Page:United States Statutes at Large Volume 115 Part 1.djvu/910

 115 STAT. 888 PUBLIC LAW 107-90 —DEC. 21, 2001 shall continue to exist until the date that the Secretary of the Treasury makes the transfer described in subsection (d)(2). SEC. 107. TRANSFER AUTHORITY REVISIONS. (a) RAILROAD RETIREMENT ACCOUNT.— Section 15 of the Railroad Retirement Act of 1974 (45 U.S.C. 23In) is amended by adding after subsection (j) the following new subsection: "(k) TRANSFERS TO THE TRUST.— The Board shall, upon establishment of the National Railroad Retirement Investment Trust and from time to time thereafter, direct the Secretary of the Treasury to transfer, in such manner as will maximize the investment returns to the Railroad Retirement system, that portion of the Railroad Retirement Account that is not needed to pay current administrative expenses of the Board to the National Railroad Retirement Investment Trust. The Secretary shall make that transfer.". (b) TRANSFERS FROM THE NATIONAL RAILROAD RETIREMENT INVESTMENT 'KIUST.— Section 15 of the Railroad Retirement Act of 1974 (45 U.S.C. 23 In), as amended by subsection (a), is further amended by adding after subsection (k) the following new subsection: " (1) NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST.—The National Railroad Retirement Investment Trust shall from time to time transfer to the disbursing agent described in section 7(b)(4) or as otherwise directed by the Railroad Retirement Board pursuant to section 7(b)(4), such amounts as may be necessary to pay benefits under this Act (other than benefits paid from the Social Security Equivalent Benefit Account or the Dual Benefit Payments Account).". (c) SOCIAL SECURITY EQUIVALENT BENEFIT ACCOUNT.— (1) TRANSFERS TO TRUST.— Section 15A(d)(2) of the Railroad Retirement Act of 1974 (45 U.S.C. 23In-1(d)(2)) is amended to read as follows: "(2) Upon establishment of the National Railroad Retirement Investment Trust and from time to time thereafter, the Board shall direct the Secretary of the Treasury to transfer, in such manner as will maximize the investment returns to the Railroad Retirement system, the balance of the Social Security Equivalent Benefit Account not needed to pay current benefits and administrative expenses required to be paid from that Account to the National Railroad Retirement Investment Trust, and the Secretary shall make that transfer. Any balance transferred under this paragraph shall be used by the National Railroad Retirement Investment Trust only to pay benefits under this Act or to purchase obligations of the United States that are backed by the full faith and credit of the United States pursuant to chapter 31 of title 31, United States Code. The proceeds of sales of, and the interest income from, such obligations shall be used by the Trust only to pay benefits under this Act.". (2) TRANSFERS TO DISBURSING AGENT. —Section 15A(c)(l) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n-1(c)(1)) is amended by adding at the end the following new sentence: "The Secretary shall from time to time transfer to the disbursing agent under section 7(b)(4) amounts necessary to pay those benefits.".

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