PUBLIC LAW 102-496—OCT. 24, 1992 106 STAT. 3235 "(1) interest on the unfunded liability computed for that year at the interest rate used in the then most recent valuation of the svstem; and "(2) that portion of disbursement for annuities for that year that the Director estimates is attributable to credit allowed for military service, less an amount determined b^r the Director to be appropriate to reflect the value of the deposits made to the credit of the fund under section 252(h). •SEC. 262. INVESTMENT OF MONEYS IN THE FUND. 50 USC 2092.
- The Director may, with the approval of the Secretary of the
Treasury, invest from time to time in interest-bearing securities of the United States such portions of the fund as in the Director's judgment may not be immediately required for the payment of annuities, cash benefits, refimds, and allowances from the fund. The income derived from such investments shall be credited to and constitute a part of the fund. "SEC. 263. PAYMENT OF BENEFITS. 50 USC 2093. "(a) ANNUITIES STATED AS ANNUAL AMOUNTS.— Each annuity is stated as an annual amount, V12 of which, rounded to the next lowest dollar, constitutes the monthly rate payable on the first business day of the month after the month or other period for wluch it has accrued. " (b) COMMENCEMENT OF ANNUITY. — " (1) COMMENCEMENT OF ANNUITY FOR PARTICIPANTS GEN- ERALLY.— Except as otherwise provided in paragraph (2), the aimuity of a participant who has met the eligibility requirements for an annuity shall commence on the nrst day of the month after separation from the Agency or after pay ceases and the service and age requirements for title to an annuity are met. "(2) ExCEPTiONS.~The annuity of— "(A) a participant involuntarily separated from the Agency; "(B) a participant retiring under section 231 due to a disability; and "(C) a participant who serves 3 days or less in the month of retirement; shall commence on the day after separation from the Agency or the day after pay ceases and the service and age or discHbility requirements for title to annuity are met.
- (3) OTHER ANNUITIES. — ^ ^y other annuity payable from
the fund commences on the first day of the month after the occurrence of the event on which payment thereof is based. "(c) TERMINATION OF ANNUITY.— An annuity payable from the fund shall terminate— "(1) in the case of a retired participant, on the day death or any other terminating event provided by this title occurs; or "(2) in the case of a former spouse or a survivor, on the last day of the month before death or any other terminating event occurs. "(d) APPLICATION FOR SURVIVOR ANNUITIES. —The annuity to a survivor shall become effective as otherwise specified but shall not be paid until the survivor submits an application for such annuity, supported by such proof of eligibility as the Director may
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