Page:United States Statutes at Large Volume 115 Part 1.djvu/911

 PUBLIC LAW 107-90—DEC. 21, 2001 115 STAT. 889 (3) CONFORMING AMENDMENT.— Section 15A(d)(l) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n-l(d)(l)) is amended by striking the second and third sentences. (d) DUAL BENEFITS PAYMENTS ACCOUNT. —Section 15(d)(1) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(d)(l)) is amended by adding at the end the following new sentence: "The Secretary of the Treasury shall from time to time transfer from the Dual Benefits Payments Account to the disbursing agent under section 7(b)(4) amounts necessary to pay benefits payable from that Account.". (e) CERTIFICATION BY THE BOARD AND PAYMENT. — Paragraph (4) of section 7(b) of the Railroad Retirement Act of 1974 (45 U.S.C. 231fi:b)(4)) is amended to read as follows: "(4)(A) The Railroad Retirement Board, after consultation with the Board of Trustees of the National Railroad Retirement Investment Trust and the Secretary of the Treasury, shall enter into an arrangement with a nongovernmental financial institution to serve as disbursing agent for benefits payable under this Act who shall disburse consolidated benefits under this Act to each recipient. Pending the taking effect of that arrangement, benefits shall be paid as under the law in effect prior to the enactment of the Railroad Retirement and Survivors' Improvement Act of 2001. "(B) The Board shall from time to time certify— Certification. "(i) to the Secretary of the Treasury the amounts required to be transferred from the Social Security Equivalent Benefit Account and the Dual Benefits Payments Account to the disbursing agent to make payments of benefits and the Secretary of the Treasury shall transfer those amounts; "(ii) to the Board of Trustees of the National Railroad Retirement Investment Trust the amounts required to be transferred from the National Railroad Retirement Investment Trust to the disbursing agent to make payments of benefits and the Board of Trustees shall transfer those amounts; and "(iii) to the disbursing agent the name and address of each individual entitled to receive a payment, the amount of such payment, and the time at which the payment should be made.". (f) BENEFIT PAYMENTS.— Section 7(c)(1) of the Railroad Retirement Act of 1974 (45 U.S.C. 231fi:c)(l)) is amended— (1) by striking "from the Railroad Retirement Account" and inserting "by the disbursing agent under subsection (b)(4) from money transferred to it from the National Railroad Retirement Investment Trust or the Social Security Equivalent Benefit Account, as the case may be"; and (2) by inserting "by the disbursing agent under subsection (b)(4) from money transferred to it" after "Public Law 93- 445 shall be made". (g) TRANSITIONAL RULE FOR EXISTING OBLIGATION.—In making 45 USC 23in transfers under sections 15(k) and 15A(d)(2) of the Railroad Retire- J^ote. ment Act of 1974, as amended by subsections (a) and (c), respectively, the Railroad Retirement Board shall consult with the Secretary of the Treasury to design an appropriate method to transfer obligations held as of the date of enactment of this Act or to convert such obligations to cash at the discretion of the Railroad Retirement Board prior to transfer. The National Railroad Retirement Investment Trust may hold to maturity any obligations so

