Sec. 107. Accounts
195 words·~1 min read·
/bill/117/s/5271/is/section-107·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Executive Director shall establish and maintain an account for each participant who makes contributions under section 105(a), or for whom contributions are made under section 25F of the Internal Revenue Code of 1986, to the Fund. The balance in a participant’s account is the excess of— the sum of— all contributions made to the Fund by the participant under section 105(a); all contributions made to the Fund for the benefit of the participant by the Secretary of the Treasury under section 25F of the Internal Revenue Code of 1986; and the total amount of the allocations made to and reduction made in the account pursuant to subsection (c); over the amounts paid out of the Fund with respect to such participant under this title.
Pursuant to regulation prescribed by the Executive Director, the Executive Director shall allocate to each account an amount equal to a pro rata share of the net earnings and net losses from each investment of sums in the Fund attributed to sums credited to such account, reduced by the appropriate share of the administrative expenses paid out of the net earnings under section 101(e) as determined by the Executive Director.