-CITE-

10 USC CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY

RETIREMENT FUND 01/06/03

-EXPCITE-

TITLE 10 - ARMED FORCES

Subtitle A - General Military Law

PART II - PERSONNEL

CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND

.

-HEAD-

CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND

-MISC1-

Sec.

1461. Establishment and purpose of Fund; definition.

1462. Assets of Fund.

1463. Payments from the Fund.

1464. Board of Actuaries.

1465. Determination of contributions to the Fund.

1466. Payments into the Fund.

1467. Investment of assets of Fund.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in section 1460 of this title; title

38 section 5301.

-CITE-

10 USC Sec. 1461 01/06/03

-EXPCITE-

TITLE 10 - ARMED FORCES

Subtitle A - General Military Law

PART II - PERSONNEL

CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND

-HEAD-

Sec. 1461. Establishment and purpose of Fund; definition

-STATUTE-

(a) There is established on the books of the Treasury a fund to

be known as the Department of Defense Military Retirement Fund

(hereinafter in this chapter referred to as the ''Fund''), which

shall be administered by the Secretary of the Treasury. The Fund

shall be used for the accumulation of funds in order to finance on

an actuarially sound basis liabilities of the Department of Defense

under military retirement and survivor benefit programs.

(b) In this chapter, the term ''military retirement and survivor

benefit programs'' means -

(1) the provisions of this title creating entitlement to, or

determining the amount of, retired or retainer pay;

(2) the programs under the jurisdiction of the Department of

Defense providing annuities for survivors of members and former

members of the armed forces, including chapter 73 of this title,

section 4 of Public Law 92-425, and section 5 of Public Law

96-402; and

(3) the authority provided in section 1408(h) of this title.

-SOURCE-

(Added Pub. L. 98-94, title IX, Sec. 925(a)(1), Sept. 24, 1983, 97

Stat. 644; amended Pub. L. 101-189, div. A, title XVI, Sec.

1622(e)(7), Nov. 29, 1989, 103 Stat. 1605; Pub. L. 102-484, div.

A, title VI, Sec. 653(b)(1), Oct. 23, 1992, 106 Stat. 2428.)

-REFTEXT-

REFERENCES IN TEXT

Section 4 of Public Law 92-425, referred to in subsec. (b)(2), is

set out as a note under section 1448 of this title.

Section 5 of Public Law 96-402, referred to in subsec. (b)(2), is

set out as a note under section 1448 of this title.

-MISC2-

AMENDMENTS

1992 - Subsec. (b)(3). Pub. L. 102-484 added par. (3).

1989 - Subsec. (b). Pub. L. 101-189 inserted ''the term'' after

''In this chapter,''.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1408 of this title; title

37 section 203.

-CITE-

10 USC Sec. 1462 01/06/03

-EXPCITE-

TITLE 10 - ARMED FORCES

Subtitle A - General Military Law

PART II - PERSONNEL

CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND

-HEAD-

Sec. 1462. Assets of Fund

-STATUTE-

There shall be deposited into the Fund the following, which shall

constitute the assets of the Fund:

(1) Amounts paid into the Fund under section 1466 of this

title.

(2) Any amount appropriated to the Fund.

(3) Any return on investment of the assets of the Fund.

-SOURCE-

(Added Pub. L. 98-94, title IX, Sec. 925(a)(1), Sept. 24, 1983, 97

Stat. 645.)

-MISC1-

TRANSFER OF APPROPRIATIONS

Section 925(b)(3) of Pub. L. 98-94 provided that: ''There shall

be transferred into the Fund on October 1, 1984, any unobligated

balances of appropriations made to the Department of Defense that

are currently available for retired pay, and amounts so transferred

shall be part of the assets of the Fund.''

-CITE-

10 USC Sec. 1463 01/06/03

-EXPCITE-

TITLE 10 - ARMED FORCES

Subtitle A - General Military Law

PART II - PERSONNEL

CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND

-HEAD-

Sec. 1463. Payments from the Fund

-STATUTE-

(a) There shall be paid from the Fund -

(1) retired pay payable to members on the retired lists of the

Army, Navy, Air Force, and Marine Corps;

(2) retired pay payable under chapter 1223 of this title to

former members of the armed forces (other than retired pay

payable by the Secretary of Homeland Security);

(3) retainer pay payable to members of the Fleet Reserve and

Fleet Marine Corps Reserve;

(4) benefits payable under programs under the jurisdiction of

the Department of Defense that provide annuities for survivors of

members and former members of the armed forces, including chapter

73 of this title, section 4 of Public Law 92-425, and section 5

of Public Law 96-402; and

(5) amounts payable under section 1408(h) of this title.

