A-39900, MAY 6, 1932, 11 COMP. GEN. 413

A-39900: May 6, 1932

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THE AMOUNT SO ASCERTAINED WAS CERTIFIED TO AND WAS TRANSFERRED ON THE BOOKS OF THE TREASURY TO THE CREDIT OF THE CANAL ZONE RETIREMENT AND DISABILITY FUND SUBSEQUENT TO JULY 1. THERE IS NO AUTHORITY UNDER THE SAID ACT FOR THE TRANSFER FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND OF FURTHER AMOUNTS REPRESENTING INTEREST ON THE AMOUNT SO ASCERTAINED. TO THE DATE WHEN THE FUNDS WERE ACTUALLY TRANSFERRED. AS FOLLOWS: THERE IS INCLOSED A COPY OF A LETTER RECEIVED FROM THE ASSISTANT ADMINISTRATOR OF VETERANS' AFFAIRS. 316.29 WAS TRANSFERRED FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND TO THE CANAL ZONE RETIREMENT AND DISABILITY FUND IN ACCORDANCE WITH SECTION 9 OF THE ACT OF MARCH 2.

A-39900, MAY 6, 1932, 11 COMP. GEN. 413

INTEREST - FUNDS TRANSFERRED TO CANAL ZONE RETIREMENT AND DISABILITY FUND THE ACT OF MARCH 2, 1931, 46 STAT. 1480, CREATING THE CANAL ZONE RETIREMENT AND DISABILITY FUND AND DIRECTING THE TRANSFER ON THE BOOKS OF THE TREASURY TO THE CREDIT OF SUCH FUND OF THE AMOUNT, INCLUDING INTEREST, ASCERTAINED BY THE COMMISSIONER OF PENSIONS TO BE DUE EMPLOYEES OF THE PANAMA CANAL COMING WITHIN THE PURVIEW OF SAID ACT, CONTEMPLATES THAT SUCH DETERMINATION BE MADE AS OF JUNE 30, 1931, AND WHERE, THROUGH ADMINISTRATIVE DELAY, THE AMOUNT SO ASCERTAINED WAS CERTIFIED TO AND WAS TRANSFERRED ON THE BOOKS OF THE TREASURY TO THE CREDIT OF THE CANAL ZONE RETIREMENT AND DISABILITY FUND SUBSEQUENT TO JULY 1, 1931, THERE IS NO AUTHORITY UNDER THE SAID ACT FOR THE TRANSFER FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND OF FURTHER AMOUNTS REPRESENTING INTEREST ON THE AMOUNT SO ASCERTAINED, FROM JULY 1, 1931, TO THE DATE WHEN THE FUNDS WERE ACTUALLY TRANSFERRED, OR, OF THE AMOUNT OF INTEREST EARNED SUBSEQUENT TO JULY 1, 1931, ON SECURITIES OF THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND REDEEMED OR OTHERWISE DISPOSED OF IN ORDER TO EFFECT THE TRANSFER OF SAID FUNDS.

COMPTROLLER GENERAL MCCARL TO THE SECRETARY OF THE TREASURY, MAY 6, 1932:

CONSIDERATION HAS BEEN GIVEN TO YOUR LETTER OF DECEMBER 8, 1931, AS FOLLOWS:

THERE IS INCLOSED A COPY OF A LETTER RECEIVED FROM THE ASSISTANT ADMINISTRATOR OF VETERANS' AFFAIRS, DATED OCTOBER 22, 1931, PRESENTING FOR CONSIDERATION A QUESTION RELATING TO AN ADJUSTMENT BETWEEN THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND AND THE CANAL ZONE RETIREMENT AND DISABILITY FUND TO COVER INTEREST ON $1,355,316.29 FROM JULY 1, 1931, THE DATE ON WHICH THE CANAL ZONE RETIREMENT ACT BECAME EFFECTIVE, TO AUGUST 6, 1931, THE DATE ON WHICH THE ABOVE-MENTIONED SUM OF $1,355,316.29 WAS TRANSFERRED FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND TO THE CANAL ZONE RETIREMENT AND DISABILITY FUND IN ACCORDANCE WITH SECTION 9 OF THE ACT OF MARCH 2, 1931 (46 STAT. P. 1477).

