(a)
Authority under this section may be exercised with respect to any occupation or group of occupations to which subchapter III applies (or would apply but for this section).
(b)
Subject to subsection (a), the President’s pay agent (as referred to in section 5304(d)) may establish one or more special occupational pay systems for any positions within occupations or groups of occupations that the pay agent determines, for reasons of good administration, should not be classified under chapter 51 or subject to subchapter III.
(c) In establishing special occupational pay systems, the pay agent shall—
(1)
identify occupations or groups of occupations for which chapter 51 and subchapter III do not function adequately;
(d) A special occupational pay system may not—
(1)
provide for a waiver of any law, rule, or regulation that could not be waived under section 4703(c); or
(2)
provide a rate of basic pay for any employee in excess of the rate payable for level V of the Executive Schedule.
(e)
Subject to subsection (d)(2), effective at the beginning of the first applicable pay period commencing on or after the first day of the month in which an adjustment takes effect under section 5303 in the rates of pay under the General Schedule, each rate of pay established under this section shall be adjusted by such amount as the Office considers appropriate.