(a)  Establishment of fund

There is established in the Treasury of the United States a fund for the Peace Corps to provide separation pay for host country resident personal services contractors of the Peace Corps.

(b)  Funding

The Director of the Peace Corps may deposit in the fund established under subsection (a)⁠—

(1)  amounts previously obligated and not canceled to provide the separation pay described in such subsection; and

(2)  amounts obligated for fiscal years after fiscal year 2006 for current and future costs of providing such separation pay.

(c)  Availability

Beginning in fiscal year 2007, amounts deposited in the fund established under subsection (a) shall be available without fiscal year limitation for severance, retirement, or other separation payments to host country resident personal services contractors of the Peace Corps in countries where such payments are legally authorized.