12 2 STA T . 2 76PUBLIC LA W 11 0– 1 8 1 —J A N .28 , 2008 ‘ ‘ (b)MEMB E RS.— ( 1 ) TheBoards ha l l c o n s i s t o f three m embers w ho shall be a p pointed b y the S ecretary of D efense from amon gqu alified professional actuaries who are members of the Society of A ctuaries. ‘‘( 2 ) The members of the Board shall ser v eforatermof1 5 years , e x cept that a member of the Board appointed to fill a vacancy occurring before the end of the term for which the member ’ s prede - cessor was appointed shall only serve until the end of such term. A member may serve after the end of the member’s term until the member’s successor ta k es office. ‘‘( 3 ) A member of the Board may be removed by the Secretary of Defense only for misconduct or failure to perform functions vested in the Board. ‘‘( 4 ) A member of the Board who is not an employee of the U nited States is entitled to receive pay at the daily equivalent of the annual rate of basic pay of the highest rate of basic pay then currently being paid under the G eneral Schedule of subchapter I II of chapter 53 of title 5 for each day the member is engaged in the performance of the duties of the Board and is entitled to travel expenses, including a per diem allowance, in accordance with section 5 70 3 of that title in connection with such duties. ‘‘(c) D UTI ES.—The Board shall have the following duties
‘‘(1) To review valuations of the Department of Defense Military R etirement F und in accordance with section 14 6 5(c) of this title and submit to the P resident and C ongress, not less often than once every four years, a report on the status of that Fund, including such recommendations for modifications to the funding or amorti z ation of that Fund as the Board considers appropriate and necessary to maintain that Fund on a sound actuarial basis. ‘‘(2) To review valuations of the Department of Defense E ducation Benefits Fund in accordance with section 2006(e) of this title and make recommendations to the President and Congress on such modifications to the funding or amortization of that Fund as the Board considers appropriate to maintain that Fund on a sound actuarial basis. ‘‘(3) To review valuations of such other funds as the Sec- retary of Defense shall specify for purposes of this section and make recommendations to the President and Congress on such modifications to the funding or amortization of such funds as the Board considers appropriate to maintain such funds on a sound actuarial basis. ‘‘(d) RE CO R D S.—The Secretary of Defense shall ensure that the Board has access to such records regarding the funds referred to in subsection (c) as the Board shall require to determine the actuarial status of such funds. ‘‘(e) RE P ORTS.—(1) The Board shall submit to the Secretary of Defense on an annual basis a report on the actuarial status of each of the following: ‘‘(A) The Department of Defense Military Retirement Fund. ‘‘(B) The Department of Defense Education Benefits Fund. ‘‘(C) Each other fund specified by Secretary under sub- section (c)(3). ‘‘(2) The Board shall also furnish its advice and opinion on matters referred to it by the Secretary.’’. Reports.D e adlin es.
�
