Sec. 101. The American Worker Retirement Fund
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/bill/118/s/3102/is/section-101·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 the American Worker Retirement Fund. The Fund shall consist of the sum of all amounts contributed under sections 105 and 301, increased by the total net earnings from investments of the sums in the Fund or reduced by the total net losses from investments of the Fund, and reduced by the total amount of payments made from the Fund (including payments for administrative expenses under subsection (e)). The sums in the Fund shall remain available without fiscal year limitation— to invest pursuant to section 102; to pay the administrative expenses of the Fund under subsection (e); to make distributions as provided in section 106; to make loans as authorized under section 106(h); and to purchase insurance as provided in section 209.
Each participant shall have an account with the Fund. Amounts contributed by a participant under section 105 and by the Secretary of the Treasury under section 25F of the Internal Revenue Code of 1986 shall be deposited in the Fund and credited to the participant’s account in accordance with such procedures as the Secretary of the Treasury may, in consultation with the Executive Director, prescribe in regulation. Administrative expenses (including expenses related to financial literacy requirements under section 201(f)(5)) incurred to carry out this Act shall be paid out of the net earnings of the Fund, including earnings attributed to returned credit amounts under section 25F(h) of the Internal Revenue Code of 1986.
Subject to paragraphs
(2)and
(3)and subsection (e), sums in the Fund credited to the accounts of a participant or former participant may not be used for, or diverted to, purposes other than for the exclusive benefit of the participant or former participant, or a beneficiary thereof, except as otherwise provided by law. Except as provided in paragraph (3), sums in the Fund may not be assigned or alienated and are not subject to execution, levy, attachment, garnishment, or other legal process. For purposes of this paragraph, a loan made from the Fund to a participant shall not be considered to be an assignment or alienation. Moneys due or payable from the Fund to any individual and, in the case of an individual who is a participant or former participant, the balance in the account of the participant or former participant shall be subject to— legal process for the enforcement of the individual’s legal obligation to provide child support or make alimony payments as provided in section 459 of the Social Security Act ( 42 U.S.C. 659 ); an obligation of the Executive Director to make a payment to another person under section 109; and any Federal tax levy under section 6331 of the Internal Revenue Code of 1986. For the purposes of this paragraph, an amount contributed for the benefit of a participant or former participant under section 25F of the Internal Revenue Code of 1986 (including any earnings attributable thereto) shall be considered part of the balance in such participant or former participant’s account. The sums in the 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. All sums contributed to the Fund by a participant or the Secretary of the Treasury for the benefit of such participant and all net earnings in such Fund in trust for such participant shall be the exclusive property of the participant. All the contributions made under section 105 and section 25F of the Internal Revenue Code of 1986 shall be fully nonforfeitable when made, except as provided in section 25F(h) of such Code.
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Sec. 101
The American Worker Retirement Fund
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