(b) The assets of the Fund are hereby made available for payments

under subsection (a).

-SOURCE-

(Added Pub. L. 98-94, title IX, Sec. 925(a)(1), Sept. 24, 1983, 97

Stat. 645; amended Pub. L. 101-189, div. A, title VI, Sec. 651(c),

Nov. 29, 1989, 103 Stat. 1460; Pub. L. 102-484, div. A, title VI,

Sec. 653(b)(2), Oct. 23, 1992, 106 Stat. 2428; Pub. L. 103-35,

title II, Sec. 202(a)(4), May 31, 1993, 107 Stat. 101; Pub. L.

104-106, div. A, title XV, Sec. 1501(c)(18), Feb. 10, 1996, 110

Stat. 499; Pub. L. 107-296, title XVII, Sec. 1704(b)(1), Nov. 25,

2002, 116 Stat. 2314.)

-REFTEXT-

REFERENCES IN TEXT

Section 4 of Public Law 92-425, referred to in subsec. (a)(4), is

set out as a note under section 1448 of this title.

Section 5 of Public Law 96-402, referred to in subsec. (a)(4), is

set out as a note under section 1448 of this title.

-MISC2-

AMENDMENTS

2002 - Subsec. (a)(2). Pub. L. 107-296 substituted ''of Homeland

Security'' for ''of Transportation''.

1996 - Subsec. (a)(2). Pub. L. 104-106 substituted ''chapter

1223'' for ''chapter 67''.

1993 - Subsec. (a)(5). Pub. L. 103-35 made technical amendment to

directory language of Pub. L. 102-484, Sec. 653(b)(2). See 1992

Amendment note below.

1992 - Subsec. (a). Pub. L. 102-484, as amended by Pub. L.

103-35, added par. (5).

1989 - Subsec. (a). Pub. L. 101-189 substituted ''members'' for

''persons'' in par. (1), added par. (2), and redesignated former

pars. (2) and (3) as (3) and (4), respectively.

EFFECTIVE DATE OF 2002 AMENDMENT

Amendment by Pub. L. 107-296 effective on the date of transfer of

the Coast Guard to the Department of Homeland Security, see section

1704(g) of Pub. L. 107-296, set out as a note under section 101 of

this title.

EFFECTIVE DATE OF 1996 AMENDMENT

Section 1501(c) of Pub. L. 104-106 provided that the amendment

made by that section is effective as of Dec. 1, 1994, and as if

included as an amendment made by the Reserve Officer Personnel

Management Act, title XVI of Pub. L. 103-337, as originally

enacted.

EFFECTIVE DATE OF 1993 AMENDMENT

Amendment by Pub. L. 103-35 applicable as if included in the

enactment of Pub. L. 102-484, see section 202(b) of Pub. L. 103-35,

set out as a note under section 155 of this title.

EFFECTIVE DATE

Section 925(b)(2) of Pub. L. 98-94 provided that: ''Sections 1463

(relating to payments from the Fund) and 1466 (relating to payments

to the Fund) of title 10, United States Code, as added by

subsection (a), shall take effect on October 1, 1984.''

-CITE-

10 USC Sec. 1464 01/06/03

-EXPCITE-

TITLE 10 - ARMED FORCES

Subtitle A - General Military Law

PART II - PERSONNEL

CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND

-HEAD-

Sec. 1464. Board of Actuaries

-STATUTE-

(a)(1) There is established in the Department of Defense a

Department of Defense Retirement Board of Actuaries (hereinafter in

this chapter referred to as the ''Board''). The Board shall consist

of three members, who shall be appointed by the President from

among qualified professional actuaries who are members of the

Society of Actuaries.

(2)(A) Except as provided in subparagraph (B), the members of the

Board shall serve for a term of 15 years, except that a member of

the Board appointed to fill a vacancy occurring before the end of

the term for which his predecessor was appointed shall only serve

until the end of such term. A member may serve after the end of

his term until his successor has taken office. A member of the

Board may be removed by the President for misconduct or failure to

perform functions vested in the Board, and for no other reason.

