Coast Guard Retirement Parity Act

To amend title 10, United States Code, to include the Coast Guard in the Department of Defense Military Retirement Fund, and for other purposes. 1. Short title This Act may be cited as the Coast Guard Retirement Parity Act 2. Establishment and purpose of Fund; definition Section 1461(a) of title 10, United States Code, is amended by inserting and the Coast Guard liabilities of the Department of Defense 3. Payments from the Fund Section 1463(a) of title 10, United States Code, is amended— (1) in paragraph (1) by striking and Marine Corps Marine Corps, and Coast Guard (2) in paragraph (2) by striking (other than retired pay payable by the Secretary of Homeland Security) (3) in paragraph (4) by inserting and the Department of Homeland Security that Department of Defense 4. Determination of contributions to the Fund Section 1465 of title 10, United States Code, is amended— (1) in subsection (a)— (A) by striking (a) (a) (1) Not ; and (B) by adding at the end the following: (2) Not later than October 1, 2022, the Board of Actuaries shall determine the amount that is the present value (as of September 30, 2022) of future benefits payable from the Fund that are attributable to service in the Coast Guard performed before October 1, 2022. That amount is the original Coast Guard unfunded liability of the Fund. The Board shall determine the period of time over which the original Coast Guard unfunded liability should be liquidated and shall determine an amortization schedule for the liquidation of such liability over that period. Contributions to the Fund for the liquidation of the original Coast Guard unfunded liability in accordance with such schedule shall be made as provided in section 1466(b) of this title. ; (2) in subsection (b)— (A) in paragraph (1)— (i) in the matter preceding subparagraph (A)— (I) by inserting , in consultation with the Secretary of the department in which the Coast Guard is operating, Secretary of Defense (II) by inserting and Coast Guard Department of Defense (ii) in subparagraph (A)(ii) by striking (other than the Coast Guard) members of the Armed Forces (iii) in subparagraph (B)(ii) by striking (other than the Coast Guard) (B) in paragraph (2) by inserting the Coast Guard Retired Pay account and the appropriated to (C) in paragraph (3) by inserting and Coast Guard Department of Defense (3) in subsection (c)— (A) in paragraph (1)— (i) in the matter preceding subparagraph (A) by inserting , in consultation with the Secretary of the department in which the Coast Guard is operating, Secretary of Defense (ii) in subparagraph (A) by striking (other than the Coast Guard) members of the Armed Forces (iii) in subparagraph (B) by striking (other than the Coast Guard) (B) in paragraph (2) by inserting , in consultation with the Secretary of the department in which the Coast Guard is operating, Secretary of Defense (C) in paragraph (3) by inserting , in consultation with the Secretary of the department in which the Coast Guard is operating, Secretary of Defense (4) in subsection (e) by striking Secretary of Defense shall Secretary of Defense and, with regard to the Coast Guard, the Secretary of the department in which the Coast Guard is operating 5. Payments into the Fund Section 1466 of title 10, United States Code, is amended— (1) in subsection (a)— (A) in the matter preceding paragraph (1)— (i) by striking Secretary of Defense shall Secretary of Defense and the Secretary of the department in which the Coast Guard is operating, with respect to the Coast guard, shall (ii) by striking each month as the Department of Defense contribution each month the respective pro rata share contribution of the Secretary of Defense and the Secretary of the department in which the Coast Guard is operating (B) in paragraph (1)(B) by striking (other than the Coast Guard) (C) by striking the flush language following paragraph (1)(B) and inserting the following new subsection: (b) Amounts paid into the Fund under this subsection shall be paid from funds available for as appropriate— (1) the pay of members of the armed forces under the jurisdiction of the Secretary of a military department; or (2) the Retired Pay appropriation for the Coast Guard. ; (2) by redesignating subsections (b) and (c) as subsections (c) and (d), respectively; and (3) in subsection (c) (as so redesignated)— (A) in paragraph (2)(A) by striking liability of the Fund. liabilities of the Fund for the Department of Defense and the Coast Guard. (B) in paragraph (3) by inserting and the Secretary of the Department in which the Coast Guard is operating shall promptly

Summary: Coast Guard Retirement Parity Act This bill modifies the Department of Defense Military Retirement Fund to pay for U.S. Coast Guard retirement and survivor benefit programs in the same manner as other branches of the military. Currently, Coast Guard retirement and survivor benefit payments come out of the yearly Coast Guard budget as a mandatory appropriation. Such payments are not paid in the event of a government shutdown; however, retirement benefits for other branches of the military are still paid through the Military Retirement Fund.