Title 22 — Foreign Relations and Intercourse
Part 3 · Chapter 51 — Panama Canal
§ 3715a. Operation of Fund
Statutory text
Deposits to Fund
The Panama Canal Commission shall make deposits on a regular basis to the Fund, beginning on , to accumulate an amount sufficient to defray the estimated total cost of liability for the workers’ compensation benefits and other payments payable under chapter 81 of title 5 for the disability or death of employees of the Panama Canal Commission or any of its predecessor agencies on account of injuries sustained on or before , except for those claims arising before, on, or after , for which the Secretary of Labor has assumed fiscal responsibility.
Calculation of amounts to be deposited
The amounts deposited under subsection (a) shall be based upon periodic actuarial studies conducted by experts or consultants whose services are procured by the Panama Canal Commission by contract. The amounts of such deposits shall take into consideration interest earnings in accordance with subsection (c) of this section and expected cost of living adjustments as provided in section 8146a of title 5, but not amounts payable by the Commission for continuation of pay pursuant to section 8118 of such title.
Investment of amounts in Fund
The Secretary of the Treasury, upon the request of the Secretary of Labor, shall invest moneys in the Fund in public debt securities which shall bear interest at rates determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturity. Such interest shall be credited to and form a part of the Fund.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Panama Canal Commission Compensation Fund Act of 1988
Pub. L. 100–705 § 3 · 102 Stat. 4685
Enacted · 22 U.S.C. § 3715a
(Pub. L. 100–705, § 3, Nov. 19, 1988, 102 Stat. 4685.)
Source evidence
Code source credit
(Pub. L. 100–705, § 3, Nov. 19, 1988, 102 Stat. 4685.)Enacted provision · exact public law section
SEC. 3. OPERATION OF THE FUND. (a) Deposits to the Fund.— The Panama Canal Commission shall Claims. make deposits on a regular basis to the Fund, beginning on October 1, 1988, to accumulate an amount sufficient to defray the estimated total cost of liability for the workers’ compensation benefits and other payments payable under chapter 81 of title 5, United States Code, for the disability or death of employees of the Panama Canal Commission or any of its predecessor agencies on account of injuries sustained on or before December 31, 1999, except for those claims arising before, on, or after October 1, 1988, for which the Secretary of Labor has assumed fiscal responsibility. (b) Calculation of Amounts To Be Deposited.— The amounts Contracts. deposited under subsection (a) shall be based upon periodic actuarial studies conducted by experts or consultants whose services are procured by the Panama Canal Commission by contract. The amounts of such deposits shall take into consideration interest earnings in accordance with subsection (c) of this section and expected cost-of-living adjustments as provided in section 8146a of title 5, United States Code, but not amounts payable by the Commission for continuation of pay pursuant to section 8118 of such title. (c) Investment of Amounts in the Fund.— The Secretary of the Treasury, upon the request of the Secretary of Labor, shall invest moneys in the Fund in public debt securities which shall bear interest at rates determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturity. Such interest shall be credited to and form a part of the Fund.
1 of 1 references resolved to an enrolled provision
Editorial Notes
Codification
Section was enacted as part of the Panama Canal Commission Compensation Fund Act of 1988, and not as part of the Panama Canal Act of 1979 which comprises this chapter.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective , see section 10 of Pub. L. 100–705, set out as an Effective Date of 1988 Amendment note under section 3612 of this title.