Pub. L. 94-522, tit. I, sec. 101

Sec. 101. Section 111 of the Central Intelligence Agency Retirement Act of 1904 for Certain Employees, as amended (78 Stat. 1043; 50 U.S.C. 403 note), is amended— (a) by striking out “and” at the end of paragraph (2); (b) by striking out the period at the end of paragraph (3) and inserting a semicolon in lieu thereof; and (c) by adding the following new paragraphs (4), (5), and (6): “(4) ‘Fund balance’ means the sum of— “(a) the investments of the fund calculated at par value; and “(b) the cash balance of the fund on the books of the Treasury; “(5) ‘Unfunded liability’ means the estimated excess of the present value of all benefits payable from the fund to participants and former participants, subject to this Act, and to their survivors, over the sum of— “(a) the present value of deductions to be withheld from the future basic salary of participants currently subject to this Act and of future Agency contributions to be made in their behalf; plus “(b) the present value of Government payments to the fund under section 261 (b) and (c) of this Act; plus “(c) the fund balance as of the date the unfunded liability is determined; and “(6) ‘Normal cost’ means the level percentage of payroll required to be deposited in the fund to meet the cost of benefits payable under the system (computed in accordance, with generally accepted actuarial practice on an entry-age basis) less the value of retirement benefits earned under another retirement system for government employees and less the cost of credit allowed for military service,”.