PRESIDENTIAL RANK AWARDS.

SEC. 312. PRESIDENTIAL RANK AWARDS. (a) Comparable Payments.—Section 405(b)(3) of the Foreign Service Act of 1980 (22 U.S.C. 3965(b)(3)) is amended by striking the second sentence and inserting “Payments under this paragraph to a member of the Senior Foreign Service may not exceed, in any fiscal year, the percentage of basic pay established under section 4507(e)(1) of title 5, United States Code, for a Meritorious Executive, except that payments of the percentage of the basic pay established under section 4507(e)(2) of such title for Distinguished Executives may be made in any fiscal year to up to 1 percent of the members of the Senior Foreign Service.”. (b) Effective Date.— The amendment made by subsection (a) shall take effect October 1, 2002.