Section 1461 - Establishment and purpose of Fund; definition(a) There is established on the books of the Treasury a fund to be known as the Department of Defense Military Retirement Fund (hereinafter in this chapter referred to as the "Fund"), which shall be administered by the Secretary of the Treasury. The Fund shall be used for the accumulation of funds in order to finance on an actuarially sound basis liabilities of the Department of Defense and the Coast Guard under military retirement and survivor benefit programs.(b) In this chapter, the term "military retirement and survivor benefit programs" means-(1) the provisions of this title creating entitlement to, or determining the amount of, retired or retainer pay;(2) the programs under the jurisdiction of the Department of Defense providing annuities for survivors of members and former members of the armed forces, including chapter 73 of this title, section 4 of Public Law 92-425 and section 5 of Public Law 96-402; and(3) the authority provided in section 1408(h) of this title.Added Pub. L. 98-94, title IX, §925(a)(1), Sept. 24, 1983, 97 Stat. 644; amended Pub. L. 101-189, div. A, title XVI, §1622(e)(7), Nov. 29, 1989, 103 Stat. 1605; Pub. L. 102-484, div. A, title VI, §653(b)(1), Oct. 23, 1992, 106 Stat. 2428; Pub. L. 116-283 title LVXXXII [LXXXII], §8222, Jan. 1, 2021, 134 Stat. 4658.EDITORIAL NOTES
REFERENCES IN TEXT Section 4 of Public Law 92-425 referred to in subsec. (b)(2), is set out as a note under section 1448 of this title. Section 5 of Public Law 96-402 referred to in subsec. (b)(2), is set out as a note under section 1448 of this title.
AMENDMENTS2021-Subsec. (a). Pub. L. 116-283 inserted "and the Coast Guard" after "liabilities of the Department of Defense". 1992-Subsec. (b)(3). Pub. L. 102-484 added par. (3).1989-Subsec. (b). Pub. L. 101-189 inserted "the term" after "In this chapter,".
- armed forces
- The term "armed forces" means the Army, Navy, Air Force, Marine Corps, Space Force, and Coast Guard.
- pay
- The term "pay" includes basic pay, special pay, retainer pay, incentive pay, retired pay, and equivalent pay, but does not include allowances.