Payments to musical artists from Artist Compensation Royalty Fund

(a) In general (1) Allocation of payments Amounts in the Fund shall be allocated as follows: (A) 90 percent of such amounts shall be allocated for payments to eligible featured artists. (B) 10 percent of such amounts shall be allocated for payments to eligible non-featured artists. (2) Payments from Fund Not later than the last day of the calendar quarter in which amounts are first deposited into the Fund under section 2(b)(2), and once each calendar quarter thereafter, the Fund Administrator shall promptly provide— (A) a percentage of the amount allocated under paragraph (1)(A) of this subsection to each eligible featured artist, that is equal to the percentage of qualifying streams accrued by the eligible featured artist in the prior calendar quarter out of all qualifying streams accrued by all eligible featured artists in the prior calendar quarter; and (B) payment from the amount allocated under paragraph (1)(B) of this subsection to the American Federation of Musicians and Screen Actors Guild and the American Federation of Television and Radio Artists Intellectual Property Rights Distribution Fund (or any successor Fund) for distribution to each eligible non-featured artist. (3) Unclaimed funds If the Fund Administrator attempts to the best of the ability of the Fund Administrator to identify an eligible featured artist to provide payment to such artist under paragraph (2)(A), and is unable to identify such artist at such time, the Fund shall— (A) retain the required payment in a segregated trust account; and (B) if the Fund Administrator is not able to identify such artist after a period determined reasonable by the Fund Administrator, deposit the payment back into the Fund. (b) Retention of records The Fund Administrator shall— (1) keep books and records relating to— (A) amounts provided to the Fund Administrator under section 2(b)(2); and (B) amounts distributed from the Fund under subsection (a) of this section; and (2) retain any such book or record for a period of not less than 3 calendar years after the date on which such book or record is created.