ELIMINATION OF SUPPLEMENTAL ANNUITY ACCOUNT.

SEC. 106. ELIMINATION OF SUPPLEMENTAL ANNUITY ACCOUNT. (a) Source of Payments.—Section 7(c)(1) of the Railroad Retirement Act of 1974 (45 U.S.C. 23 1f(c)(1)) is amended by striking “payments of supplemental annuities under section 2(b) of this Act shall be made from the Railroad Retirement Supplemental Account, and”. (b) Elimination of Account.—Section 15(c) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(c)) is repealed. (c) Amendment to Railroad Retirement Account.—Section 15(a) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(a)) is amended by striking “, except those portions of the amounts covered into the Treasury under sections 3211(b),” and all that follows through the end of the subsection and inserting a period. (d) Transfer.— (1) Determination.—As soon as possible after December 31, 2001, the Railroad Retirement Board shall— (A) determine the amount of funds in the Railroad Retirement Supplemental Account under section 15(c) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(c)) as of the date of such determination; and (B) direct the Secretary of the Treasury to transfer such funds to the National Railroad Retirement Investment Trust under section 15(j) of such Act (as added by section 105). (2) Transfer by the secretary of the treasury.—The Secretary of the Treasury shall make the transfer described in paragraph (1). (e) Effective Date.— (1) In general.—Subject to paragraph (2), the amendments made by subsections (a), (b), and (c) shall take effect January 1, 2002. (2) Account in existence until transfer made.—The Railroad Retirement Supplemental Account under section 15(c) of the Railroad Retirement Act of 1974 (45 U.S.C. 231n(c)) 115 STAT. 888shall continue to exist until the date that the Secretary of the Treasury makes the transfer described in subsection (d)(2).