1. Short Title This Act may be cited as the Honoring Our WWII Merchant Mariners Act of 2017 . 2. Payments to individuals who served during World War II in the United States Merchant Marine (a) Establishment of Compensation Fund Subchapter II of chapter 5 of title 38, United States Code, is amended by adding at the end the following new section: 533. Merchant Mariner Equity Compensation Fund (a) Compensation Fund (1) There is in the general fund of the Treasury a fund to be known as the Merchant Mariner Equity Compensation Fund (in this section referred to as the compensation fund ). (2) Subject to the availability of appropriations for such purpose, amounts in the compensation fund shall be available to the Secretary without fiscal year limitation to make payments to eligible individuals in accordance with this section. (b) Eligible Individuals (1) An eligible individual is an individual who— (A) during the one-year period beginning on the date of the enactment of this section, submits to the Secretary an application containing such information and assurances as the Secretary may require; (B) has not received benefits under the Servicemen's Readjustment Act of 1944 ( Public Law 78–346 ); and (C) has engaged in qualified service. (2) For purposes of paragraph (1), a person has engaged in qualified service if, between December 7, 1941, and December 31, 1946, the person— (A) was a member of the United States merchant marine (including the Army Transport Service and the Naval Transport Service) serving as a crewmember of a vessel that was— (i) operated by the War Shipping Administration or the Office of Defense Transportation (or an agent of the Administration or Office); (ii) operated in waters other than inland waters, the Great Lakes, and other lakes, bays, and harbors of the United States; (iii) under contract or charter to, or property of, the Government of the United States; and (iv) serving the Armed Forces