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Title 22 — Foreign Relations and IntercourseRelease 119-73

§3715c Final evaluation of Fund; deficiency or surplus in Fund

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

Last updated Apr 6, 2026|Official source

Summary

By March 31, 1998, the Secretary of Labor must hire actuarial experts and decide how much money is needed to pay the workers’ compensation and other payments listed in section 3715a(a). The Fund must pay for that study. If the Fund does not have enough, unspent money from the Panama Canal Revolving Fund must be moved in to cover the shortfall. If the Fund has more than needed, the extra goes back to the Panama Canal Revolving Fund and can be used for its lawful obligations that arose on or before December 31, 1999. The Secretary of the Treasury will hold the Fund and must make money available to transfer to the Employees’ Compensation Fund when the Secretary of Labor asks under section 3715b. The Treasury can close the Fund only after the Secretary of Labor says there is no remaining liability for those payments.

Full Legal Text

Title 22, §3715c

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)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)If amounts in the Fund are not sufficient to meet expenditures as determined by the Secretary of Labor under subsection (a) 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) 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)(1)Amounts in the Fund (including amounts transferred as a result of the final determination made under subsection (a)) 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.

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.

Amendments

1997—Subsec. (a). Pub. L. 105–85 substituted “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)” after “Secretary of Labor” and struck out “Employees Compensation” before “Fund to make up”. Subsec. (c). Pub. L. 101–510, § 3507(4), added subsec. (c).

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. § 3715c

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73