‘‘(d) INVESTMENT ACCOUNT BALANCE.—The bal-
ance in an account holder’s investment account at any 
time is the excess of—
‘‘(1) the sum of—
‘‘(A) the contribution made to the Trust 
Fund and credited to the investment account 
pursuant to subsection (c); 
‘‘(B) all contributions made to the Trust 
Fund and credited to the investment account 
under section 253, and 
‘‘(C) the total amount of the allocations 
made to and reductions made in the investment 
account pursuant to subsection (e), over 
‘‘(2) the amounts paid out of the Trust Fund 
with respect to such individual under this part. 
‘‘(e) ALLOCATION OF EARNINGS AND LOSSES.—Pur-
suant to regulations prescribed by the Executive Director, 
the Executive Director shall allocate to each investment 
account an amount equal to the net earnings and net 
losses from each investment of sums in the Trust Fund 
which are attributable, on a pro rata basis, to sums cred-
ited to such investment account, reduced by an appro-
priate share of the administrative expenses paid out of the 
net earnings under section 256(d), as determined by the 
Executive Director.
‘‘(f) ENGAGEMENT OF QUALIFIED PUBLIC ACCOUNT-
ANT.—
‘‘(1) IN
GENERAL.—The Executive Director 
shall annually engage, on behalf of all account hold-
ers, an independent qualified public accountant, who 
shall conduct an examination of all accounts and 
other books and records maintained in the adminis-
tration of this part as the public accountant con-
siders necessary to enable the public accountant to 
make the determination required by paragraph (2). 
The examination shall be conducted in accordance 
with generally accepted auditing standards and shall 
involve such tests of the accounts, books, and 
records as the public accountant considers necessary. 
‘‘(2) EXAMINATION AND REPORT.—The public 
accountant conducting an examination under para-
graph (1) shall determine whether the accounts, 
books, and records referred to in such paragraph 
have been maintained in conformity with generally 
accepted accounting principles applied on a basis 
consistent with the manner in which such principles 
were applied during the examination conducted 
under such paragraph during the preceding year. 
The public accountant shall transmit to the Board 
and the Comptroller General of the United States a
report on his examination, including his determina-
tion under this paragraph. 
‘‘(3) 
RELIANCE
ON
ACTUARY’S
CERTIFI-
CATIONS.—In making a determination under para-
graph (2), a public accountant may rely on the cor-
rectness of any actuarial matter certified by an en-
rolled actuary if the public accountant states his re-
liance in the report transmitted to the Board under 
such paragraph. 
‘‘(4) DEFINITION.—For the purposes of this 
subsection, the term ‘qualified public accountant’ 
shall have the same meaning as is provided in sec-
tion 103(a)(3)(D) of the Employee Retirement In-
come 
Security 
Act 
of 
1974 
(29 
U.S.C. 
1023(a)(3)(D)). 
‘‘(g) INFORMATION REQUIRED TO BE PROVIDED TO 
ACCOUNT HOLDERS.—
‘‘(1) IN GENERAL.—The Board shall prescribe 
regulations under which each account holder shall be 
furnished with—
‘‘(A) a periodic statement relating to the 
account holder’s investment account; and 
‘‘(B) a summary description of the invest-
ment options under section 254 covering, and 
an evaluation of, each such option for at least