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Title 22 — Foreign Relations and IntercourseRelease 119-73

§3715a Operation of Fund

Title 22 › Chapter CHAPTER 51— - PANAMA CANAL › Subchapter SUBCHAPTER I— - ADMINISTRATION AND REGULATIONS › Part Part 3— - Funds and Accounts › Subpart subpart i— - funds › § 3715a

Last updated Apr 6, 2026|Official source

Summary

The Panama Canal Commission must start putting money into a special Fund on October 1, 1988. The Fund must be large enough to pay the estimated workers’ compensation and related disability or death payments under chapter 81 of title 5 for Commission employees and predecessor agencies for injuries on or before December 31, 1999. Claims the Secretary of Labor already agreed to pay are not included. How much to deposit comes from periodic actuarial studies by hired experts. Deposits must count on interest and expected cost-of-living increases under section 8146a of title 5, but not on pay-continuation under section 8118. At the Labor Secretary’s request, the Treasury must invest Fund money in U.S. government securities at rates Treasury sets based on market yields, and any interest goes back into the Fund.

Full Legal Text

Title 22, §3715a

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)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)The amounts deposited under subsection (a) 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)The 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.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification 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.

Statutory Notes and Related Subsidiaries

Effective Date

Section 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.

Reference

Citations & Metadata

Citation

22 U.S.C. § 3715a

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73