Sec. 3. Pension Rehabilitation Trust Fund

286 words·~1 min read·/bill/116/s/2254/is/section-3

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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 the Fund as provided in this section and section 9602(b). There shall be credited to the Fund the amounts transferred under section 6 of the Butch Lewis Act of 2019 .

The Director of the Pension Rehabilitation Administration established under section 2 of the Butch Lewis Act of 2019 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 Butch Lewis Act of 2019 , for the payment of principal and interest on obligations 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. .