SECTION 9 OF THE ACT OF MARCH 2, 1931, PROVIDES, IN PART, AS FOLLOWS:

"THE COMMISSIONER OF PENSIONS IS HEREBY AUTHORIZED AND DIRECTED TO ASCERTAIN THE AMOUNT, INCLUDING ACCRUED INTEREST, DUE EMPLOYEES OF THE PANAMA CANAL COMING WITHIN THE PURVIEW OF THIS ACT FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND CREATED BY THE ACT OF MAY 22, 1920, AND TO CERTIFY SAME TO THE SECRETARY OF THE TREASURY, WHO IS HEREBY AUTHORIZED AND DIRECTED TO TRANSFER SUCH AMOUNT ON THE BOOKS OF THE TREASURY DEPARTMENT TO THE CANAL ZONE RETIREMENT AND DISABILITY FUND.'

AND SECTION 17 OF THE SAME ACT PROVIDES, IN PART:

"THIS ACT SHALL TAKE EFFECT JULY 1, 1931 * * * "

THE DUTIES OF THE COMMISSIONER OF PENSIONS WERE TRANSFERRED TO THE ADMINISTRATOR OF VETERANS' AFFAIRS UNDER THE PROVISIONS OF SECTION 1 (A) OF THE ACT OF JULY 3, 1930 (46 STAT. 1016), AND EXECUTIVE ORDER NO. 5398 OF JULY 21, 1930, ISSUED IN PURSUANCE THEREOF.

IN ACCORDANCE WITH SECTION 9 OF THE ACT OF MARCH 2, 1931, SUPRA, THE ASSISTANT ADMINISTRATOR OF VETERANS' AFFAIRS, IN A LETTER DATED AUGUST 4, 1931 (RECEIVED AUGUST 6, 1931), CERTIFIED TO THE SECRETARY OF THE TREASURY THE SUM OF $1,355,316.29, FOR TRANSFER FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND TO THE CANAL ZONE RETIREMENT AND DISABILITY FUND. THE TRANSFER WAS EFFECTED ON AUGUST 6, 1931.

IN A LETTER DATED OCTOBER 22, 1931, THE ASSISTANT ADMINISTRATOR OF VETERANS' AFFAIRS EXPRESSES THE OPINION THAT IN VIEW OF THE FACT THAT SECTION 11 OF THE CANAL ZONE RETIREMENT ACT PROVIDES THAT THE ACT SHALL BECOME EFFECTIVE JULY 1, 1931, THE TRANSFER OF THE SUM OF $1,355,316.29 SHOULD BE ACCOMPLISHED AS OF JULY 1, 1931, AND THAT AN AMOUNT EQUIVALENT TO INTEREST AT 4 PERCENT PER ANNUM FROM JULY 1, 1931, TO AUGUST 6, 1931, AMOUNTING TO $5,347, SHOULD BE TRANSFERRED FROM THE CIVIL SERVICE RETIREMENT FUND TO THE CANAL ZONE RETIREMENT AND DISABILITY FUND. THIS DEPARTMENT DOES NOT BELIEVE THAT THE ACCOMPLISHMENT OF THE TRANSFER "AS OF JULY 1, 1931," COULD SERVE THE PURPOSE INTENDED IN VIEW OF THE FACT THAT INVESTMENTS FOR ACCOUNTS OF THE CANAL ZONE RETIREMENT AND DISABILITY FUND COULD NOT HAVE BEEN MADE UNTIL THE ACTUAL DATE ON WHICH THE FUNDS WERE TRANSFERRED AND MADE AVAILABLE TO THAT FUND.

