Military Retirement Funding Act

Summary

Military Retirement Funding Act - Establishes in the Treasury the Department of Defense Military Retirement Fund to be used for the accumulation of funds to finance on an actuarially sound basis the military pension and survivor benefit programs. Establishes in the Department of Defense a Department of Defense Retirement Board of Actuaries to: (1) review valuations of the Fund; (2) make annual reports to the Secretary of Defense on the actuarial status of the Fund; and (3) report at least quadrenially to the President and Congress on the status of the Fund. Directs the Board to determine present value of future benefits not later than six months after the Board's appointment. Requires the Board to determine an amortization schedule for the liquidation of the original unfunded liability. Requires the Secretary to determine the amount of Department contributions to the Fund on an annual basis for inclusion in budget requests for the following fiscal year. Directs the President to include the full amount in the budget transmitted to Congress. Directs the Secretary to actuarially value the military pension and survivors' benefits programs at least quadrenially. Requires the Secretary to amortize changes in benefits since the last valuation. Directs the Secretary to make monthly payments to the Fund in specified amounts . Requires the Secretary of the Treasury to make annual payments, at the beginning of the fiscal year. Requires the Secretary of Defense to certify to the Secretary of the Treasury each year the amounts under the amortization schedules. Directs the Secretary of the Treasury to invest certain portions of the Fund in public debt securities.

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1 official file

• Introduced in House

  summary · EN · 2 February 1983

  Open at official source

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