Sec. 3. Pension rehabilitation trust fund

287 words·~1 min read·/bill/116/hr/397/ih/section-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: There is established in the Treasury of the United States a trust fund to be known as the Pension Rehabilitation Trust Fund (hereafter in this section referred to as the Fund ), consisting of such amounts as may be appropriated or credited to such Trust Fund as provided in this section and section 9602(b). There shall be credited to the Fund the amounts transferred under section 6(b) of the Rehabilitation for Multiemployer Pensions Act .

The Director of the Pension Rehabilitation Administration established under section 2 of the Rehabilitation for Multiemployer Pensions Act shall deposit in the Fund any amounts received from a plan as payment of interest or principal on a loan under section 4 of such Act. For purposes of subparagraph (A), the term interest includes points and other similar amounts. The Director of the Pension Rehabilitation Administration shall deposit in the Fund any amounts received from the Secretary under section 2(c) of such Act.

Amounts credited to or deposited in the Fund shall remain available until expended. Amounts in the Fund are available without further appropriation to the Pension Rehabilitation Administration— for the purpose of making the loans described in section 4 of the Rehabilitation for Multiemployer Pensions Act , for the payment of principal and interest on bonds issued under section 6 of such Act, and for administrative and operating expenses of such Administration. . The table of sections for subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:

Sec. 9512. Pension Rehabilitation Trust Fund. .