22 U.S.C. § 4061 — Payments for future benefits
submitted 46 years ago by Pub. L. 96-465 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 182 words · no verdicts yet
This section funds unfunded liabilities caused by new or improved benefits, expanded coverage, or higher benefit salaries, and covers normal costs not met by contributions.
(a) Statutes deemed to authorize appropriations to Fund to finance unfunded liability A statute that authorizes— (1) new or improved benefits payable from the Fund under this part, including annuity increases except increases under section 4065 of this title; (2) extending the System’s benefits to new groups of employees; or (3) increases in the salary used to calculate benefits, is treated as authorizing appropriations to the Fund to pay the unfunded liability that the statute creates. The appropriations must be paid in 30 equal annual installments, with interest calculated at the rate used in the System’s most recent valuation. The first payment is due at the end of the fiscal year in which the new or improved benefit, benefit extension, or salary increase takes effect. (b) Authorization of appropriations to Fund Congress is authorized to appropriate to the Fund for each fiscal year an amount equal to the Foreign Service normal cost for that year that is not met by contributions to the Fund under section 4045(a) of this title.
Any statute which authorizes—
new or liberalized benefits payable from the Fund under this part, including annuity increases other than under section 4065 of this title;
extension of the benefits of the System to new groups of employees; or
increases in salary on which benefits are computed;
is deemed to authorize appropriations to the Fund to finance the unfunded liability created by that statute, in 30 equal annual installments with interest computed at the rate used in the then most recent valuation of the System and with the first payment thereof due as of the end of the fiscal year in which each new or liberalized benefit, extension of benefits, or increase in salary is effective.
There is authorized to be appropriated to the Fund for each fiscal year an amount equal to the amount of the Foreign Service normal cost for that year which is not met by contributions to the Fund under section 4045(a) of this title.
Source credit: (Pub. L. 96–465, title I, § 821, Oct. 17, 1980, 94 Stat. 2121; Pub. L. 99–335, title IV, § 402(a)(3), June 6, 1986, 100 Stat. 609.)
- 1980Enacted · Pub. L. 96-465 · 94 Stat. 2121
- 1986Amended · Pub. L. 99-335 · 100 Stat. 609
A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-465 on 1980-10-17.
all 0 arguments · sorted by: best
no arguments yet — make the first case