(B) Of the members of the Board who are first appointed under

this subsection, one each shall be appointed for terms ending five,

ten, and fifteen years, respectively, after the date of

appointment, as designated by the President at the time of

appointment.

(3) A member of the Board who is not otherwise an employee of the

United States is entitled to receive pay at the daily equivalent of

the annual rate of basic pay of the highest rate of basic pay then

currently being paid under the General Schedule of subchapter III

of chapter 53 of title 5, for each day the member is engaged in the

performance of duties vested in the Board and is entitled to travel

expenses, including a per diem allowance, in accordance with

section 5703 of title 5.

(b) The Board shall report to the Secretary of Defense annually

on the actuarial status of the Fund and shall furnish its advice

and opinion on matters referred to it by the Secretary.

(c) The Board shall review valuations of the Fund under section

1465(c) of this title and under chapter 95 of title 31 and shall

report periodically, not less than once every four years, to the

President and Congress on the status of the Fund. The Board shall

include in such reports recommendations for such changes as in the

Board's judgment are necessary to protect the public interest and

maintain the Fund on a sound actuarial basis.

-SOURCE-

(Added Pub. L. 98-94, title IX, Sec. 925(a)(1), Sept. 24, 1983, 97

Stat. 645; amended Pub. L. 98-525, title XIV, Sec. 1405(27), Oct.

19, 1984, 98 Stat. 2623.)

-MISC1-

AMENDMENTS

1984 - Subsec. (c). Pub. L. 98-525 substituted section

''1465(c)'' for ''1466''.

EFFECTIVE DATE

Section 925(b)(1) of Pub. L. 98-94 provided that: ''Section 1464

(relating to the Board of Actuaries) of title 10, United States

Code, as added by subsection (a), shall take effect on October 1,

1983.''

REFERENCES IN OTHER LAWS TO GS-16, 17, OR 18 PAY RATES

References in laws to the rates of pay for GS-16, 17, or 18, or

to maximum rates of pay under the General Schedule, to be

considered references to rates payable under specified sections of

Title 5, Government Organization and Employees, see section 529

(title I, Sec. 101(c)(1)) of Pub. L. 101-509, set out in a note

under section 5376 of Title 5.

-CITE-

10 USC Sec. 1465 01/06/03

-EXPCITE-

TITLE 10 - ARMED FORCES

Subtitle A - General Military Law

PART II - PERSONNEL

CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND

-HEAD-

Sec. 1465. Determination of contributions to the Fund

-STATUTE-

(a) Not later than six months after the Board of Actuaries is

first appointed, the Board shall determine the amount that is the

present value (as of October 1, 1984) of future benefits payable

from the Fund that are attributable to service in the armed forces

performed before October 1, 1984. That amount is the original

unfunded liability of the Fund. The Board shall determine the

period of time over which the original unfunded liability should be

liquidated and shall determine an amortization schedule for the

liquidation of such liability over that period. Contributions to

the Fund for the liquidation of the original unfunded liability in

accordance with such schedule shall be made as provided in section

1466(b) of this title.

(b)(1) The Secretary of Defense shall determine each year, in

sufficient time for inclusion in budget requests for the following

fiscal year, the total amount of Department of Defense

contributions to be made to the Fund during that fiscal year under

section 1466(a) of this title. That amount shall be the sum of the

following:

(A) The product of -

(i) the current estimate of the value of the single level

percentage of basic pay to be determined under subsection

(c)(1)(A) at the time of the next actuarial valuation under

subsection (c); and

(ii) the total amount of basic pay expected to be paid during

that fiscal year to members of the armed forces (other than the

Coast Guard) on active duty (other than active duty for

training) or full-time National Guard duty (other than

full-time National Guard duty for training only).

(B) The product of -

(i) the current estimate of the value of the single level

percentage of basic pay and of compensation (paid pursuant to

section 206 of title 37) to be determined under subsection

(c)(1)(B) at the time of the next actuarial valuation under

subsection (c); and

(ii) the total amount of basic pay and of compensation (paid

pursuant to section 206 of title 37) expected to be paid during

that fiscal year to members of the Ready Reserve of the armed

forces (other than the Coast Guard and other than members on

full-time National Guard duty other than for training) who are

not otherwise described in subparagraph (A)(ii).