IT MAY BE STATED, HOWEVER, IN CONNECTION WITH THIS MATTER THAT IN ORDER TO EFFECT THE TRANSFER OF THE $1,355,316.29, IT WAS NECESSARY FOR THE TREASURY TO REDEEM $1,300,000 FACE AMOUNT OF 4 PERCENT SPECIAL TREASURY NOTES, HELD FOR ACCOUNT OF THE CIVIL SERVICE RETIREMENT FUND, THE ACCRUED INTEREST ON WHICH, TO DATE OF REDEMPTION, AMOUNTING TO $5,256.83, WAS CREDITED TO THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND IN ACCORDANCE WITH THE USUAL PROCEDURE. IT WOULD APPEAR THAT TO THE EXTENT OF THIS AMOUNT ($5,256.83) THE CIVIL SERVICE RETIREMENT FUND HAS RECEIVED THE BENEFIT OF INTEREST EARNINGS ON SECURITY ASSETS AMOUNTING TO $1,300,000 BELONGING TO THE CANAL ZONE RETIREMENT FUND ON AND AFTER JULY 1, 1931.

YOUR ATTENTION IS ALSO INVITED TO A LETTER OF THE ASSISTANT ADMINISTRATOR OF VETERANS' AFFAIRS, DATED OCTOBER 20, 1931 (COPY ATTACHED), REQUESTING A SUPPLEMENTAL TRANSFER OF $75,492.55, PLUS AN ITEM OF $754.92 FOR INTEREST, UNDER SECTION 9 OF THE ACT OF MARCH 2, 1931. UNDER DATE OF OCTOBER 26, 1931, THERE WAS TRANSFERRED THE PRINCIPAL SUM OF $75,492.55, MENTIONED IN THE ASSISTANT ADMINISTRATOR'S LETTER; FOUR PERCENT INTEREST ON THIS AMOUNT FROM JULY 1, 1931, TO THE DATE OF TRANSFER WOULD BE $967.96. THIS TRANSFER OF $75,492.55 WAS MADE FROM THE CASH BALANCE ON HAND OCTOBER 26, 1931, IN THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND AND DID NOT NECESSITATE THE REDEMPTION OF SECURITIES.

IT IS THE POLICY OF THE DEPARTMENT TO MAKE INVESTMENTS FOR ACCOUNT OF THE CIVIL SERVICE RETIREMENT FUND IN MULTIPLES OF $100,000, AND FOR ACCOUNT OF THE CANAL ZONE RETIREMENT FUND IN MULTIPLES OF $1,000. REDEMPTIONS OF THESE SECURITIES ARE MADE FROM TIME TO TIME AS FUNDS ARE REQUIRED FOR CURRENT DISBURSEMENTS, THE ACCRUED INTEREST EARNED ON THE SECURITIES TO DATE OF REDEMPTION BEING CREDITED TO THE RESPECTIVE FUND FOR WHICH THE SECURITIES ARE HELD. THERE MUST NECESSARILY BE MAINTAINED IN CONNECTION WITH EACH OF THESE ACCOUNTS RELATIVELY SMALL UNINVESTED WORKING BALANCES.

IT WILL BE APPRECIATED IF YOU WILL GIVE THIS MATTER CONSIDERATION WITH A VIEW TO THE ISSUANCE OF THE NECESSARY TRANSFER AND COUNTER CERTIFICATE OF SETTLEMENT IF, IN YOUR OPINION, AN ADJUSTMENT BETWEEN THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND AND THE CANAL ZONE RETIREMENT AND DISABILITY FUND IS REQUIRED.

BY THE ACT OF JULY 3, 1926, 44 STAT. 904, THERE WERE EXTENDED TO "ALL EMPLOYEES OF THE PANAMA CANAL ON THE ISTHMUS OF PANAMA WHO ARE CITIZENS OF THE UNITED STATES AND WHOSE TENURE OF EMPLOYMENT IS NOT INTERMITTENT NOR OF UNCERTAIN DURATION," NOT THERETOFORE AFFECTED THEREBY, THE PROVISIONS OF THE CIVIL SERVICE RETIREMENT ACT OF MAY 22, 1920, AS AMENDED, INCLUDING THOSE FOR THE RETURN OF AMOUNTS DEDUCTED FROM THE SALARIES IN THE CASE OF EMPLOYEES WHO SHALL BE TRANSFERRED TO POSITIONS NOT WITHIN THE PURVIEW OF THE ACT OR WHO ARE OTHERWISE ENTITLED TO A REFUND OF AMOUNTS DEDUCTED, UNDER THE PROVISIONS OF SECTION 6 AND 12 OF SAID ACT.

