§12528 Reserve Mobilization Income Insurance Fund

Summary

Creates the Reserve Mobilization Income Insurance Fund. The Secretary of the Treasury must run the Fund. Money put into the Fund comes from premiums under section 12527, any money Congress gives to the Fund, and returns on Fund investments. The Fund must pay insurance benefits. The Treasury must invest money not needed for current bills in U.S. government bonds. The Secretary of Defense decides suitable maturities. The Treasury sets interest rates using current market yields. Investment income goes back into the Fund. At the start of each fiscal year, the Secretary, with the Board of Actuaries and the Treasury Secretary, must estimate: expected premiums, investment earnings, and transfers; any cumulative unfunded liability from benefit payments (it can be negative, i.e., a gain); and any cumulative actuarial gain or loss (also can be negative).