Black Lung Disability Trust Fund
Creation of Trust Fund
In general
Trustees
Transfer of certain taxes; other receipts
Transfer to Black Lung Disability Trust Fund of amounts equivalent to certain taxes
Certain repaid amounts, etc.
The following amounts shall be credited to the Black Lung Disability Trust Fund:
Amounts repaid or recovered under subsection (b) of section 424 of the Black Lung Benefits Act (including interest thereon).
Amounts paid as fines or penalties, or interest thereon, under section 423, 431, or 432 of the Black Lung Benefits Act.
Amounts paid into the Black Lung Disability Trust Fund by a trust described in section 501(c)(21).
Repayable advances
Authorization
Repayment with interest
Rate of interest
Expenditures from Trust Fund
Amounts in the Black Lung Disability Trust Fund shall be available, as provided by appropriation Acts, for—
the payment of benefits under section 422 of the Black Lung Benefits Act in any case in which the Secretary of Labor determines that—
the operator liable for the payment of such benefits—
has not commenced payment of such benefits within 30 days after the date of an initial determination of eligibility by the Secretary of Labor, or
has not made a payment within 30 days after that payment is due,
except that, in the case of a claim filed on or after the date of the enactment of the Black Lung Benefits Revenue Act of 1981, amounts will be available under this subparagraph only for benefits accruing after the date of such initial determination, or
there is no operator who is liable for the payment of such benefits,
the payment of obligations incurred by the Secretary of Labor with respect to all claims of miners of their survivors in which the miner’s last coal mine employment was before
the repayment into the Treasury of the United States of an amount equal to the sum of the amounts expended by the Secretary of Labor for claims under part C of the Black Lung Benefits Act which were paid before
the repayment of, and the payment of interest on, repayable advances to the Black Lung Disability Trust Fund,
the payment of all expenses of administration on or after
incurred by the Department of Labor or the Department of Health and Human Services under part C of the Black Lung Benefits Act (other than under section 427(a) or 433), or
incurred by the Department of the Treasury in administering subchapter B of chapter 32 and in carrying out its responsibilities with respect to the Black Lung Disability Trust Fund,
the reimbursement of operators for amounts paid by such operators (other than as penalties or interest) before
the reimbursement of operators and insurers for amounts paid by such operators and insurers (other than amounts paid as penalties, interest, or attorney fees) at any time in satisfaction (in whole or in part) of any claim denied (within the meaning of section 402(i) of the Black Lung Benefits Act) before
For purposes of the preceding sentence, any reference to section 402(i), 422, or 435 1 of the Black Lung Benefits Act shall be treated as a reference to such section as in effect immediately after the enactment of this section.
Source
(Added Pub. L. 97–119, title I, § 103(a),Notes
Editorial Notes
References in Text
Amendments
Statutory Notes and Related Subsidiaries
Effective Date of 1982 Amendment
Effective Date
Savings Provision
Restructuring of Trust Fund Debt
Definitions.—
For purposes of this subsection—
Market value of the outstanding repayable advances, plus accrued interest.—
The term ‘market value of the outstanding repayable advances, plus accrued interest’ means the present value (determined by the Secretary of the Treasury as of the refinancing date and using the Treasury rate as the discount rate) of the stream of principal and interest payments derived assuming that each repayable advance that is outstanding on the refinancing date is due on the 30th anniversary of the end of the fiscal year in which the advance was made to the Trust Fund, and that all such principal and interest payments are made on September 30 of the applicable fiscal year.
Refinancing date.—
The term ‘refinancing date’ means the date occurring 2 days after the enactment of this Act [
Repayable advance.—
The term ‘repayable advance’ means an amount that has been appropriated to the Trust Fund in order to make benefit payments and other expenditures that are authorized under section 9501 of the Internal Revenue Code of 1986 and are required to be repaid when the Secretary of the Treasury determines that monies are available in the Trust Fund for such purpose.
Treasury rate.—
The term ‘Treasury rate’ means a rate determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.
Treasury 1-year rate.—
The term ‘Treasury 1-year rate’ means a rate determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States with remaining periods to maturity of approximately 1 year, to have been in effect as of the close of business 1 business day prior to the date on which the Trust Fund issues obligations to the Secretary of the Treasury under paragraph (2)(B).
Trust fund.—
The term ‘Trust Fund’ means the Black Lung Disability Trust Fund established under section 9501 of the Internal Revenue Code of 1986.
Refinancing of outstanding principal of repayable advances and unpaid interest on such advances.—
Transfer to general fund.—
On the refinancing date, the Trust Fund shall repay the market value of the outstanding repayable advances, plus accrued interest, by transferring into the general fund of the Treasury the following sums:
The proceeds from obligations that the Trust Fund shall issue to the Secretary of the Treasury in such amounts as the Secretaries of Labor and the Treasury shall determine and bearing interest at the Treasury rate, and that shall be in such forms and denominations and be subject to such other terms and conditions, including maturity, as the Secretary of the Treasury shall prescribe.
All, or that portion, of the appropriation made to the Trust Fund pursuant to paragraph (3) that is needed to cover the difference defined in that paragraph.
Repayment of obligations.—
In the event that the Trust Fund is unable to repay the obligations that it has issued to the Secretary of the Treasury under subparagraph (A)(i) and this subparagraph, or is unable to make benefit payments and other authorized expenditures, the Trust Fund shall issue obligations to the Secretary of the Treasury in such amounts as may be necessary to make such repayments, payments, and expenditures, with a maturity of 1 year, and bearing interest at the Treasury 1-year rate. These obligations shall be in such forms and denominations and be subject to such other terms and conditions as the Secretary of the Treasury shall prescribe.
Authority to issue obligations.—
The Trust Fund is authorized to issue obligations to the Secretary of the Treasury under subparagraphs (A)(i) and (B). The Secretary of the Treasury is authorized to purchase such obligations of the Trust Fund. For the purposes of making such purchases, the Secretary of the Treasury may use as a public debt transaction the proceeds from the sale of any securities issued under chapter 31 of title 31, United States Code, and the purposes for which securities may be issued under such chapter are extended to include any purchase of such Trust Fund obligations under this subparagraph.
One-time appropriation.—
There is hereby appropriated to the Trust Fund an amount sufficient to pay to the general fund of the Treasury the difference between—
the market value of the outstanding repayable advances, plus accrued interest; and
the proceeds from the obligations issued by the Trust Fund to the Secretary of the Treasury under paragraph (2)(A)(i).
Prepayment of trust fund obligations.—
The Trust Fund is authorized to repay any obligation issued to the Secretary of the Treasury under subparagraphs (A)(i) and (B) of paragraph (2) prior to its maturity date by paying a prepayment price that would, if the obligation being prepaid (including all unpaid interest accrued thereon through the date of prepayment) were purchased by a third party and held to the maturity date of such obligation, produce a yield to the third-party purchaser for the period from the date of purchase to the maturity date of such obligation substantially equal to the Treasury yield on outstanding marketable obligations of the United States having a comparable maturity to this period.”