Page:United States Statutes at Large Volume 112 Part 4.djvu/564

 112 STAT. 2681-535 PUBLIC LAW 105-277—OCT. 21, 1998 (B) by striking "net the sum of future normal cost" and inserting "net of the sum of the present value of future normal costs". (6) In subsection (d)(3), by striking "shall be taken from sums avgiilable for that fiscal year for the payment of the expenses of the Court, and". (7) By adding at the end the following new subsections: "(h) For purposes of the Internal Revenue Code of 1986— "(1) the Fund shall be treated as a trust described in section 401(a) of the Code that is exempt from taxation under section 501(a) of the Code; "(2) any transfer to or distribution from the Fund shall be treated in the same manner as a transfer to or distribution from a trust described in section 401(a) of the Code; and "(3) the benefits provided by the Fund shall be treated as benefits provided under a governmental plsin maintained by the District of Columbia. "(i) For purposes of the Employee Retirement Income Security ' Act of 1974, the benefits provided by the Fund shall be treated as benefits provided under a governmental plan maintained by the District of Columbia. "(j) To the extent that any provision of subpart A of part I of subchapter D of the chapter 1 of the Internal Revenue Code of 1986 (26 U.S.C. 401 et seq.) is amended after the date of the enactment of this subsection, such provision as amended shall apply to the Fund only to the extent the Secretary determines that application of the provision as amended is consistent with the administration of this subchapter. "(k) Federal obligations for benefits under this subchapter are backed by the full faith and credit of the United States.". (b) REGULATORY AUTHORITY OF SECRETARY. —Section 11251 of the Balanced Budget Act of 1997 (Public Law 105-33; 111 Stat. 756) is amended— (1) by redesignating subsection (b) as subsection (c); (2) by inserting after subsection (a) the following new subsection: " (b) REGULATIONS; EFFECT ON REFORM ACT.— Title 11, District of Columbia Code, is amended by adding the following new section: Xa) The Secretary is authorized to issue regulations to implement, interpret, administer and carry out the purposes of this subchapter, and, in the Secretary's discretion, those regulations may have retroactive effect, except that nothing in this subsection may be construed to permit the Secretary to issue any regulation to retroactively reduce or eliminate the benefits to which any individual is entitled under this subchapter. of Columbia Retirement Reform Act (Public Law 96-122) inconsistent with this subchapter and the regulations thereunder.'."; and (3) by amending subsection (c) (as so redesignated) to read as follows: "(c) CLERICAL AMENDMENTS.—
 * § 11-1572. Regulations; effect on Reform Act.
 * (b) This subchapter supersedes any provision of the District

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