(Aug. 10, 1956, ch. 1041, 70A Stat. 80; Pub. L. 89–538, § 1(1),Aug. 14, 1966, 80 Stat. 347; Pub. L. 90–122, § 1,Nov. 3, 1967, 81 Stat. 361; Pub. L. 91–200, Feb. 26, 1970, 84 Stat. 16; Pub. L. 98–525, title XIV, § 1405(20),Oct. 19, 1984, 98 Stat. 2623; Pub. L. 99–661, div. A, title XIII, § 1343(a)(3),Nov. 14, 1986, 100 Stat. 3992; Pub. L. 102–25, title III, § 310,Apr. 6, 1991, 105 Stat. 84; Pub. L. 102–190, div. A, title VI, § 639,Dec. 5, 1991, 105 Stat. 1384.)
Historical and Revision Notes
| Revised section
|| Source (U.S. Code)
|| Source (Statutes at Large)
||10:908(a) (less words after last semicolon).
|34:937 (less words after last semicolon).
||July 15, 1954, ch. 513, §§ 1–3, 68 Stat. 485.
||10:908b (1st 20, and last 13, words).
||34:938 (1st 20, and last 13, words).
||10:908a (words after last semicolon).
||10:908b (less 1st 20, and last 13, words).
||34:937 (words after last semicolon).
||34:938 (less 1st 20, and last 13, words).
In subsection (a), the words “in amounts of $5 or more” are substituted for the words “in sums not less than $5”. 10:908a (words before 1st semicolon of last sentence) and 34:937 (words before 1st semicolon of last sentence) are omitted as covered by subsection (c).
In subsection (b), the word “accrues” is substituted for the words “shall be paid”.
In subsection (c), the words “not less than $5” are omitted as surplusage.
1991—Subsec. (b). Pub. L. 102–190
, § 639(a), substituted “, the Persian Gulf conflict, or a contingency operation” for “or during the Persian Gulf conflict” before period at end of second sentence and struck out at end “For purposes of this subsection, the Vietnam conflict begins on February 28, 1961, and ends on May 7, 1975, and the Persian Gulf conflict begins on January 16, 1991, and ends on the date thereafter prescribed by Presidential proclamation or by law.”
Pub. L. 102–25
, § 310(a), (c)(1), struck out “, as defined in section
,” after “missing status”, inserted “or during the Persian Gulf conflict” before period at end of second sentence, and substituted “May 7, 1975, and the Persian Gulf conflict begins on January 16, 1991, and ends on the date thereafter prescribed by Presidential proclamation or by law” for “the date designated by the President by Executive order as the date of the termination of combatant activities in Vietnam”.
Subsec. (e). Pub. L. 102–25
, § 310(c)(2), struck out “(as defined in section
)” after “in a missing status”.
Subsec. (f). Pub. L. 102–190
, § 639(b), added subsec. (f) and redesignated former subsec. (f) as (g).
Pub. L. 102–25
, § 310(b), added subsec. (f).
Subsec. (g). Pub. L. 102–190
, § 639(b)(1), (c), redesignatedsubsec. (f) as (g) and amended it generally. Prior to amendment, subsec. (g) read as follows: “In this section, the term ‘missing status’ has the meaning given such term in section
1986—Subsec. (a). Pub. L. 99–661
substituted “armed forces” for “armed force”.
1984—Subsec. (b). Pub. L. 98–525
substituted “percent” for “per centum”, “subsection” for “Act” after “paid under this”, and “90” for “ninety”.
1970—Subsec. (b). Pub. L. 91–200
permitted accrual of interest on savings above $10,000 ceiling in case of soldiers involved in Vietnam conflicts who have made deposits on or after Sept. 1, 1966, and who are in missing status contemplated by section
, and set out duration of Vietnam conflict as starting Feb. 28, 1961, and ending on the date that the President may designate by Executive order.
1967—Subsec. (e). Pub. L. 90–122
added subsec. (e).
1966—Subsec. (a). Pub. L. 89–538
permitted not only enlisted personnel but any member of the armed forces, provided he is on permanent duty outside the United States, to participate in the savings program organized under this section and changed the fund into which such savings deposits are made.
Subsec. (b). Pub. L. 89–538
changed rate of interest from 4 per centum per annum to a rate prescribed by the President, not to exceed 10 per centum per annum, did away with the necessity that amounts be on deposit for six months or more, set a maximum of $10,000 upon which interest shall be paid, and provided for termination of interest 90 days after the member’s return to the United States or its possessions.
Subsec. (c). Pub. L. 89–538
substituted provisions that, unless changed by joint regulations of the Secretaries concerned, payments of deposits and interest may not be made to the individual while stationed outside of the United States, for provisions that payment of deposits and interest could be made only to the member upon discharge, or before discharge as prescribed by the Secretary concerned, or to the member’s heirs or legal representatives.
Subsec. (d). Pub. L. 89–538
reenacted subsec. (d) substantially without change.
