118 STAT. 2316 PUBLIC LAW 108–411—OCT. 30, 2004 ‘‘(i) any applicable locality based comparability payment under section 5304 or similar provision of law; ‘‘(ii) any applicable special pay under section 5305 or similar provision of law; and ‘‘(iii) subject to such regulations as the Office of Personnel Management may prescribe, any applicable existing retained rate of pay established under section 5363 or similar provision of law; and ‘‘(B) in the case of a prevailing rate employee, the scheduled rate of pay determined under section 5343;’’; (B) in paragraph (6), by striking ‘‘and’’ at the end; (C) in paragraph (7), by striking the period and inserting ‘‘; and’’; and (D) by adding at the end the following: ‘‘(8) ‘retained rate’ means the rate of basic pay to which an employee is entitled under section 5363(b)(2).’’; (5) in section 5363— (A) in subsection (a), by striking the matter following paragraph (4) and inserting the following: ‘‘is entitled to a rate of basic pay in accordance with regulations prescribed by the Office of Personnel Management in conformity with the provisions of this section.’’; and (B) by striking subsections (b) and (c) and inserting the following: ‘‘(b)(1)(A) If, as a result of any event described in subsection (a), the employee’s former rate of basic pay is less than or equal to the maximum rate of basic pay payable for the grade of the employee’s position immediately after the occurrence of the event involved, the employee is entitled to basic pay at the lowest rate of basic pay payable for such grade that equals or exceeds such former rate of basic pay. ‘‘(B) This section shall cease to apply to an employee to whom subparagraph (A) applies once the appropriate rate of basic pay has been determined for such employee under this paragraph. ‘‘(2)(A) If, as a result of any event described in subsection (a), the employee’s former rate of basic pay is greater than the maximum rate of basic pay payable for the grade of the employee’s position immediately after the occurrence of the event involved, the employee is entitled to basic pay at a rate equal to the lesser of— ‘‘(i) the employee’s former rate of basic pay; or ‘‘(ii) 150 percent of the maximum rate of basic pay payable for the grade of the employee’s position immediately after the occurrence of the event involved, as adjusted by subparagraph (B). ‘‘(B) A rate to which an employee is entitled under this para graph shall be increased at the time of any increase in the maximum rate of basic pay payable for the grade of the employee’s position by 50 percent of the dollar amount of each such increase. ‘‘(3) For purposes of this subsection, the term ‘former rate of basic pay’, as used with respect to an employee in connection with an event described in subsection (a), means the rate of basic pay last received by such employee before the occurrence of such event. ‘‘(c)(1) Notwithstanding any other provision of this section, in the case of an employee who—
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