§ 8348.
(a)
There is a Civil Service Retirement and Disability Fund. The Fund—
(1)
is appropriated for the payment of—
(A)
benefits as provided by this subchapter or by the provisions of chapter 84 of this title which relate to benefits payable out of the Fund; and
(B)
administrative expenses incurred by the Office of Personnel Management in placing in effect each annuity adjustment granted under section 8340 or 8462 of this title, in administering survivor annuities and elections providing therefor under sections 8339 and 8341 of this title or subchapters II and IV of chapter 84 of this title, in administering alternative forms of annuities under sections 8343a and 8420a (and related provisions of law), in making an allotment or assignment made by an individual under section 8345(h) or 8465(b) of this title, in administering fraud prevention under sections 8345, 8345a, 8466, and 8466a of this title, and in withholding taxes pursuant to
section 3405 of title 26 or section 8345(k) or 8469 of this title;
(2)
is made available, subject to such annual limitation as the Congress may prescribe, for any expenses incurred by the Office in connection with the administration of this chapter, chapter 84 of this title, and other retirement and annuity statutes; and
(3)
is made available, subject to such annual limitation as the Congress may prescribe, for any expenses incurred by the Merit Systems Protection Board in the administration of appeals authorized under sections 8347(d) and 8461(e) of this title.
(b)
The Secretary of the Treasury may accept and credit to the Fund money received in the form of a donation, gift, legacy, or bequest, or otherwise contributed for the benefit of civil-service employees generally.
(f)
Any statute which authorizes—
(2)
extension of the coverage of this subchapter to new groups of employees; or
(3)
increases in pay on which benefits are computed;
is deemed to authorize appropriations to the Fund to finance the unfunded liability created by that statute, in 30 equal annual installments with interest computed at the rate used in the then most recent valuation of the Civil Service Retirement System and with the first payment thereof due as of the end of the fiscal year in which each new or liberalized benefit, extension of coverage, or increase in pay is effective.
(g)
At the end of each fiscal year, the Office shall notify the Secretary of the Treasury of the amount equivalent to (1) interest on the unfunded liability computed for that year at the interest rate used in the then most recent valuation of the System, and (2) that portion of disbursement for annuities for that year which the Office estimates is attributable to credit allowed for military service, less an amount determined by the Office to be appropriate to reflect the value of the deposits made to the credit of the Fund under
section 8334(j) of this title. Before closing the accounts for each fiscal year, the Secretary shall credit to the Fund, as a Government contribution, out of any money in the Treasury of the United States not otherwise appropriated, the following percentages of such amounts: 10 percent for 1971; 20 percent for 1972; 30 percent for 1973; 40 percent for 1974; 50 percent for 1975; 60 percent for 1976; 70 percent for 1977; 80 percent for 1978; 90 percent for 1979; and 100 percent for 1980 and for each fiscal year thereafter.
(j)
(1)
Notwithstanding subsection (c) of this section, the Secretary of the Treasury may suspend additional investment of amounts in the Fund if such additional investment could not be made without causing the public debt of the United States to exceed the public debt limit.
(2)
Any amounts in the Fund which, solely by reason of the public debt limit, are not invested shall be invested by the Secretary of the Treasury as soon as such investments can be made without exceeding the public debt limit.
(3)
Upon expiration of the debt issuance suspension period, the Secretary of the Treasury shall immediately issue to the Fund obligations under chapter 31 of title 31 that (notwithstanding subsection (d) of this section) bear such interest rates and maturity dates as are necessary to ensure that, after such obligations are issued, the holdings of the Fund will replicate to the maximum extent practicable the obligations that would then be held by the Fund if the suspension of investment under paragraph (1) of this subsection, and any redemption or disinvestment under subsection (k) of this section for the purpose described in such paragraph, during such period had not occurred.
(4)
On the first normal interest payment date after the expiration of any debt issuance suspension period, the Secretary of the Treasury shall pay to the Fund, from amounts in the general fund of the Treasury of the United States not otherwise appropriated, an amount determined by the Secretary to be equal to the excess of—
(A)
the net amount of interest that would have been earned by the Fund during such debt issuance suspension period if—
(i)
amounts in the Fund that were not invested during such debt issuance suspension period solely by reason of the public debt limit had been invested, and
(ii)
redemptions and disinvestments with respect to the Fund which occurred during such debt issuance suspension period solely by reason of the public debt limit had not occurred, over
(B)
the net amount of interest actually earned by the Fund during such debt issuance suspension period.
(5)
For purposes of this subsection and subsections (k) and (l) of this section—
(B)
the term “debt issuance suspension period” means any period for which the Secretary of the Treasury determines for purposes of this subsection that the issuance of obligations of the United States may not be made without exceeding the public debt limit.
(k)
(1)
Subject to paragraph (2) of this subsection, the Secretary of the Treasury may sell or redeem securities, obligations, or other invested assets of the Fund before maturity in order to prevent the public debt of the United States from exceeding the public debt limit.
(2)
The Secretary may sell or redeem securities, obligations, or other invested assets of the Fund under paragraph (1) of this subsection only during a debt issuance suspension period, and only to the extent necessary to obtain any amount of funds not exceeding the amount equal to the total amount of the payments authorized to be made from the Fund under the provisions of this subchapter or chapter 84 of this title or related provisions of law during such period. A sale or redemption may be made under this subsection even if, before the sale or redemption, there is a sufficient amount in the Fund to ensure that such payments are made in a timely manner.
([Pub. L. 89–554], Sept. 6, 1966, [80 Stat. 584]; [Pub. L. 90–83, § 1(85)], Sept. 11, 1967, [81 Stat. 218]; [Pub. L. 91–93, title I, § 103(a)], Oct. 20, 1969, [83 Stat. 137]; [Pub. L. 93–349, § 1], July 12, 1974, [88 Stat. 354]; [Pub. L. 94–183, § 2(37)], Dec. 31, 1975, [89 Stat. 1058]; [Pub. L. 95–454, title IX, § 906(a)(2)], (3), Oct. 13, 1978, [92 Stat. 1224]; [Pub. L. 96–70, title I, § 1244], Sept. 27, 1979, [93 Stat. 474]; [Pub. L. 97–253, title III, § 306(f)], Sept. 8, 1982, [96 Stat. 797]; [Pub. L. 97–346, § 3(g)], Oct. 15, 1982, [96 Stat. 1648]; [Pub. L. 98–216, § 3(a)(5)], Feb. 14, 1984, [98 Stat. 6]; [Pub. L. 98–615, § 2(7)], Nov. 8, 1984, [98 Stat. 3202]; [Pub. L. 99–335, title II, § 207(j)], June 6, 1986,