Increase of Annuities Under Retirement Law. Hearings Before the Committee On Reform in the Civil Service, House of Representatives, Sixty-Seventh, Congress, Second Session. February 16 And 21, 1922

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ing 60 will elect to retire, the actual cost will not be as great as the total estimated possible boat.
" Section 3 recognizes the fact that while it has been necessary in the readjustment of the Governinent's business since the retirement act for many employees to be sep- arated summarily from the service or frightened out on account of pending reductions, their many years of service entitle them to consideration and they are permitted to apply for annuitjr from the retirement fund at a reduce
...d rate on account of their younger age. This section wbuld be especially helpful to those employees between 55 and 60 years of age who have not been able to obtain profitable reemployment in the keen competition with younger men in the business world. The provisions of this section as written will probably have to be considerably modified to meet the re- quirements of the actuskriies for the safeguarding of the retirement fund against expen- sive retirements at early ages, but the underlying principle should by all means have due consideration.

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