†
454
HR 1585 EAS
the funding or amortization of that Fund as the
Board considers appropriate and necessary to main-
tain that Fund on a sound actuarial basis.
‘‘(2) To review valuations of the Department of
Defense Education Benefits Fund in accordance with
section 2006(e) of this title and make recommenda-
tions to the President and Congress on such modifica-
tions 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 Secretary of Defense shall specify for purposes of
this section and make recommendations to the Presi-
dent and Congress on such modifications to the fund-
ing or amortization of such funds as the Board con-
siders appropriate to maintain such funds on a sound
actuarial basis.
‘‘(d) RECORDS.—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) REPORTS.—(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:
†
455
HR 1585 EAS
‘‘(A) The Department of Defense Military Retire-
ment Fund.
‘‘(B) The Department of Defense Education Ben-
efits Fund.
‘‘(C) Each other fund specified by Secretary
under subsection (c)(3).
‘‘(2) The Board shall also furnish its advice and opin-
ion on matters referred to it by the Secretary.’’.
(2) CLERICAL AMENDMENT.—The table of sec-
tions at the beginning of chapter 7 of such title is
amended by inserting after the item relating to sec-
tion 182 the following new item:
‘‘183. Department of Defense Board of Actuaries.’’.
(3) INITIAL
SERVICE
AS
BOARD
MEMBERS.—
Each member of the Department of Defense Retire-
ment Board of Actuaries or the Department of De-
fense Education Benefits Board of Actuaries as of the
date of the enactment of this Act shall serve as an ini-
tial member of the Department of Defense Board of
Actuaries under section 183 of title 10, United States
Code (as added by paragraph (1)), from that date
until the date otherwise provided for the completion
of such individual’s term as a member of the Depart-
ment of Defense Retirement Board of Actuaries or the
Department of Defense Education Benefits Board of
†
456
HR 1585 EAS
Actuaries, as the case may be, unless earlier removed
by the Secretary of Defense.
(b) TERMINATION OF EXISTING BOARDS OF ACTU-
ARIES.—
(1) DEPARTMENT
OF
DEFENSE
RETIREMENT
BOARD OF ACTUARIES.—(A) Section 1464 of title 10,
United States Code, is repealed.
(B) The table of sections at the beginning of
chapter 74 of such title is amended by striking the
item relating to section 1464.
(2) DEPARTMENT OF DEFENSE EDUCATION BEN-
EFITS BOARD OF ACTUARIES.—Section 2006 of such
title is amended—
(A) in subsection (c)(1), by striking ‘‘sub-
section (g)’’ and inserting ‘‘subsection (f)’’;
(B) by striking subsection (e);
(C) by redesignating subsections (f), (g),
and (h) as subsections (e), (f), and (g), respec-
tively;
(D) in subsection (e), as redesignated by
subparagraph (C), by striking ‘‘subsection (g)’’
in paragraph (5) and inserting ‘‘subsection (f)’’;
and
(E) in subsection (f), as so redesignated—