Summary: H.R.5287 — 100th Congress (1987-1988)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (09/26/1988)

(Measure passed House, amended)

Panama Canal Commission Compensation Fund Act of 1988 - Establishes in the Treasury the Panama Canal Commission Compensation Fund (Compensation Fund).

Requires the Panama Canal Commission to make deposits on a regular basis to the Compensation Fund, beginning on October 1, 1988, to accumulate an amount sufficient to cover the liability for workers' compensation benefits and other payments for the disability or death of employees of the Commission or its predecessor agencies on account of injuries sustained between October 1, 1988, and December 31, 1999. Provides for calculation of the amounts to be deposited and for investment of amounts in the Fund.

Directs the Secretary of the Treasury, upon request of the Secretary of Labor, to transfer funds from the Compensation Fund to the Employees' Compensation Fund (Employees' Fund) to reimburse the Employees' Fund for the cost of such payments made on or after October 1, 1988.

Directs the Secretary of Labor, upon the termination of the Commission, to make a final determination of the amounts estimated to be necessary to make such payments. Directs the Secretary of the Treasury to transfer from the Compensation Fund to the Employees' Fund sufficient amounts to make such payments. Provides for handling deficiencies or surpluses in the Compensation Fund by making transfers from or to the Panama Canal Revolving Fund.

Declares that specified provisions of Federal law relating to compensation for injuries for government employees continue to be the exclusive remedy for the disability or death of any employee of the Commission, or its predecessor agencies, for injuries while in the performance of duty.

Amends the Panama Canal Act of 1979 to remove provisions stating that, in meetings of the Supervisory Board of the Panama Canal Commission, only one proxy may be valid at any one time.

Prohibits, except as provided in the Act, funds available to the Commission from being: (1) made available to any other agency; or (2) authorized or appropriated for any function other than Commission activities.