(2) The amount determined under paragraph (1) for any fiscal year

is the amount needed to be appropriated to the Department of

Defense for that fiscal year for payments to be made to the Fund

during that year under section 1466(a) of this title. The

President shall include not less than the full amount so determined

in the budget transmitted to Congress for that fiscal year under

section 1105 of title 31. The President may comment and make

recommendations concerning any such amount.

(c)(1) Not less often than every four years, the Secretary of

Defense shall carry out an actuarial valuation of Department of

Defense military retirement and survivor benefit programs. Each

actuarial valuation of such programs shall include -

(A) a determination (using the aggregate entry-age normal cost

method) of a single level percentage of basic pay for members of

the armed forces (other than the Coast Guard) on active duty

(other than active duty for training) or full-time National Guard

duty (other than full-time National Guard duty for training

only); and

(B) a determination (using the aggregate entry-age normal cost

method) of a single level percentage of basic pay and of

compensation (paid pursuant to section 206 of title 37) for

members of the Ready Reserve of the armed forces (other than the

Coast Guard and other than members on full-time National Guard

duty other than for training) who are not otherwise described by

subparagraph (A).

Such single level percentages shall be used for the purposes of

subsection (b) and section 1466(a) of this title.

(2) If at the time of any such valuation (or any valuation

carried out in order to comply with chapter 95 of title 31) there

has been a change in benefits under a military retirement or

survivor benefit program that has been made since the last such

valuation and such change in benefits increases or decreases the

present value of amounts payable from the Fund, the Secretary of

Defense shall determine an amortization methodology and schedule

for the amortization of the cumulative unfunded liability (or

actuarial gain to the Fund) created by such change and any previous

such changes so that the present value of the sum of the

amortization payments (or reductions in payments that would

otherwise be made) equals the cumulative increase (or decrease) in

the present value of such amounts.

(3) If at the time of any such valuation (or any valuation

carried out in order to comply with chapter 95 of title 31) the

Secretary of Defense determines that, based upon changes in

actuarial assumptions since the last valuation, there has been an

actuarial gain or loss to the Fund, the Secretary shall determine

an amortization methodology and schedule for the amortization of

the cumulative gain or loss to the Fund created by such change in

assumptions and any previous such changes in assumptions through an

increase or decrease in the payments that would otherwise be made

to the Fund.

(4) Contributions to the Fund in accordance with amortization

schedules under paragraphs (2) and (3) shall be made as provided in

section 1466(b) of this title.

(d) All determinations under this section shall be made using

methods and assumptions approved by the Board of Actuaries

(including assumptions of interest rates and inflation) and in

accordance with generally accepted actuarial principles and

practices.

(e) The Secretary of Defense shall provide for the keeping of

such records as are necessary for determining the actuarial status

of the Fund.

-SOURCE-

(Added Pub. L. 98-94, title IX, Sec. 925(a)(1), Sept. 24, 1983, 97

Stat. 646; amended Pub. L. 98-525, title XIV, Sec. 1405(28), Oct.

19, 1984, 98 Stat. 2623; Pub. L. 99-500, Sec. 101(c) (title IX,

Sec. 9131), Oct. 18, 1986, 100 Stat. 1783-82, 1783-128, and Pub. L.

99-591, Sec. 101(c) (title IX, Sec. 9131), Oct. 30, 1986, 100 Stat.

3341-82, 3341-128; Pub. L. 99-661, div. A, title VI, Sec. 661(a),

Nov. 14, 1986, 100 Stat. 3891.)

-COD-

CODIFICATION

Pub. L. 99-591 is a corrected version of Pub. L. 99-500.

Amendment of section by Pub. L. 99-500 and Pub. L. 99-591 is

based on section 642 of S. 2638, Ninety-ninth Congress, as passed

by the Senate on Aug. 9, 1986, which was enacted into permanent law

by Pub. L. 99-500 and Pub. L. 99-591. S. 2638 was subsequently

enacted as Pub. L. 99-661.

-MISC3-

AMENDMENTS

1985 - Subsec. (b)(1). Pub. L. 99-500 and Pub. L. 99-591, Pub. L.

