Page:United States Statutes at Large Volume 95.djvu/667

 PUBLIC LAW 97-35—AUG. 13, 1981 the Board in its written report under subsection (a) of this section. Any Board regulation which becomes effective under this subsection may be modified, rescinded, or superseded in the same manner and to the same extent as in the case of any other Board regulation issued under authority of this Act.". SEC. 1127. (a) Section 15(b) of the Railroad Retirement Act of 1974 is amended by inserting "(1)" after "(b)" and by inserting at the end thereof the following new subdivision: "(2) In any month when the Board finds that the balance in the Railroad Retirement Account is insufficient to pay annuity amounts due to be paid during the following month, the Board shall report to the Secretary of the Treasury the additional amount of money necessary in order to make such annuity payments, and the Secretary shall transfer to the credit of the Railroad Retirement Account such additional amount upon receiving such report from the Board. The total amount of money outstanding to the Railroad Retirement Account from the general fund at any time during any fiscal year shall not exceed the total amount of money the Board and the Trustees of the Social Security Trust Fund estimate will be transferred to the Railroad Retirement Account pursuant to section 7(c)(2) of this Act with respect to such fiscal year. Whenever the Board determines that the sums in the Railroad Retirement Account are sufficient to pay annuity amounts, the Board shall request the Secretary of the Treasury to retransfer to the general fund from the Railroad Retirement Account all or any part of the amount outstanding, and the Secretary of the Treasury shall make such retransfer of the amount requested. Not later than 10 days after a transfer to the Railroad Retirement Account under section 7(c)(2) of this Act, any amount of money outstanding to the Railroad Retirement Account from the general fund under this subdivision shall be retransferred in accordance with this subdivision. Any amount retransferred shall include an amount of interest computed at a rate determined in accordance with the following two sentences: The rate of interest payable with respect to an amount outstanding for any month shall be equal to the average investment yield for the most recent auction (before such month) of United States Treasury bills with maturities of 52 weeks, deeming any amount outstanding at the beginning of a month to have been borrowed at the beginning of such month. For this purpose the amount of interest computed in accordance with the preceding sentence but not repaid by the end of such month shall be added to the amount outstanding at the beginning of the next month.". SEC. 1128. (a) Section 5(f) of the Railroad Unemployment Insurance Act is amended by striking out "fifteen" and by inserting in lieu thereof "thirty". (b) Section 8(f) of the Railroad Unemployment Insurance Act is amended by striking out "0.25" and inserting in lieu thereof: "0.5". SEC. 1129. (a) Except as otherwise provided in this section, the amendments made by this subtitle shall take effect October 1, 1981, and shall apply only with respect to annuities awarded on or after that date. (b)(1) The amendment made by section 1116(a) of this Act shall take effect October 1, 1981, except that the years of service of an individual shall not be considered less after enactment of this Act for any individual who files an application before April 1, 1982 than such individual had during the month of September 1981.

95 STAT. 641

45 USC 23ln.

45 USC 23lf.

45 USC 355. 45 USC 358. Effective dates. 45 USC 231 note.

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