102 STAT. 3916

PUBLIC LAW 100-659—NOV. 15, 1988

Appropriation
authorization.
Appropriation
authorization.
28 USC 377 note.

from the Fund. The income derived from these investments
constitutes a part of the Fund.
"(3) unfunded liability.—(A) There are authorized to be
appropriated to the Judicial Officers' Retirement Fund amounts
required to reduce to zero the unfunded liability of the Fund.
(B) For purposes of subparagraph (A), the term 'unfunded
liability* means the estimated excess, determined on an annual
basis in accordance with the provisions of section 9503 of title
31, of the present value of all benefits payable from the Judicial
Officers' Retirement Fund over the sum of—
"(i) the present value of deductions to be withheld under
this section from the future basic pay of bankruptcy judges
and magistrates; plus
"(ii) the balance in the Fund as of the date the unfunded
liability is determined.
In making any determination under this subparagraph, the
Comptroller General shall use the applicable information con-
tained in the reports filed pursuant to section 9503 of title 31,
with respect to the retirement annuities provided for in this
section.
"(C) There are authorized to be appropriated such sums as
may be necessary to carry out this paragraph.".
(b)	conforming amendment.—The table of sections at the begin-
ning of chapter 17 of title 28, United States Code, is amended by
adding at the end the following new item:
"377. Retirement of bankruptcy judges and magistrates.".
(c)	incumbent judges and magistrates.—
(1) retirement annuity under title 5 and section 377 of
title 28.—A bankruptcy judge or United States magistrate in
active service on the effective date of this Act shall, subject to
paragraph (2), be entitled, in lieu of the annuity otherwise
provided under the amendments made by this section, to—
 (A)	an annuity under subchapter III of chapter 83, or
under chapter 84, of title 5, United States Code, as the case
may be, for creditable service before the date on which
service would begin to be credited for purposes of subpara-
graph (B), and
 (B)	an annuity calculated under subsection (b) or (c) and
subsection (g) of section 377 of title 28, United States Code,
as added by this section, for any service as a full-time
bankruptcy judge or magistrate on or after October 1, 1979
(as specified in the election pursuant to paragraph (2)) for
which deductions and deposits are made under subsections
(j) and (k) of such section 377, as applicable, without regard
to the minimum number of years of service as such a
bankruptcy judge or magistrate, except that—
(i) in the case of a judge or magistrate who retires
with less than 8 years of service, the annuity under
subsection (c) of section 377 of title 28, United States
Code, shall be equal to that proportion of the salary
being received at the time the judge or magistrate
leaves office which the years of service bears to 14,
subject to a reduction in accordance with subsection (c)
of such section 377 if the bankruptcy judge or mag-
istrate is under age 65 at the time he or she leaves
office, and