SECTION 17 OF THE ACT OF MARCH 2, 1931, 46 STAT. 1480, PROVIDES AS FOLLOWS:

THIS ACT SHALL TAKE EFFECT JULY 1, 1931, AND FROM AND AFTER THAT DATE THE PROVISIONS OF THE CIVIL SERVICE RETIREMENT ACT OF MAY 22, 1920, AS AMENDED, SHALL NOT APPLY TO EMPLOYEES OF THE PANAMA CANAL ON THE ISTHMUS OF PANAMA OR TO ANY OTHER EMPLOYEES COMING WITHIN THE PROVISIONS OF THIS ACT: PROVIDED, HOWEVER, THAT ANY EMPLOYEE OF THE PANAMA CANAL WHO SHALL ATTAIN THE AGE OF ELIGIBILITY FOR RETIREMENT WITHOUT HAVING RENDERED SUFFICIENT SERVICE ON THE ISTHMUS OF PANAMA TO ENTITLED HIM TO BE RETIRED ON AN ANNUITY AS PROVIDED BY SECTION 2 HEREOF, BUT WHOSE AGGREGATE EMPLOYMENT UNDER THE UNITED STATES WOULD BE SUFFICIENT IN CHARACTER AND DURATION TO ENTITLE HIM TO RECEIVE AN ANNUITY UNDER THE PROVISIONS OF THE CIVIL SERVICE RETIREMENT ACT OF MAY 22, 1920, AS AMENDED, WILL BE ELIGIBLE TO RETIRE AND RECEIVE AN ANNUITY UNDER THE PROVISIONS OF THAT ACT AND PAYABLE FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND; AND IN SUCH EVENT THE EMPLOYEE SHALL BE ENTITLED, UPON SEPARATION FROM THE SERVICE, TO THE REFUND, UNDER SUCH REGULATIONS AS THE COMMISSIONER OF PENSIONS MAY PRESCRIBE, OF ANY EXCESS IN THE DEDUCTIONS MADE FROM HIS SALARY, PAY, OR COMPENSATION UNDER THE PROVISIONS OF THIS ACT, WITH INTEREST, OVER THOSE WHICH WOULD HAVE BEEN MADE AT THE RATE FIXED BY THE CIVIL SERVICE RETIREMENT ACT AS AMENDED; AND THE COMMISSIONER OF PENSIONS SHALL CERTIFY TO THE SECRETARY OF THE TREASURY THE AMOUNT REMAINING TO THE CREDIT OF SUCH EMPLOYEE IN THE CANAL ZONE RETIREMENT AND DISABILITY FUND, AND SAID AMOUNT SHALL BE TRANSFERRED ON THE BOOKS OF THE TREASURY DEPARTMENT TO THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND.

THE EFFECT OF THE PROVISIONS OF SECTION 17 IS TO TRANSFER AUTOMATICALLY ALL EMPLOYEES OF THE PANAMA CANAL COMING WITHIN THE PROVISIONS OF THE ACT OF MARCH 2, 1931, SUPRA, TO POSITIONS NOT WITHIN THE PURVIEW OF THE CIVIL SERVICE RETIREMENT ACT OF MAY 22, 1920, AS AMENDED, AND TO TERMINATE FROM AND AFTER JULY 1, 1931, THE LIABILITY OF THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND FOR THE PAYMENT OF ANNUITIES, REFUNDS, AND ALLOWANCES TO SAID EMPLOYEES EXCEPT AS PROVIDED UNDER THE PROVISO OF SAID SECTION, AND, IN THIS CONNECTION, SECTION 9 OF THE ACT OF MARCH 2, 1931, 46 STAT. 1477, AFTER CREATING A SPECIAL FUND TO BE KNOWN AS THE CANAL ZONE RETIREMENT AND DISABILITY FUND, PROVIDES, THAT:

THE COMMISSIONER OF PENSIONS IS HEREBY AUTHORIZED AND DIRECTED TO ASCERTAIN THE AMOUNT, INCLUDING ACCRUED INTEREST, DUE EMPLOYEES OF THE PANAMA CANAL COMING WITHIN THE PURVIEW OF THIS ACT FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND CREATED BY THE ACT OF MAY 22, 1920, AND TO CERTIFY SAME TO THE SECRETARY OF THE TREASURY, WHO IS HEREBY AUTHORIZED AND DIRECTED TO TRANSFER SUCH AMOUNT ON THE BOOKS OF THE TREASURY DEPARTMENT TO THE CANAL ZONE RETIREMENT AND DISABILITY FUND.

