employment
(1)That portion of the individual’s annuity as is computed undersection 231b(a) of this titleon the basis of (A) his compensation and years of service subsequent to, and (B) his wages and self-employment income derived from employment and self-employment under the Social Security Act [42 U.S.C. 301et seq.] and that portion of the individual’s annuity as is computed undersection 231b(h) of this titleshall be subject to deductions on account of work pursuant to the provisions of section 203 of the Social Security Act [42 U.S.C. 403] in the same manner as if such portion of such annuity were a monthly insurance benefit under that Act: Provided, however, That the provisions of this subdivision shall be applicable to the annuity of an individual only if such individual would be fully insured under the Social Security Act on the basis of wages and self-employment income derived from employment and self-employment under that Act and on the basis of compensation derived from service as an employee after, if such service as an employee had been included in the term “employment” as defined in that Act. Any person in receipt of an annuity subject to deduction under this subsection shall report to the Board the receipt of excess earnings as defined in paragraph (3) of section 203(f) of the Social Security Act.