Sec. 3. USAccount Fund
282 words·~1 min read·
/bill/114/hr/4045/ih/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is established in the Treasury of the United States a fund to be known as the USAccount Fund . The USAccount Fund consists of the sum of all amounts paid into the Fund under this Act, increased by the total net earnings from investments of sums held in the Fund or reduced by the total net losses from investments of sums held in the Fund, and reduced by the total amount of payments made from the Fund (including payments for administrative expenses). The sums in the USAccount Fund are appropriated and shall remain available without fiscal year limitation— to make contributions to USAccounts, to invest under section 6, to make distributions in accordance with this Act, to pay the administrative expenses of carrying out this Act, and to purchase insurance as provided in section 8(c)(2).
The sums in the USAccount Fund shall not be appropriated for any purpose other than the purposes specified in this section and may not be used for any other purpose. The Secretary shall make transfers from the general fund of the Treasury to the USAccount Fund as follows: Upon receipt of a certification under section 4(b)(2) with respect to an individual, the Secretary shall transfer $500 to the USAccount of the individual. Upon receipt of each certification under section 4(d) with respect to an individual, the Secretary shall transfer the matching amount to the USAccount of the individual.
The Executive Director shall pay into the USAccount Fund such amounts as are contributed under section 4(c). The USAccount Fund and USAccounts are wholly separate and unique from the Social Security system. No amount from any tax on employment may be contributed to the USAccount Fund or USAccounts.