99-661, Sec. 661(a), amended par. (1) identically, inserting second

sentence and striking out the existing second sentence which read

as follows: ''That amount shall be determined as the product of -

''(A) the current estimate of the value of the single level

percentage of basic pay to be determined at the time of the next

actuarial valuation under subsection (c); and

''(B) the total amount of basic pay expected to be paid during

that fiscal year to members of the armed forces (other than the

Coast Guard) on active duty or in the Selected Reserve.''

Subsec. (c)(1). Pub. L. 99-500 and Pub. L. 99-591, Pub. L.

99-661, Sec. 661(a)(2), amended par. (1) identically, inserting

second and third sentences and striking out existing second

sentence which read as follows: ''Each actuarial valuation of such

programs shall include a determination (using the aggregate

entry-age normal cost method) of a single level percentage of basic

pay to be used for the purposes of subsection (b) and section

1466(a) of this title.''

1984 - Subsec. (c)(1). Pub. L. 98-525 struck out ''(A)'' after

''(c)(1)''.

EFFECTIVE DATE OF 1986 AMENDMENTS

Section 642(c) of S. 2638, as passed by the Senate on Aug. 9,

1986, and as enacted into law by section 101(c) (title IX, Sec.

9131) of Pub. L. 99-500 and Pub. L. 99-591, and section 661(d) of

Pub. L. 99-661, provided respectively that: ''The amendments made

by this section (amending this section and section 1466 of this

title) shall take effect on October 1, 1986, or the date of the

enactment of this Act (Oct. 18, 1986), whichever is later, and

shall apply to payments required to be made under section 1466(a)

of title 10, United States Code, as amended by this section, for

months beginning on or after that effective date.'' and ''The

amendments made by subsections (a) and (b) (amending this section

and section 1466 of this title) shall apply to payments required to

be made under section 1466(a) of title 10, United States Code, as

amended by subsection (b), for months beginning on or after the

date of the enactment of this Act (Nov. 14, 1986).''

-TRANS-

TRANSFER OF FUNCTIONS

For transfer of authorities, functions, personnel, and assets of

the Coast Guard, including the authorities and functions of the

Secretary of Transportation relating thereto, to the Department of

Homeland Security, and for treatment of related references, see

sections 468(b), 551(d), 552(d), and 557 of Title 6, Domestic

Security, and the Department of Homeland Security Reorganization

Plan of November 25, 2002, as modified, set out as a note under

section 542 of Title 6.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1464, 1466 of this title.

-CITE-

10 USC Sec. 1466 01/06/03

-EXPCITE-

TITLE 10 - ARMED FORCES

Subtitle A - General Military Law

PART II - PERSONNEL

CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND

-HEAD-

Sec. 1466. Payments into the Fund

-STATUTE-

(a) The Secretary of Defense shall pay into the Fund at the end

of each month as the Department of Defense contribution to the Fund

for that month the amount that is the sum of the following:

(1) The product of -

(A) the level percentage of basic pay determined using all

the methods and assumptions approved for the most recent (as of

the first day of the current fiscal year) actuarial valuation

under section 1465(c)(1)(A) of this title (except that any

statutory change in the military retirement and survivor

benefit systems that is effective after the date of that

valuation and on or before the first day of the current fiscal

year shall be used in such determination); and

(B) the total amount of basic pay accrued for that month by

members of the armed forces (other than the Coast Guard) on

active duty (other than active duty for training) or full-time

National Guard duty (other than full-time National Guard duty

for training only).

(2) The product of -

(A) the level percentage of basic pay and of compensation

(paid pursuant to section 206 of title 37) determined using all

the methods and assumptions approved for the most recent (as of

the first day of the current fiscal year) actuarial valuation

under section 1465(c)(1)(B) of this title (except that any

statutory change in the military retirement and survivor

benefit systems that is effective after the date of that

valuation and on or before the first day of the current fiscal

year shall be used in such determination); and

(B) the total amount of basic pay and of compensation (paid

pursuant to section 206 of title 37) accrued for that month by

members of the Ready Reserve of the armed forces (other than

the Coast Guard and other than members on full-time National

Guard duty other than for training) who are not otherwise

described in paragraph (1)(B).

Amounts paid into the Fund under this subsection shall be paid from

funds available for the pay of members of the armed forces under

the jurisdiction of the Secretary of a military department.

