PRIA, Government Policy, Made Personal

Summary

Creates the Department of Defense Military Retirement Fund in the Treasury and places it under the Secretary of the Treasury. The fund holds money to pay the Department of Defense’s and the Coast Guard’s retirement and survivor benefit obligations in a way that follows actuarial (financial) calculations. “Military retirement and survivor benefit programs” means: (1) rules in this title about who gets retired or retainer pay and how much; (2) Department of Defense survivor annuity programs, including chapter 73, section 4 of Public Law 92–425, and section 5 of Public Law 96–402; and (3) the authority in section 1408(h) of this title.

Title 10, §1461

Armed Forces, Source: USLM XML via OLRC

(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 and the Coast Guard 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.

Notes & Related Subsidiaries

Editorial Notes

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.

Amendments

2021—Subsec. (a). Pub. L. 116–283 inserted “and the Coast Guard” after “liabilities of the Department of Defense”. 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,”.

§1461 Establishment and Purpose of Fund; Definition