22 U.S.C. § 4062: Unfunded liability obligations

Summary

At the end of each fiscal year, the Secretary of State must tell the Secretary of the Treasury two sums to be added to the Fund: the year’s interest on the unfunded liability using the interest rate from the most recent System valuation, and the part of that year’s annuity payments that the Secretary estimates comes from military and naval service, minus any amount the Secretary sets to reflect deposits under section 4045(e). Before the Treasury closes the year’s accounts, it must put those amounts into the Fund from Treasury money not otherwise appropriated. Any request for Fund appropriations under section 4061(b) must include a report to Congress showing the amounts credited under this section.

Title 22, §4062

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Notice of interest and military service credit

At the end of each fiscal year, the Secretary of State shall notify the Secretary of the Treasury of the amount equivalent to—

(1)interest on the unfunded liability computed for that year at the interest rate used in the then most recent valuation of the System, and

(2)that portion of disbursement for annuities for that year which the Secretary of State estimates is attributable to credit allowed for military and naval service, less an amount determined by the Secretary of State to be appropriate to reflect the value of the deposits made to the credit of the Fund under section 4045(e) of this title.

(b)Credit to Fund

Before closing the accounts for each fiscal year, the Secretary of the Treasury shall credit such amounts to the Fund, as a Government contribution, out of any money in the Treasury of the United States not otherwise appropriated.

(c)Reports to Congress

Requests for appropriations to the Fund under section 4061(b) of this title shall include reports to the Congress on the sums credited to the Fund under this section.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1983—Subsec. (a)(2). Ex. Ord. No. 12446 inserted “, less an amount determined by the Secretary of State to be appropriate to reflect the value of the deposits made to the credit of the Fund under section 4045(e) of this title”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1983 AmendmentAmendment by Ex. Ord. No. 12446 effective Oct. 17, 1983, see section 4(e) of Ex. Ord. No. 12446, set out under section 4067 of this title. Termination of Reporting RequirementsFor termination, effective May 15, 2000, of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 103–7 (in which a report required under subsec. (c) of this section is listed on page 127), see section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance.

§4062 Unfunded Liability Obligations