3 per cent
increase of cost of living is sustained for a f calendar year, this
increase will be reflected in annuities as of I April of the following year.
Since 1962 cost of living has increased more than 3 per cent, but because
of the "full year" requirements of the 1962 amendme I at, annuities will not
be increased until 1 April 1966.
. H. R. 8469. This bill provides that effective the first day of
third month following its enactment,. annuities will be Increased
The
.
ex following its enactment to calendar year 1962. They increase will
probably be about 3. 7 per cent. Further, annuities commencing on or
before I October 1956 will be increased an additional flat 6 1/2 per cent
and those occuring thereafter, 1 1/2 per cent. To be entitled to these
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 Approved For Release 2005/06/29 : CIA-RDP67B00446R000600030005-8
increases, the annuity must commence by the time the first mentioned
annuity increase becomes effective. Subsequent annuity adjustments are
likewise compacted from the one year plus waiting period. to each sub-
sequent three-month period when the price index rises at least 3 per
cent above the last base month used for a prior annuity increase. To
be eligible for these increase, the commencing date of the annuity must
be as of or before the effective date of the increase.
O __ ,3ITIES
4.
nuities of eligible widows and widowers
who die in service or who retire and the thereafter are com-
E at the rate of 55 per cent of the earned annuity or of the survivor's
selected by the retiring employee. H. R. 8469 raises this rate to
(3 per cent.
5. There is nothing in the record to indicate that the Administra-
tion supports the survivor annuity adjustment. The Senate is now holding
hearings on the bill, and its passage certainly would affect the CIA
Retirement Act, which to tied to the 1962 cost-of-living adjustment feature
and specifies a 55 per cent rate for survivor annuities. A C" employee
under the Civil Service Retirement Act who retires before the first in-
crease becomes effective will receive some 5.2 per cent higher annuity
than if he waits.
WGNM
Offfte 01 ve ounse:
Distribution:
-r - -Subject
1 - Chrone
Approved For Release 2005/06/29 : CIA-RDP67B00446R000600030005-8