(b)(1) At the beginning of each fiscal year the Secretary of the

Treasury shall promptly pay into the Fund from the General Fund of

the Treasury the amount certified to the Secretary by the Secretary

of Defense under paragraph (3). Such payment shall be the

contribution to the Fund for that fiscal year required by sections

1465(a) and 1465(c) of this title.

(2) At the beginning of each fiscal year the Secretary of Defense

shall determine the sum of the following:

(A) The amount of the payment for that year under the

amortization schedule determined by the Board of Actuaries under

section 1465(a) of this title for the amortization of the

original unfunded liability of the Fund.

(B) The amount (including any negative amount) for that year

under the most recent amortization schedule determined by the

Secretary of Defense under section 1465(c)(2) of this title for

the amortization of any cumulative unfunded liability (or any

gain) to the Fund resulting from changes in benefits.

(C) The amount (including any negative amount) for that year

under the most recent amortization schedule determined by the

Secretary of Defense under section 1465(c)(3) of this title for

the amortization of any cumulative actuarial gain or loss to the

Fund.

(3) The Secretary of Defense shall promptly certify the amount

determined under paragraph (2) each year to the Secretary of the

Treasury.

(c)(1) The Secretary of Defense shall pay into the Fund at the

beginning of each fiscal year such amount as may be necessary to

pay the cost to the Fund for that fiscal year resulting from the

repeal, as of October 1, 1999, of section 5532 of title 5,

including any actuarial loss to the Fund resulting from increased

benefits paid from the Fund that are not fully covered by the

payments made to the Fund for that fiscal year under subsections

(a) and (b).

(2) Amounts paid into the Fund under this subsection shall be

paid from funds available for the pay of members of the armed

forces under the jurisdiction of the Secretary of a military

department.

(3) The Department of Defense Retirement Board of Actuaries shall

determine, for each armed force, the amount required under

paragraph (1) to be deposited in the Fund each fiscal year.

-SOURCE-

(Added Pub. L. 98-94, title IX, Sec. 925(a)(1), Sept. 24, 1983, 97

Stat. 647; amended Pub. L. 99-500, Sec. 101(c) (title IX, Sec.

9103(3), 9131), Oct. 18, 1986, 100 Stat. 1783-82, 1783-118,

1783-128, and Pub. L. 99-591, Sec. 101(c) (title IX, Sec. 9103(3),

9131), Oct. 30, 1986, 100 Stat. 3341-82, 3341-118, 3341-128; Pub.

L. 99-661, div. A, title VI, Sec. 661(b), Nov. 14, 1986, 100 Stat.

3892; Pub. L. 100-26, Sec. 4(a)(1), 7(a)(3), Apr. 21, 1987, 101

Stat. 274, 275; Pub. L. 106-65, div. A, title VI, Sec. 651(b),

Oct. 5, 1999, 113 Stat. 664.)

-REFTEXT-

REFERENCES IN TEXT

Section 5532 of title 5, referred to in subsec. (c)(1), was

repealed by Pub. L. 106-65, div. A, title VI, Sec. 651(a)(1), Oct.

5, 1999, 113 Stat. 664.

-COD-

CODIFICATION

Pub. L. 99-591 is a corrected version of Pub. L. 99-500.

Amendment of section by section 9131 of Pub. L. 99-500 and Pub.

L. 99-591 is based on section 642 of S. 2638, Ninety-ninth

Congress, as passed by the Senate on Aug. 9, 1986, which was

enacted into permanent law by section 9131 of Pub. L. 99-500 and

Pub. L. 99-591. S. 2638 was subsequently enacted as Pub. L. 99-661.

-MISC3-

AMENDMENTS

1999 - Subsec. (c). Pub. L. 106-65 added subsec. (c).

1987 - Subsec. (a). Pub. L. 100-26, Sec. 7(a)(3), inserted at end

''Amounts paid into the Fund under this subsection shall be paid

from funds available for the pay of members of the armed forces

under the jurisdiction of the Secretary of a military department.''

Subsec. (a)(1)(B), (2)(B). Pub. L. 100-26, Sec. 4(a)(1), amended

Pub. L. 99-500 and 99-591, title I, Sec. 101(c) (title IX, Sec.

9103(3)). See 1986 Amendment note below.

1986 - Subsec. (a). Pub. L. 99-661 amended first sentence of

subsec. (a), which after amendment by Pub. L. 99-500 and Pub. L.

