PRIA, Government Policy, Made Personal

Summary

Creates a retirement fund in the Treasury called the Court of Appeals for Veterans Claims Retirement Fund. Money in the fund pays judges’ retired pay and annuities, refunds, and allowances under sections 7296 and 7297. Money taken from a judge’s pay or deposited by a judge under those sections goes into the fund and is kept in that judge’s own account. The chief judge must send the President yearly estimates of how much money the fund needs and any extra estimates later. The chief judge may hire an actuary to check the fund. If needed and if money is available, the Court must deposit by the close of each fiscal year enough to bring the fund’s unfunded liability to zero. “Unfunded liability” is the present value of benefits minus the present value of future deductions and deposits under sections 7296(i), 7297(c), 7296(j), 7296(d), and the fund balance (present value rules use 31 U.S.C. 9503). Those year-end deposits are not added to individual judge accounts. The Treasury Secretary may invest unused fund money in U.S. interest-bearing securities, and investment income becomes part of the fund. For one budget law purpose, the fund is treated like the Claims Judges’ Retirement Fund.

Title 38, §7298

Veterans' Benefits, Source: USLM XML via OLRC

(a)There is established in the Treasury a fund known as the Court of Appeals for Veterans Claims Retirement Fund.

(b)Amounts in the fund are available for the payment of judges’ retired pay under section 7296 of this title and of annuities, refunds, and allowances under section 7297 of this title.

(c)Amounts deposited by, or deducted and withheld from the salary and retired pay of, a judge under section 7296 or 7297 of this title shall be deposited in the fund and credited to an individual account of the judge.

(d)The chief judge of the Court of Appeals for Veterans Claims shall submit to the President an annual estimate of the expenditures and appropriations necessary for the maintenance and operation of the fund, and such supplemental and deficiency estimates as may be required from time to time for the same purposes, according to law.

(e)(1)The chief judge may cause periodic examinations of the retirement fund to be made by an actuary, who may be an actuary employed by another department of the Government temporarily assigned for the purpose.

(2)(A)Subject to the availability of appropriations, there shall be deposited in the Treasury to the credit of the retirement fund, not later than the close of each fiscal year, such amounts as may be required to reduce to zero the unfunded liability (if any) of the fund. Such deposits shall be taken from sums available for that fiscal year for the payment of the expenses of the Court.

(B)For purposes of subparagraph (A) of this paragraph, the term “unfunded liability”, with respect to any fiscal year, means the amount estimated by the chief judge to be equal to the excess (as of the close of that fiscal year) of—

(i)the present value of all benefits payable from the fund (determined on an annual basis in accordance with section 9503 of title 31), over

(ii)the sum of—

(I)the present values of future deductions under section 7296(i) and 7297(c) of this title and future deposits under section 7296(j) and 7296(d) of this title, and

(II)the balance in the fund as of the close of the fiscal year.

(C)For purposes of subparagraph (B), the term “present value” includes a value determined by an actuary with respect to a payment that may be made under subsection (b) from the retirement fund within the contemplation of law.

(D)Amounts deposited in the retirement fund under this paragraph shall not be credited to the account of any individual.

(f)The Secretary of the Treasury shall invest from time to time, in interest-bearing securities of the United States, such portions of the retirement fund as in such Secretary’s judgment may not be immediately required for payments from the fund. The income derived from such investments shall constitute a part of the fund.

(g)For purpose of section 255(g)(1)(B) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)(1)(B)), the retirement fund shall be treated in the same manner as the Claims Judges’ Retirement Fund.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1999—Subsec. (e)(2)(C), (D). Pub. L. 106–117 added subpar. (D) and redesignated former subpar. (C) as (D). 1998—Pub. L. 105–368, § 512(a)(2)(C), struck out “Court of Veterans Appeals” before “Retirement Fund” in section catchline. Subsecs. (a), (d). Pub. L. 105–368, § 512(a)(1), substituted “Court of Appeals for Veterans Claims” for “Court of Veterans Appeals”. Subsec. (g). Pub. L. 105–368, § 502, added subsec. (g). 1991—Pub. L. 102–40, § 402(b)(1), renumbered section 4098 of this title as this section. Subsecs. (b), (c). Pub. L. 102–40, § 402(d)(1), substituted “7296” for “4096” and “7297” for “4097”. Subsec. (e)(2)(B)(ii)(I). Pub. L. 102–40, § 402(d)(1), substituted “7296(i) and 7297(c)” for “4096(i) and 4097(c)” and “7296(j) and 7296(d)” for “4096(j) and 4096(d)”.

Statutory Notes and Related Subsidiaries

Effective Date

of 1998 AmendmentAmendment by section 512(a)(1), (2)(C) of Pub. L. 105–368 effective on first day of first month beginning more than 90 days after Nov. 11, 1998, see section 513 of Pub. L. 105–368, set out as a note under section 7251 of this title.

§7298 Retirement Fund