WHILE NEITHER THE METHOD FOR DETERMINING THE AMOUNT DUE SAID EMPLOYEES FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND NOR THE EFFECTIVE DATE AS OF WHICH SUCH DETERMINATION IS TO BE MADE ARE SPECIFICALLY STATED IN THE ACT, IT MUST BE ASSUMED FROM WHAT HAS HERETOFORE BEEN SAID, THAT IT WAS THE INTENTION OF THE CONGRESS THAT THE DETERMINATION OF THE AMOUNT, INCLUDING INTEREST, DUE SAID EMPLOYEES FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND WAS TO BE MADE AS IN THE CASE OF EMPLOYEES TRANSFERRED TO POSITIONS NOT WITHIN THE PURVIEW OF THE ACT OR WHO ARE OTHERWISE ENTITLED TO A RETURN OF AMOUNTS DEDUCTED FROM SALARIES AS PROVIDED UNDER SECTION 6 AND 12 OF THE CIVIL SERVICE RETIREMENT ACT, AS AMENDED, AND AS OF THE DATE WHEN THE LIABILITY OF THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND THEREFOR WAS TERMINATED, THAT IS TO SAY, AT THE CLOSE OF BUSINESS ON JUNE 30, 1931. THAT AT THE CLOSE OF BUSINESS ON JUNE 30, 1931, WAS INTENDED AS THE EFFECTIVE DATE WHEN SAID DETERMINATION WAS TO BE MADE IS FURTHER SHOWN BY THE FOLLOWING PROVISIONS OF SECTION 9, RELATIVE TO THE TRANSFER OF FUNDS FROM THE PANAMA RAILROAD PENSION FUND:

THE BOARD OF DIRECTORS OF THE PANAMA RAILROAD COMPANY SHALL CAUSE TO BE TRANSFERRED TO THE SECRETARY OF THE TREASURY, FOR CREDIT TO THE CANAL ZONE RETIREMENT AND DISABILITY FUND, THE GROSS ASSETS IN THE PANAMA RAILROAD PENSION FUND AT THE CLOSE OF BUSINESS ON JUNE 30, 1931, APPLYING TO EMPLOYEES INCLUDED WITHIN THE PROVISIONS OF THIS ACT, SUBJECT TO THE ASSUMPTION OF THE LIABILITIES OF THAT FUND AS OF THE CLOSE OF BUSINESS ON JUNE 30, 1931, BY THE CANAL ZONE RETIREMENT AND DISABILITY FUND.

THE FACT THAT THE ACTUAL TRANSFER OF FUNDS WAS MADE SUBSEQUENT TO JULY 1, 1931, OR THAT, IN ORDER TO EFFECT THE TRANSFER, IT WAS NECESSARY FOR THE TREASURY TO REDEEM OR OTHERWISE DISPOSE OF SECURITIES HELD FOR THE ACCOUNT OF THE CIVIL-SERVICE RETIREMENT AND DISABILITY FUND UPON WHICH THERE HAD ACCRUED AND WAS COLLECTED INTEREST FROM JULY 1, 1931, TO DATE OF REDEMPTION, OR OTHER DISPOSITION THEREOF, WHICH INTEREST WAS PLACED TO THE CREDIT OF SAID FUND, IS NOT DETERMINATIVE OF THE QUESTION WHETHER AN ADJUSTMENT BETWEEN THE TWO FUNDS IS REQUIRED FOR INTEREST ON THE AMOUNT, INCLUDING INTEREST, DUE SAID EMPLOYEES OF THE PANAMA CANAL FROM THE CIVIL- SERVICE RETIREMENT AND DISABILITY FUND ASCERTAINED, AS HERETOFORE INDICATED, FROM JULY 1, 1931, TO THE DATE WHEN THE TRANSFER OF FUNDS WAS ACTUALLY MADE, OR OF THE AMOUNT COLLECTED AND DEPOSITED TO THE CREDIT OF THE CIVIL-SERVICE RETIREMENT AND DISABILITY FUND REPRESENTING INTEREST EARNED SUBSEQUENT TO JULY 1, 1931, ON SECURITIES REDEEMED OR OTHERWISE DISPOSED OF IN ORDER TO EFFECT THE TRANSFER OF THE FUNDS INVOLVED.

