2011 US Code
Title 22 - Foreign Relations and Intercourse
Chapter 51 - PANAMA CANAL (§§ 3601 - 3873)
Subchapter I - ADMINISTRATION AND REGULATIONS (§§ 3611 - 3823)
Part 3 - Funds and Accounts (§§ 3711 - 3754)
Subpart i - funds (§§ 3711 - 3715d)
Section 3715a - Operation of Fund
View MetadataPublication Title | United States Code, 2006 Edition, Supplement 5, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 51 - PANAMA CANAL SUBCHAPTER I - ADMINISTRATION AND REGULATIONS Part 3 - Funds and Accounts subpart i - funds Sec. 3715a - Operation of Fund |
Contains | section 3715a |
Date | 2011 |
Laws in Effect as of Date | January 3, 2012 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 100-705, §3, Nov. 19, 1988, 102 Stat. 4685. |
Statutes at Large Reference | 102 Stat. 4685 |
Public Law References | Public Law 100-705 |
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The Panama Canal Commission shall make deposits on a regular basis to the Fund, beginning on October 1, 1988, to accumulate an amount sufficient to defray the estimated total cost of liability for the workers’ compensation benefits and other payments payable under chapter 81 of title 5 for the disability or death of employees of the Panama Canal Commission or any of its predecessor agencies on account of injuries sustained on or before December 31, 1999, except for those claims arising before, on, or after October 1, 1988, for which the Secretary of Labor has assumed fiscal responsibility.
(b) Calculation of amounts to be depositedThe amounts deposited under subsection (a) of this section shall be based upon periodic actuarial studies conducted by experts or consultants whose services are procured by the Panama Canal Commission by contract. The amounts of such deposits shall take into consideration interest earnings in accordance with subsection (c) of this section and expected cost of living adjustments as provided in section 8146a of title 5, but not amounts payable by the Commission for continuation of pay pursuant to section 8118 of such title.
(c) Investment of amounts in FundThe Secretary of the Treasury, upon the request of the Secretary of Labor, shall invest moneys in the Fund in public debt securities which shall bear interest at rates determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States of comparable maturity. Such interest shall be credited to and form a part of the Fund.
(Pub. L. 100–705, §3, Nov. 19, 1988, 102 Stat. 4685.)
CodificationSection was enacted as part of the Panama Canal Commission Compensation Fund Act of 1988, and not as part of the Panama Canal Act of 1979 which comprises this chapter.
Effective DateSection effective Oct. 1, 1988, see section 10 of Pub. L. 100–705, set out as an Effective Date of 1988 Amendment note under section 3612 of this title.
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