Effective Date of 1967 Amendment
Section 2 ofPub. L. 90–122
provided that: “This Act [amending this section] becomes effective as of September 1, 1966.”
Savings Program for Overseas Personnel
Pub. L. 101–510
, div. A, title XI, § 1114,Nov. 5, 1990, 104 Stat. 1636
, as amended by Pub. L. 102–25
, title III, § 314(1), (3),Apr. 6, 1991, 105 Stat. 86
, directed the Secretary of Defense to prescribe regulations establishing standards and procedures for the administration of a program to authorize members of the Armed Forces serving outside the United States during the Persian Gulf conflict to make deposits of unallotted current pay and allowances and to earn interest under this section.
Adjustment of Deposit Accounts of Certain Enlisted Men
Pub. L. 89–738
, Nov. 2, 1966, 80 Stat. 1165
, provided: “That the Secretary of a military department or his designee, shall adjust the deposit account of any enlisted member or former enlisted member of the Army, Navy, Air Force, or Marine Corps, as the case may be, who, after July 14, 1954, and before the effective date of this Act [Nov. 2, 1966], upon discharge and immediate reenlistment or retirement and immediate recall to active duty, continued, without withdrawal and redeposit, his account for deposits made under section
, United States Code, or prior laws authorizing enlisted members’ deposits, to show that his deposits and interest accrued thereon were withdrawn and redeposited on the date of such reenlistment or recall to active duty.
“Sec. 2. The Secretary of the military department concerned, or his designee, shall pay to a former enlisted member described in section 1 of this Act any amount found due as a result of the adjustment prescribed by that section if he submits an application within two years following the date of enactment of this Act [Nov. 2, 1966]. If the member is currently serving on active duty and has an active deposit account, the amount due him will automatically be credited to such account. In the case of a deceased member, application under this section shall be made within two years following the date of enactment of this Act [Nov. 2, 1966] by the person determined to be eligible under section
, United States Code.
“Sec. 3. All payments heretofore made which would, but for the fact of such payment, be payable under this Act are validated. However, if such a payment has been repaid to the United States, the fact of payment shall not affect entitlement under this Act.”
Rates of Interest on Deposits Made Before Aug. 14, 1966
Section 2 ofPub. L. 89–538
“(a) Notwithstanding the first section of this Act [amending this section], an amount on deposit under section
, United States Code, on the date of enactment of this Act [Aug. 14, 1966], shall accrue interest at the rate and under the conditions in effect on the day before the date of enactment of this Act [Aug. 14, 1966], until the member’s current enlistment terminates or earlier, as may be jointly prescribed by the Secretaries concerned. However, a member who is on a permanent duty assignment outside the United States or its possessions on the date of enactment of this Act [Aug. 14, 1966], or who reports for that duty on or after that date but before the termination of his current enlistment, will be entitled to interest on such deposit, on and after that date, at the rate and under the conditions prescribed pursuant to section
1 [amending this section]. Payments of deposits, and interest thereon, may be made to the member’s heirs or legal representatives.
“(b) Any amounts deposited between May 4, 1966, and the date of enactment of this Act [Aug. 14, 1966] while a member was assigned to permanent duty within the United States and its possessions, and any amounts deposited between May 4, 1966, and the date of enactment of this Act [Aug. 14, 1966] by a member on permanent duty assignment outside the United States and its possessions which are in excess of his unallotted pay and allowances for that period, shall accrue interest at the rate in effect before enactment of this Act.”
Extension of Coverage to Public Health Service and Coast and Geodetic Survey Personnel; Rules and Regulations
Section 3(c) ofPub. L. 89–538
provided that: “Regulations prescribed by the Secretary of Commerce and the Secretary of Health, Education, and Welfare [now Health and Human Services] under subsections (a) and (b) [extending savings deposits benefits to commissioned officers of the Public Health Service and the Coast and Geodetic Survey (now the National Oceanic and Atmospheric Administration), respectively] shall be prescribed jointly with regulations prescribed by the Secretaries concerned under section
, United States Code.”
Public Health Service
Authority vested by this section in “the Secretary concerned” to be exercised with respect to commissioned officers of the Public Health Service, by the Secretary of Health and Human Services or his designee, see section
, The Public Health and Welfare.
National Oceanic and Atmospheric Administration
Authority vested by this chapter in “the Secretary concerned” to be exercised, with respect to commissioned officer corps of the National Oceanic and Atmospheric Administration, by Secretary of Commerce or Secretary’s designee, see section
, Navigation and Navigable Waters.
Ex. Ord. No. 11298. Interest Rate
Ex. Ord. No. 11298, Aug. 14, 1966, 31
By virtue of the authority vested in me by Section
of the United States Code, as amended by the Act of August 14, 1966, I hereby prescribe that amounts deposited by members of the uniformed services under that Section shall accrue interest at the rate of ten percent per annum, compounded quarterly.
This order shall be effective September 1, 1966.
Lyndon B. Johnson.