Page:United States Statutes at Large Volume 73.djvu/70

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Employer's contributions. 45 USC 358.

PUBLIC LAW 86-28-MAY 19, 1959

45 USC 360. Transfer of funds.

ST A T.

the semicolon at the end of subdivision (iii) and inserting in lieu thereof a period. SEC. 306. Section 8(a) of the Railroad Unemployment Insurance Act is amended (1) by inserting after "June 30, 1954" where it first appears the following: ", and before the calendar month next following the month in which this Act was amended in 1959, and is not in excess of $400 for any calendar month paid by him to any employee for services rendered to him after the month in which this Act was so amended"; (2) by inserting after "June 30, 1954" where it appears for the second time the following: ", and before the calendar month next following the month in which this Act was amended in 1959, and to not more than $400 for any month after the month in which this Act was so amended"; (3) by inserting after "June 30, 1954" were it appears for the third time the following: ", and before the calendar month next following the month in which this Act was amended in 1959, or less than $400 if such month is after the month in which this Act was so amended"; (4) by striking out "December 31, 1947" in paragraph 2 and inserting in lieu thereof "the month in which this Act was amended in 1959"; and (5) by striking out the table (except the column headings) in such paragraph 2 and inserting in lieu thereof the following: .$450,000,000 or more $400,000,000 or more but less than $450,000,000 .$350,000,000 or more but less than $400,000,000 .$300,000,000 or more but less than $350,000,000 Less than $300,000,000

Employee representatives' c o n tributions.

[73

Percent li/a 2 21/2 3 3%".

SEC. 307. Section 8(b) of the Railroad Unemployment Insurance Act is amended (1) by striking out "3 per centum" and inserting in lieu thereof " 3 % per centum"; and (2) by inserting before the period at the end of the first sentence the following: ", and before the calendar month next following the month in which this Act was amended in 1959, and as is not in excess of $400 paid to him for services rendered as an employee representative in any calendar month after the month in which this Act was so amended". SEC. 308. (a) Subsection (d) of section 10 of the Railroad Unemployment Insurance Act be amended to read as follows: " (d) Whenever the Board finds at any time that the balance in the railroad unemployment insurance account will be insufficient to pay the benefits and refunds which it estimates are due, or will become due, under this Act, it shall request the Secretary of the Treasury to transfer from the Railroad Retirement Account to the credit of the railroad unemployment insurance account such moneys as the Board estimates would be necessary for the payment of such benefits and refunds, and the Secretary shall make such transfer. Whenever the Board finds that the balance in the railroad unemployment insurance account, without regard to the amounts transferred pursuant to the next preceding sentence, is sufficient to pay such benefits and refunds, it shall request the Secretary of the Treasury to retransfer from the railroad unemployment insurance account to the credit of the Railroad Retirement Account such moneys as in its judgment are not needed for the payment of such benefits and refunds, plus interest at the rate of 3 per centum per annum, and the Secretary shall make such retransfer. In determining the balance in the railroad unemployment insurance account as of September 30 of any year pursuant to section 8(a) of this Act, any moneys transferred from the Railroad Retirement Account to the credit of the railroad unemployment insurance account which have not been retransferred as of such date from the latter account to the credit of the former, plus the interest accrued thereon to that date, shall be disregarded."

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