99-591 was the only sentence of subsec. (a), by substituting

language which was substantially identical to that substituted by

Pub. L. 99-500 and Pub. L. 99-591.

Pub. L. 99-500 and Pub. L. 99-591, title I, Sec. 101(c) (Sec.

9131), amended subsec. (a) generally. Prior to amendment, subsec.

(a) read as follows: ''The Secretary of Defense shall pay into the

Fund at the end of each month as the Department of Defense

contribution to the Fund for that month the amount that is the

product of -

''(1) the level percentage of basic pay determined under the

most recent (as of the first day of the current fiscal year)

actuarial valuation under section 1465(c) of this title; and

''(2) the total amount of basic pay paid that month to members

of the armed forces (other than the Coast Guard) on active duty

or in the Selected Reserve.

Amounts paid into the Fund under this subsection shall be paid from

funds available for the pay of members of the armed forces under

the jurisdiction of the Secretary of a military department.''

Subsec. (a)(1)(B), (2)(B). Pub. L. 99-500 and Pub. L. 99-591,

title I, Sec. 101(c) (title IX, Sec. 9103(3)), as amended by Pub.

L. 100-26, Sec. 4(a)(1), substituted ''accrued for that month by''

for ''paid that month to'' in pars. (1)(B) and (2)(B) as amended by

section 661(b) of Pub. L. 99-661, see above.

EFFECTIVE DATE OF 1999 AMENDMENT

Pub. L. 106-65, div. A, title VI, Sec. 651(c), Oct. 5, 1999, 113

Stat. 664, provided that: ''The amendments made by this section

(amending this section and repealing section 5532 of Title 5,

Government Organization and Employees) shall take effect on October

1, 1999.''

EFFECTIVE DATE OF 1987 AMENDMENT

Section 12(b) of Pub. L. 100-26 provided that: ''The amendments

made by section 4 (amending this section and provisions set out as

a note under section 1014 of Title 37, Pay and Allowances of the

Uniformed Services) shall apply as if included in Public Laws

99-500 and 99-591 when enacted on October 18, 1986, and October 30,

1986, respectively.''

EFFECTIVE DATE OF 1986 AMENDMENTS

Amendment by Pub. L. 99-661 applicable to payments required to be

made under subsec. (a) of this section for months beginning on or

after Nov. 14, 1986, see section 661(d) of Pub. L. 99-661, set out

as a note under section 1465 of this title.

Amendment by section 101(c) (title IX, Sec. 9131) of Pub. L.

99-500 and Pub. L. 99-591 effective Oct. 18, 1986, and applicable

to payments required to be made under subsec. (a) of this section

for months beginning on or after that date, see section 642(c) of

S. 2638, as enacted into law, set out as a note under section 1465

of this title.

Amendment by section 101(c) (title IX, Sec. 9103(3)) of Pub. L.

99-500 and Pub. L. 99-591 effective Sept. 1, 1987, see section

101(c) (title IX, Sec. 9103(4)) of Pub. L. 99-500 and Pub. L.

99-591, as amended, set out as an Effective Date note under section

1014 of Title 37, Pay and Allowances of the Uniformed Services.

EFFECTIVE DATE

Section effective Oct. 1, 1984, see section 925(b)(2) of Pub. L.

98-94, set out as a note under section 1463 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 1462, 1465 of this title.

-CITE-

10 USC Sec. 1467 01/06/03

-EXPCITE-

TITLE 10 - ARMED FORCES

Subtitle A - General Military Law

PART II - PERSONNEL

CHAPTER 74 - DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND

-HEAD-

Sec. 1467. Investment of assets of Fund

-STATUTE-

The Secretary of the Treasury shall invest such portion of the

Fund as is not in the judgment of the Secretary of Defense required

to meet current withdrawals. Such investments shall be in public

debt securities with maturities suitable to the needs of the Fund,

as determined by the Secretary of Defense, and bearing interest at

rates determined by the Secretary of the Treasury, taking into

consideration current market yields on outstanding marketable

obligations of the United States of comparable maturities. The

income on such investments shall be credited to and form a part of

the Fund.

-SOURCE-

(Added Pub. L. 98-94, title IX, Sec. 925(a)(1), Sept. 24, 1983, 97

Stat. 648.)

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 1175 of this title.

-CITE-