AS STATED IN THE LETTER TO YOU OF THE ASSISTANT ADMINISTRATOR OF VETERANS' AFFAIRS, DATED OCTOBER 22, 1931, REFERRED TO IN YOUR SUBMISSION, IT IS APPARENT THAT IT WAS CONTEMPLATED BY THE CONGRESS THAT THE ACTUAL DETERMINATION OF THE AMOUNT TO BE TRANSFERRED WOULD BE COMPLETED IN TIME TO HAVE THE TRANSFER MADE BY JULY 1, 1931. HOWEVER, THE ACT MAKES NO PROVISION FOR ADJUSTMENT OF INTEREST BETWEEN THE TWO FUNDS SUBSEQUENT TO THAT DATE SHOULD THE TRANSFER OF FUNDS BE NOT MADE AS CONTEMPLATED BY REASON OF ADMINISTRATIVE DELAY. NEITHER DOES IT AUTHORIZE THE TRANSFER OF ANY OF THE SECURITIES OF THE CIVIL-SERVICE RETIREMENT AND DISABILITY FUND, AND, IN THIS RESPECT, IT IS UNLIKE THE PROVISION OF SECTION 9 RELATIVE TO THE TRANSFER OF "GROSS ASSETS IN THE PANAMA RAILROAD PENSION FUND AT THE CLOSE OF BUSINESS ON JUNE 30, 1931," BUT SPECIFICALLY AUTHORIZES AND DIRECTS THAT THERE BE TRANSFERRED BY THE SECRETARY OF THE TREASURY ON THE BOOKS OF THE TREASURY DEPARTMENT TO THE CREDIT OF THE CANAL ZONE RETIREMENT AND DISABILITY FUND ONLY THE AMOUNT ASCERTAINED TO BE DUE SAID EMPLOYEES FROM THE CIVIL-SERVICE RETIREMENT AND DISABILITY FUND AND CERTIFIED TO HIM BY THE COMMISSIONER OF PENSIONS. IT APPEARS THAT A DETERMINATION WAS MADE OF THE AMOUNT INCLUDING INTEREST DUE EMPLOYEES OF THE PANAMA CANAL ON THE ISTHMUS OF PANAMA, COMING WITHIN THE PURVIEW OF THE ACT OF MARCH 2, 1931, SUPRA, FROM THE CIVIL-SERVICE RETIREMENT AND DISABILITY FUND AS OF THE CLOSE OF BUSINESS ON JUNE 30, 1931, AND THAT THIS AMOUNT WAS CERTIFIED TO AND TRANSFERRED ON THE BOOKS OF THE TREASURY TO THE CREDIT OF THE CANAL ZONE RETIREMENT AND DISABILITY FUND IN ACCORDANCE WITH THE PROVISIONS OF SECTION 9 OF THE SAID ACT.

I HAVE TO ADVISE, THEREFORE, THAT THERE IS NO AUTHORITY UNDER THE SAID ACT FOR THE TRANSFER FROM THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND TO THE CANAL ZONE RETIREMENT AND DISABILITY FUND OF FURTHER AMOUNTS REPRESENTING INTEREST AT FOUR PERCENT PER ANNUM, ON THE AMOUNT SO ASCERTAINED, FROM JULY 1, 1931, TO THE DATE WHEN THE FUNDS WERE ACTUALLY TRANSFERRED ON THE BOOKS OF THE TREASURY OR OF THE AMOUNT OF INTEREST EARNED SUBSEQUENT TO JULY 1, 1931, AND DEPOSITED TO THE CREDIT OF THE CIVIL SERVICE RETIREMENT AND DISABILITY FUND ON SECURITIES OF THE SAID FUND REDEEMED OR OTHERWISE DISPOSED OF IN ORDER TO EFFECT THE TRANSFER OF SAID FUNDS.