45 U.S.C. § 231v — Computation and certification of account benefit ratios
submitted 91 years ago by Pub. L. 107-90 to r/title-45-RAILROADS · 136 words · no verdicts yet
The Railroad Retirement Board must calculate a yearly “account benefits ratio” for the Railroad Retirement Account and certify it to the Treasury. It first computed ratios for the ten years before November 2003, then must compute and certify one new ratio every year after that.
(a) Initial computation and certification. By November 1, 2003, the Railroad Retirement Board* had to (1) compute the account benefits ratio for each of the ten most recent fiscal years, and (2) certify those ratios to the Secretary of the Treasury.
(b) Computations and certifications after 2003. By November 1 of every year after 2003, the Board must (1) compute the account benefits ratio for the fiscal year that just ended, and (2) certify that ratio to the Secretary of the Treasury.
(c) Definition. "Account benefits ratio" has the meaning given to that term in section 3241(c) of the Internal Revenue Code of 1986. This section does not restate that definition; it borrows it from the tax code.
On or before November 1, 2003, the Railroad Retirement Board* shall—
compute the account benefits ratios for each of the most recent 10 preceding fiscal years, and
certify the account benefits ratios for each such fiscal year to the Secretary of the Treasury.
On or before November 1 of each year after 2003, the Railroad Retirement Board shall—
compute the account benefits ratio for the fiscal year ending in such year, and
certify the account benefits ratio for such fiscal year to the Secretary of the Treasury.
As used in this section, the term “account benefits ratio” has the meaning given that term in section 3241(c) of the Internal Revenue Code of 1986 [26 U.S.C. 3241(c)].
Source credit: (Aug. 29, 1935, ch. 812, § 23, as added Pub. L. 107–90, title I, § 108(b), Dec. 21, 2001, 115 Stat. 890.)
- 1935Enacted · Pub. L. 107-90 · 115 Stat. 890
A history note hasn’t been published yet. The record shows enactment by Pub. L. 107-90 on 1935-08-29.
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