10 U.S.C. § 1461 — Establishment and purpose of Fund; definition

submitted 43 years ago by Pub. L. 98-94 to r/title-10-ARMED-FORCES · 166 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury must keep a Department of Defense Military Retirement Fund, administered by the Treasury Secretary, to finance Defense Department and Coast Guard military retirement and survivor-benefit liabilities on an actuarially sound basis. The section defines the covered programs.

(a) The Treasury books must contain a fund called the “Department of Defense Military Retirement Fund,” administered by the Treasury Secretary. The Fund accumulates money to finance, on an actuarially sound basis, Department of Defense and Coast Guard liabilities under military-retirement and survivor-benefit programs. (b) That term means (1) title provisions creating eligibility for or setting retired or retainer pay; (2) Defense Department programs providing survivor annuities, including chapter 73 and sections 4 of Public Law 92–425 and 5 of Public Law 96–402; and (3) the authority in section 1408(h).

the actual law source: uscode.house.gov ↗public domain

(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.

Source credit: (Added Pub. L. 98–94, title IX, § 925(a)(1), Sept. 24, 1983, 97 Stat. 644; amended Pub. L. 101–189, div. A, title XVI, § 1622(e)(7), Nov. 29, 1989, 103 Stat. 1605; Pub. L. 102–484, div. A, title VI, § 653(b)(1), Oct. 23, 1992, 106 Stat. 2428; Pub. L. 116–283, div. G, title LVXXXII [LXXXII], § 8222, Jan. 1, 2021, 134 Stat. 4658.)

history & why it existsrecord from the source credit

1983Enacted · Pub. L. 98-94 · 97 Stat. 644
1989Amended · Pub. L. 101-189 · 103 Stat. 1605
1992Amended · Pub. L. 102-484 · 106 Stat. 2428
2021Amended · Pub. L. 116-283 · 134 Stat. 4658

A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-94 on 1983-09-24.

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