Page:United States Statutes at Large Volume 102 Part 5.djvu/679

 PUBLIC LAW 100-705—NOV. 19, 1988

Public Law 100-705 100th Congress

102 STAT. 4685

An Act

To establish the Panama Canal Commission Compensation Fund to provide for the accumulation of funds to meet the Panama Canal Commission's obligations under chapter 81 of title 5, United States Code, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.

This Act may be cited as the "Panama Canal Commission Compensation Fund Act of 1988". SEC. 2. ESTABLISHMENT OF COMPENSATION FUND.

JNov. 19, l^OB [H.R. 5287]

Panama Canal Commission Compensation Fund Act of 1988. 22 USC 3601 note. 22 USC 3715.

There is established in the Treasury of the United States the Panama Canal Commission Compensation Fund (hereafter in this Act referred to as the "Fund"). SEC. 3. OPERATION OF THE FUND.

(a) DEPOSITS TO THE FUND.—The Panama Canal Commission shall 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

22 USC 3715a. Claims.

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. SEC. 4. TRANSFERS FROM THE FUND FOR COMPENSATION BENEFITS.

The Secretary of the Treasury shall, upon request of the Secretary of Labor, transfer funds from the Fund to the Employees' Compensation Fund to reimburse the Employees' Compensation Fund for the

22 USC 3715b.

»

