§1114 — Title 10 Armed Forces | U.S. Code

Summary

Creates a three-person Board of Actuaries inside the Department of Defense to advise on the health care fund for Medicare-eligible retirees. The Secretary of Defense picks the three members from qualified actuaries who belong to the Society of Actuaries. Members serve 15-year terms, but the first three appointments are staggered so one ends in 5 years, one in 10, and one in 15. If someone fills a vacancy they only serve the rest of that term. Members may stay on until their replacement starts. The Secretary can remove a member only for misconduct or failure to do the job. Nonfederal members are paid the daily equivalent of the top General Schedule pay rate and get travel and per diem under federal rules. The Board must give the Secretary an annual report on the Fund’s actuarial health and advice when asked. It must also review the Fund’s valuations and send reports at least once every four years to the President and Congress with recommendations to keep the Fund actuarially sound and protect the public interest.

Title 10, §1114

Armed Forces — Source: USLM XML via OLRC

(a)(1)There is established in the Department of Defense a Department of Defense Medicare-Eligible Retiree Health Care 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 Secretary of Defense 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 Secretary of Defense 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 paragraph, one each shall be appointed for terms ending five, ten, and 15 years, respectively, after the date of appointment, as designated by the Secretary of Defense 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 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 1115(c) of this title 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.

Editorial Notes

Amendments

2001—Subsec. (a)(1). Pub. L. 107–107 substituted “hereinafter” for “hereafter”.

§1114 Board of Actuaries

Summary

Title 10, §1114

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata