§12528 Reserve Mobilization Income Insurance Fund

Summary

Creates a Treasury-held fund called the Reserve Mobilization Income Insurance Fund. The Treasury Secretary must run it. The fund's job is to build up money to pay the insurance program’s future costs based on actuarial calculations. Money put into the fund comes from premiums under section 12527, any money Congress adds, and returns from investments. The fund’s money is available to pay insurance benefits. The Treasury Secretary must invest money not needed for current payments in U.S. government debt with maturities chosen to fit the fund’s needs by the Secretary of Defense. The Treasury picks interest rates based on market yields and any 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 premiums, investment earnings and transfers; report any cumulative unfunded liability from benefits; and report any cumulative actuarial gain or loss.