DEPARTMENT OF DEFENSE BOARD OF ACTUARIES.

SEC. 906. DEPARTMENT OF DEFENSE BOARD OF ACTUARIES.(a) Establishment.—(1) In general.—Chapter 7 of title 10, United States Code, is amended by inserting after section 182 the following new section:“§ 183. Department of Defense Board of Actuaries“(a) In General.—There shall be in the Department of Defense a Department of Defense Board of Actuaries (hereinafter in this section referred to as the ‘Board’).122 STAT. 276“(b) Members.—(1) The Board shall consist of three members who shall be appointed by the Secretary of Defense from among qualified professional actuaries who are members of the Society of Actuaries.“(2) The members of the Board shall serve for a term of 15 years, except that a member of the Board appointed to fill a vacancy occurring before the end of the term for which the member’s predecessor 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 takes 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 United 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 General Schedule of subchapter III 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 5703 of that title in connection with such duties.“(c) Duties.—The Board shall have the following duties:“(1) To review valuations of the Department of Defense Military Retirement Fund in accordance with section 1465(c) of this title and submit to the President and Congress, 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 amortization 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 Education 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 Secretary 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) 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:“(A) The Department of Defense Military Retirement Fund.“(B) The Department of Defense Education Benefits Fund.“(C) Each other fund specified by Secretary under subsection (c)(3).“(2) The Board shall also furnish its advice and opinion on matters referred to it by the Secretary.” .122 STAT. 277(2) Clerical amendment.—The table of sections at the beginning of chapter 7 of such title is amended by inserting after the item relating to section 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 Retirement Board of Actuaries or the Department of Defense Education Benefits Board of Actuaries as of the date of the enactment of this Act shall serve as an initial 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 Department of Defense Retirement Board of Actuaries or the Department of Defense Education Benefits Board of Actuaries, as the case may be, unless earlier removed by the Secretary of Defense.(b) Termination of Existing Boards of Actuaries.—(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 benefits board of actuaries.—Section 2006 of such title is amended—(A) in subsection (c)(1), by striking “subsection (g)” and inserting “subsection (f)”;(B) by striking subsection (e);(C) by redesignating subsections (f), (g), and (h) as subsections (e), (f), and (g), respectively;(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—(i) in paragraph (2)(A), by striking “subsection (f)(3)” and inserting “subsection (e)(3)”; and(ii) in paragraph (2)(B), by striking “subsection (f)(4)” and inserting “subsection (e)(4)”.(c) Conforming Amendments.—(1) Section 1175(h)(4) of title 10, United States Code, is amended by striking “Retirement” the first place it appears.(2) Section 1460(b) of such title is amended by striking “Retirement”.(3) Section 1466(c)(3) of such title is amended by striking “Retirement”.(4) Section 12521(6) of such title is amended by striking “Department of Defense Education Benefits Board of Actuaries referred to in section 2006(e)(1) of this title” and inserting “Department of Defense Board of Actuaries under section 183 of this title”.