Department of Defense Annual Financial Report: Military Retirement Fund FY 2023 : Office of the Under Secretary of Defense (Comptroller) , November 6 , 2023
Department of Defense Annual Financial Report: Military Retirement Fund FY 2023 : Office of the Under Secretary of Defense (Comptroller) , November 6 , 2023
From the report, “DFAS is responsible for the accounting, investing, payment of benefits, and reporting of the MRF. The USCG retains responsibility for payment of benefits. The DoD Office of the Actuary (OACT) within OUSD (P&R) calculates the actuarial liability and funding requirements of the MRF, relying on data produced from files maintained by the Defense Manpower Data Center (DMDC). The Office of Military Personnel Policy within OUSD (P&R) issues policy related to MRS benefits. While the MRF does not have a designated Chief Financial Officer (CFO) it is overseen by the MRF Financial Management Committee (FMC), relying upon the diverse support team to collectively provide input for the efficient and effective operation of the Fund. The Fund was established by Public Law (P.L.) 98-94 (currently Chapter 74 of Title 10, United States Code (U.S.C.)) starting October 1, 1984. The Fund is overseen by an independent, three-member Secretary of Defense appointed DoD Board of Actuaries (“Board”). The Board is required to review valuations of the MRS, determine the method of amortizing unfunded liabilities, report annually to the Secretary of Defense, and report to the President and the Congress at least once every four years on the status of the MRF. The OACT provides technical and administrative support to the Board."
Authors - Department of DefenseSubjects
Authors
Publishers
Format
Related Resources
