Pub. L. 88-643, tit. II, pt. E, sec. 241

Sec. 241. (a) Whenever a participant becomes separated from the Agency without becoming eligible for an annuity or a deferred annuity in accordance with the provisions of this Act, the total amount of contributions from his salary with interest thereon at 4 per centum per annum to December 31, 1947, and 3 per centum per annum thereafter compounded annually to December 31, 1956 (or, in the case of a participant separated from the Agency before he has completed five years of service, to the date of separation) and proportionately for the period served during the year of separation including all contributions made during or for such period, except as provided in section 281, shall be returned to him. (b) In the event that the total contributions of a retired participant, oilier than voluntary contributions made in accordance with the provisions of section 281, with interest at the rates provided in paragraph (a) of this section added thereto, exceed the total amount returned to 78 Stat. 1050such participant or to an annuitant claiming through him, in the form of annuities, the excess of the accumulated contributions over the accumulated annuity payments shall be paid in the following order of precedence, upon the establishment of a valid claim therefor, and such payment shall be a bar to recovery by any other person: (1) To the beneficiary or beneficiaries designated by such participant in writing to the Director; (2) If there be no such beneficiary to the surviving wife or husband of such participant; (3) If none of the above, to the child or children of such participant and descendants of deceased children by representation; (4) If none of the above, to the parents of such participant or the survivor of them; (5) If none of the above, to the duly appointed executor or administrator of the estate of such participant; (6) If none of the above, to other next of kin of such participant as may be determined by the Director in his judgment to be legally entitled thereto. (c) No payment shall be made pursuant to paragraph (b)(6) of this section until after the expiration of thirty days from the death of the retired participant or his surviving annuitant.