Page:United States Statutes at Large Volume 111 Part 1.djvu/751

 PUBLIC LAW 105-33—AUG. 5, 1997 111 STAT. 727 SEC. 11054. DETERMINATION OF METHODOLOGY FOR MAKING PAY- MENTS. (a) NOTICE TO PRESIDENT AND CONGRESS. — Not later than 18 months before the time that assets remaining in the Trust Fund are projected to be insufficient for making Federal benefit pa3anents and covering necessary administrative expenses when due, the Secretary shall so advise the President and the Congress. (b) SELECTION OF METHODOLOGY.—Before all available assets of the Trust Fund have been depleted, the Secretary shall determine whether Federal benefit payments and necessary administrative expenses under this subtitle shall be made by one of the following methods: (1) Continuation of the Trust Fund using payments from the Federal Supplemental Fund. (2) Discontinuation of the Trust Fund, with payments made— (A) by direct payment by the Secretary from the Federal Supplemental Fund; or (B) from the Federal Supplemental Fund through another department or agency of the United States. (c) ARRANGEMENTS BY SECRETARY.— The Secretary shall make appropriate arrangements to implement the determinations made in this subsection. SEC. 11055. SPECIAL REQUIREMENTS UPON DISCONTINUATION OF TRUST FUND. (a) SUCCESSOR TO TRUSTEE. —If the Secretary determines that the Trust Fund shall be discontinued after it has been depleted of assets, the Secretary shall appoint a successor to the Trustee to administer the requirements of this subtitle, with the same powers and subject to the same conditions as were applicable to the Trustee. (b) CONTINUING APPLICATION OF TERMS AND CONDITIONS.— The methodology selected by the Secretary under section 11054(b), and the payment of benefits pursuant to such methodology, shall be subject to the same arrangements, terms, and conditions as were applicable under this subtitle to the Trust Fund and the benefits paid under the Trust Fund (including provisions relating to the treatment of the Trust Fund under certain laws). CHAPTER 7—REPORTS SEC. 11061. ANNUAL VALUATIONS AND REPORTS BY ENROLLED ACTU- ARY. (a) DETERMINATION OF ACTUARIAL VALUATIONS.— The Trustee shall engage an enrolled actuary (as defined in section 7701(a)(35) of the Internal Revenue Code of 1986) who is a member of the American Academy of Actuaries to shall perform an annual actuarial valuation (in a manner and form determined by the Secretary) of the Trust Fund and the Federal Supplemental Fund for obligations assumed by the Federal Government under this subtitle. (b) ANNUAL REPORT ON STATUS OF FUNDS.— The enrolled actuary shall prepare and submit to the Secretary and the Trustee an annual report on the actuarial status of the Trust Fund and the Federal Supplemental Fund, and shall include in the report—

