RETIREMENT

SEC. 3506. RETIREMENT (a) Eligibility.— Section 8336(i) of title 5, United States Code, is amended— (1) by redesignating paragraph (3) as paragraph (4); and (2) by inserting after paragraph (2) the following: “(3) An employee of the Panama Canal Commission employed by that body after September 30, 1979, who is separated from the104 STAT. 1847 Panama Canal Commission before January 1, 2000, and who at the time of separation has a minimum of 11 years of continuous employment with the Commission (disregarding any break in service of 3 days or less) is entitled to an annuity if the employee is separated— “(A) involuntarily, after completing 20 years of service or after becoming 48 years of age and completing 18 years of service, if the separation is a result of the implementation of any provision of the Panama Canal Treaty of 1977 and related agreements; or “(B) voluntarily, after completing 23 years of service or after becoming 48 years of age and completing 18 years of service.”. (b) Computation.— Section 8339(d) of title 5, United States Code, is amended by redesignating paragraphs (3) through (6) as paragraphs (4) through (7), respectively, and by inserting after paragraph (2) the following: “(3) The annuity of an employee retiring under this subchapter who is employed by the Panama Canal Commission at any time during the period beginning October 1, 1990, and ending December 31, 1999, is computed, with respect to any period of service with the Panama Canal Commission, by adding— “(A) 2½ percent of the employee’s average pay multiplied by so much of that service as does not exceed 20 years; plus “(B) 2 percent of the employee’s average pay multiplied by so much of that service as exceeds 20 years.”. (c) Unfunded Liability.— Section 8348 (i)(1) of title 5, United States Code, is amended by striking “1979.” and inserting “1979, and the amendments made by section 3506 of the Panama Canal Commission Authorization Act for Fiscal Year 1991.”.