48 U.S.C. § 2151 — Analysis of pensions

FEDERAL · 48 U.S.C. · Chapter SUBCHAPTER II—RESPONSIBILITIES OF OVERSIGHT BOARD

Analysis of pensions

48 U.S.C. § 2151

Title48 — Territories and Insular Possessions

ChapterSUBCHAPTER II—RESPONSIBILITIES OF OVERSIGHT BOARD

This text of 48 U.S.C. § 2151 (Analysis of pensions) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

48 U.S.C. § 2151.

Text

(a)Determination If the Oversight Board determines, in its sole discretion, that a pension system of the territorial government is materially underfunded, the Oversight Board shall conduct an analysis prepared by an independent actuary of such pension system to assist the Oversight Board in evaluating the fiscal and economic impact of the pension cash flows.

(b)Provisions of analysis An analysis conducted under subsection (a) shall include—

(1)an actuarial study of the pension liabilities and funding strategy that includes a forward looking projection of payments of at least 30 years of benefit payments and funding strategy to cover such payments;

(2)sources of funding to cover such payments;

(3)a review of the existing benefits and their sustainability; and

(4)a review of the system

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(a) Determination
If the Oversight Board determines, in its sole discretion, that a pension system of the territorial government is materially underfunded, the Oversight Board shall conduct an analysis prepared by an independent actuary of such pension system to assist the Oversight Board in evaluating the fiscal and economic impact of the pension cash flows.
(b) Provisions of analysis
An analysis conducted under subsection (a) shall include—
(1) an actuarial study of the pension liabilities and funding strategy that includes a forward looking projection of payments of at least 30 years of benefit payments and funding strategy to cover such payments;
(2) sources of funding to cover such payments;
(3) a review of the existing benefits and their sustainability; and
(4) a review of the system's legal structure and operational arrangements, and any other studies of the pension system the Oversight Board shall deem necessary.
(c) Supplementary information
In any case, the analysis conducted under subsection (a) shall include information regarding the fair market value and liabilities using an appropriate discount rate as determined by the Oversight Board.

Source Credit

History

(Pub. L. 114–187, title II, §211, June 30, 2016, 130 Stat. 576.)

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48 U.S.C. § 2151, Counsel Stack Legal Research, https://law.counselstack.com/usc/48/2151.