
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 10USC1464]

 
                         TITLE 10--ARMED FORCES
 
                    Subtitle A--General Military Law
 
                           PART II--PERSONNEL
 
       CHAPTER 74--DEPARTMENT OF DEFENSE MILITARY RETIREMENT FUND
 
Sec. 1464. Board of Actuaries

    (a)(1) There is established in the Department of Defense a 
Department of Defense Retirement Board of Actuaries (hereinafter in this 
chapter referred to as the ``Board''). The Board shall consist of three 
members, who shall be appointed by the President from among qualified 
professional actuaries who are members of the Society of Actuaries.
    (2)(A) Except as provided in subparagraph (B), 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 his predecessor was appointed shall only serve until the end 
of such term. A member may serve after the end of his term until his 
successor has taken office. A member of the Board may be removed by the 
President for misconduct or failure to perform functions vested in the 
Board, and for no other reason.
    (B) Of the members of the Board who are first appointed under this 
subsection, one each shall be appointed for terms ending five, ten, and 
fifteen years, respectively, after the date of appointment, as 
designated by the President at the time of appointment.
    (3) A member of the Board who is not otherwise 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 duties 
vested in the Board and is entitled to travel expenses, including a per 
diem allowance, in accordance with section 5703 of title 5.
    (b) The Board shall report to the Secretary of Defense annually on 
the actuarial status of the Fund and shall furnish its advice and 
opinion on matters referred to it by the Secretary.
    (c) The Board shall review valuations of the Fund under section 
1465(c) of this title and under chapter 95 of title 31 and shall report 
periodically, not less than once every four years, to the President and 
Congress on the status of the Fund. The Board shall include in such 
reports recommendations for such changes as in the Board's judgment are 
necessary to protect the public interest and maintain the Fund on a 
sound actuarial basis.

(Added Pub. L. 98-94, title IX, Sec. 925(a)(1), Sept. 24, 1983, 97 Stat. 
645; amended Pub. L. 98-525, title XIV, Sec. 1405(27), Oct. 19, 1984, 98 
Stat. 2623.)


                               Amendments

    1984--Subsec. (c). Pub. L. 98-525 substituted section ``1465(c)'' 
for ``1466''.


                             Effective Date

    Section 925(b)(1) of Pub. L. 98-94 provided that: ``Section 1464 
(relating to the Board of Actuaries) of title 10, United States Code, as 
added by subsection (a), shall take effect on October 1, 1983.''


         References in Other Laws to GS-16, 17, or 18 Pay Rates

    References in laws to the rates of pay for GS-16, 17, or 18, or to 
maximum rates of pay under the General Schedule, to be considered 
references to rates payable under specified sections of Title 5, 
Government Organization and Employees, see section 529 [title I, 
Sec. 101(c)(1)] of Pub. L. 101-509, set out in a note under section 5376 
of Title 5.
