22 U.S.C. § 4071f — Government contributions

submitted 40 years ago by Pub. L. 96-465 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 308 words · no verdicts yet

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This section requires agencies to contribute to the Foreign Service Pension System Fund. It also provides for payments toward supplemental liability and, after 2013, certain extra payments toward the earlier retirement system’s unfunded liability.

(a) Each agency employing a participant must contribute to the Fund an amount calculated in a way similar to section 8423(a) of title 5, using the normal-cost percentage for the Foreign Service Pension System determined by the Secretary of State. (b)(1) At the end of each fiscal year beginning after September 30, 1987, the Secretary of State must calculate the Fund’s supplemental liability. Each supplemental liability is amortized in 30 equal yearly payments, with interest at the rate used in the System’s most recent valuation. (2) At the end of each fiscal year, the Secretary must tell the Treasury Secretary the payment amount for that year. (3) Before closing that fiscal year’s accounts, the Treasury Secretary must credit that amount to the Fund as a Government contribution, from Treasury money not otherwise appropriated. (c)(1) Subject to (2) and (3), for periods in years beginning after December 31, 2013, the normal-cost percentage is determined and applied as though section 402(b) of the Bipartisan Budget Act of 2013 had not been enacted. (2) Contributions above the amount that would otherwise have been payable are used to reduce the Foreign Service Retirement and Disability System’s unfunded liability. (3) After the Secretary of State determines that liability has been eliminated, Government contributions are determined and made without applying this subsection.

the actual law source: uscode.house.gov ↗public domain

(a)

Each agency employing any participant shall contribute to the Fund the amount computed in a manner similar to that used under section 8423(a) of title 5 pursuant to determinations of the normal cost percentage for the Foreign Service Pension System by the Secretary of State.

(b)

(1)

The Secretary of State shall compute the amount of the supplemental liability of the Fund as of the close of each fiscal year beginning after September 30, 1987. The amount of any such supplemental liability shall be amortized in 30 equal annual installments with interest computed at the rate used in the most recent valuation of the System.

(2)

At the end of each fiscal year, the Secretary of State shall notify the Secretary of the Treasury of the amount of the installment computed under this subsection for such year.

(3)

Before closing the accounts for a fiscal year, the Secretary of the Treasury shall credit to the Fund, as a Government contribution, out of any money in the Treasury of the United States not otherwise appropriated, the amount under paragraph (2) of this subsection for such year.

(c)

(1)

Subject to paragraphs (2) and (3), for purposes of any period in any year beginning after December 31, 2013, the normal-cost percentage under this section shall be determined and applied as if section 402(b) of the Bipartisan Budget Act of 2013 had not been enacted.

(2)

Any contributions under this section in excess of the amounts which (but for paragraph (1)) would otherwise have been payable shall be applied toward reducing the unfunded liability of the Foreign Service Retirement and Disability System.

(3)

After the unfunded liability of the Foreign Service Retirement and Disability System has been eliminated, as determined by the Secretary of State, Government contributions under this section shall be determined and made disregarding this subsection.

Source credit: (Pub. L. 96–465, title I, § 857, as added Pub. L. 99–335, title IV, § 415, June 6, 1986, 100 Stat. 618; amended Pub. L. 113–67, div. A, title IV, § 402(c), Dec. 26, 2013, 127 Stat. 1185.)

history & why it existsrecord from the source credit

1986Enacted · Pub. L. 96-465 · 100 Stat. 618
2013Amended · Pub. L. 113-67 · 127 Stat. 1185

A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-465 on 1986-06-06.

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