By March 31, 1998, the Secretary of Labor shall, on the basis of an actuarial study conducted by experts or consultants whose services are procured by the Secretary of Labor by contract, make a final determination of the amounts estimated to be necessary to meet expenditures for workers’ compensation benefits and other payments described in section
3715a(a) of this title, as calculated in accordance with the second sentence of section
3715a(b) of this title. Amounts in the Fund shall be used to pay for the final determination under this subsection.
(b) Deficiency or surplus in Fund
If amounts in the Fund are not sufficient to meet expenditures as determined by the Secretary of Labor under subsection (a) of this section for workers’ compensation benefits and other payments described in section
3715a(a) of this title, then amounts in the Panama Canal Revolving Fund not otherwise obligated shall be transferred to the Fund to make up the deficiency. Any amounts remaining in the Fund in excess of the final determination amount as described in subsection (a) of this section shall be transferred to the Panama Canal Revolving Fund, and may be used to satisfy lawful obligations of the Revolving Fund arising on or before December 31, 1999.
(c) Continuity of Fund
(1)Amounts in the Fund (including amounts transferred as a result of the final determination made under subsection (a) of this section) shall be maintained by the Secretary of the Treasury, shall be made available for transfer to the Employees’ Compensation Fund in such amounts as are requested by the Secretary of Labor pursuant to section
3715b of this title, and may be discontinued only in accordance with paragraph (2).
(2)At such time as the Secretary of Labor certifies that no further liability exists for workers compensation benefits or other payments described in section
3715a(a) of this title, the Secretary of the Treasury may discontinue the Fund in the manner provided by law.
Section 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.
1997—Subsec. (a). Pub. L. 105–85substituted “By March 31, 1998” for “Upon the termination of the Panama Canal Commission”.
1990—Pub. L. 101–510, § 3507(1), struck out “Upon the termination of the Panama Canal Commission:” before subsec. (a).
Subsec. (a). Pub. L. 101–510, § 3507(2), substituted “Upon the termination of the Panama Canal Commission, the Secretary of Labor” for “The Secretary of Labor” and struck out at end “The Secretary of the Treasury shall, in accordance with such final determination, transfer from the Fund to the Employee Compensation Fund amounts sufficient to meet expenditures for workers compensation benefits and other payments described in section
3715a(a) of this title.”
Subsec. (b). Pub. L. 101–510, § 3507(3), inserted “under subsection (a) of this section” after “Secretary of Labor” and struck out “Employees Compensation” before “Fund to make up”.
Section effective Oct. 1, 1988, see section 10 ofPub. L. 100–705, set out as an Effective Date of 1988 Amendment note under section
3612 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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