PUBLIC LAW 105-33—AUG. 5, 1997 111 STAT. 723 to subsection (a) and the provisions of law amended by subsection (b). CHAPTER 4—DISTRICT OF COLUMBIA FEDERAL PENSION LIABILITY TRUST FUND SEC. 11031. CREATION OF TRUST FUND. (a) ESTABLISHMENT. —T here is established on the books of the Treasury the District of Columbia Federal Pension Liability Trust Fund, consisting of the assets transferred pursuant to section 11033 and any income earned on the investment of such assets pursuant to subsection (b). (b) INVESTMENT OF ASSETS.— The Trustee may invest the assets of the Trust Fund in private securities and any other form of investment deemed appropriate by the Secretary. SEC. 11032. USES OF AMOUNTS IN TRUST FUND. (a) IN GENERAL. —Amounts in the Trust Fund shall be used— (1) to make Federal benefit payments under this subtitle; (2) subject to subsection (b), to cover the reasonable and necessary expenses of administering the Trust Fund under the contract entered into pursuant to section 11035(b); and (3) for such other purposes as are specified in this subtitle. (b) SPECIAL RULES REGARDING ADMINISTRATIVE EXPENSES. — (1) BUDGETING; CERTIFICATION AND APPROVAL. —The administrative expenses of the Trust Fund shall be paid in accordance with an annual budget set forth by the Trustee which shall be subject to certification and approval by the Secretary. (2) USE OF DISTRICT RETIREMENT FUND FOR INTERIM ADMINISTRATION. — The Secretary is authorized to requisition from the District Retirement Fund such sums as are necessary to administer the Trust Fund until assets are transferred to the Trust Fund pursuant to section 11033. SEC. 11033. TRANSFER OF ASSETS AND OBLIGATIONS OF DISTRICT RETIREMENT FUNDS. (a) IN GENERAL. —As of the replacement plan adoption date, all obligations to make Federal benefit payments and all assets of the District Retirement Fund as of the replacement plan adoption date (except as provided in subsections (b) and (c)) shall be transferred to the Trust Fund. (b) DESIGNATION OF ASSETS TO BE RETAINED BY DISTRICT RETIREMENT FUND. —The Secretary shall designate assets with a value of $1,275 billion that shall not be transferred from the District Retirement Fund under subsection (a). The Secretary's designation and valuation of the assets shall be final and binding. (c) EXCEPTION FOR CERTAIN EMPLOYEE CONTRIBUTIONS.— (1) IN GENERAL.— Subsection (a) shall not apply to assets consisting of the District Retirement Fund consisting of any employee contributions deducted and withheld after the freeze date or any interest thereon (computed at a rate and in a manner determined by the Secretary). (2) EMPLOYEE CONTRIBUTIONS DEFINED.— In paragraph (1), the term "employee contributions" means amounts deducted and withheld from the salaries of covered District employees and paid to the District Retirement Fund (and, in the case of teachers, amounts of additional deposits paid to the District
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