((a)) ** .—** There shall be in the Department of Defense a Department of Defense Board of Actuaries (hereinafter in this section referred to as the “Board”).

((b)) ** .—**

((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)) ** .—** The Board shall have the following duties:

((1)) To review valuations of the Department of Defense Military Retirement Fund in accordance with 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 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)) ** .—** 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)) ** .—**

((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.