of Puerto Rico, the Secretary of the Treasury shall transfer to the government of the nation of Puerto Rico all contributions made by employees and employers in the Commonwealth of Puerto Rico to the Social Security system under the Social Security Act ( 42 U.S.C. 301 et seq. ) with respect to individuals who, as of the date of issuance of the Proclamation, are residents of the nation of Puerto Rico and are not yet eligible for old age, disability, or survivor benefits under the Social Security system under the Social Security Act ( 42 U.S.C. 301 et seq. ). (2) Use of funds The government of the nation of Puerto Rico may not use the amounts transferred under paragraph (1) for any purpose other than the establishment and operation of a social security system for the nation of Puerto Rico. (3) Obligations On the transfer of the amounts under paragraph (1), the obligations of the United States Government under the Social Security Act ( 42 U.S.C. 301 et seq. ) with respect to residents of the nation of Puerto Rico shall cease. (c) Other Federal transfer payments (1) In general Any Federal transfer payments to individuals and to the Commonwealth government not described in subsection (a) or (b) shall be maintained in the form of annual block grants to be used by the government of the nation of Puerto Rico at the discretion of the government of the nation of Puerto Rico. (2) Annual aggregate funding During the 10-fiscal-year period beginning on the date of issuance of the Proclamation, the amount of an annual block grant described in paragraph (1) shall be equal to the greater of— (A) the annual aggregate funding of all programs described in that paragraph that extend to the Commonwealth of Puerto Rico during the applicable fiscal year