§2091 — Title 50 War and National Defense | U.S. Code

Summary

The Director must make yearly estimates of how much money the fund needs. The Director must also have actuarial checks done as often as needed, but at least once every five years. The law names three kinds of changes that affect funding: new or bigger benefits (except annuity increases under section 2131), adding new groups of employees, and raises in pay used to figure benefits. Each year, Congress may give the fund money to cover costs not paid by contributions under section 2021(a). Congress may also provide money to pay interest on any unfunded liability using the interest rate from the most recent valuation, and to cover the share of annuity payments the Director says is for credited military service.

Title 50, §2091

War and National Defense — Source: USLM XML via OLRC

(a)The Director shall prepare the estimates of the annual appropriations required to be made to the fund.

(b)The Director shall cause to be made actuarial valuations of the fund at such intervals as the Director determines to be necessary, but not less often than every five years.

(c)Any statute which authorizes—

(1)new or increased benefits payable from the fund under this subchapter, including annuity increases other than under section 2131 of this title;

(2)extension of the coverage of this subchapter to new groups of employees; or

(3)increases in pay on which benefits are computed;

(d)There is hereby authorized to be appropriated to the fund for each fiscal year such amounts as may be necessary to meet the amount of normal cost for each year that is not met by contributions under section 2021(a) of this title.

(e)There is hereby authorized to be appropriated to the fund for each fiscal year such sums as may be necessary to provide the amount equivalent to—

(1)interest on the unfunded liability computed for that year at the interest rate used in the then most recent valuation of the system; and

(2)that portion of disbursement for annuities for that year that the Director estimates is attributable to credit allowed for military service,

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 261 of Pub. L. 88–643, title II, Oct. 13, 1964, 78 Stat. 1052; Pub. L. 94–522, title I, § 102, Oct. 17, 1976, 90 Stat. 2467; Ex. Ord. No. 12443, § 12, Sept. 27, 1983, 48 F.R. 44754; Pub. L. 99–335, title V, § 501(2), (3), June 6, 1986, 100 Stat. 622, related to estimate of appropriations needed and was set out as a note under section 403 of this title prior to the general amendment of Pub. L. 88–643 by section 802 of Pub. L. 102–496.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on first day of fourth month beginning after Oct. 24, 1992, see section 805 of Pub. L. 102–496, set out as a note under section 2001 of this title.

§2091 Estimate of Appropriations Needed