Page:United States Statutes at Large Volume 124.djvu/869

 124 STAT. 843 PUBLIC LAW 111–148—MAR. 23, 2010 be nominated and confirmed only for the remainder of such term. An individual nominated and confirmed as a member of the public may serve in such position after the expiration of such member’s term until the earlier of the time at which the member’s successor takes office or the time at which a report of the Board is first issued under paragraph (2) after the expiration of the member’s term. The Secretary of the Treasury shall be the Managing Trustee of the Board of Trustees. The Board of Trustees shall meet not less frequently than once each calendar year. A person serving on the Board of Trustees shall not be considered to be a fiduciary and shall not be personally liable for actions taken in such capacity with respect to the Trust Fund. ‘‘(2) DUTIES.— ‘‘(A) IN GENERAL.—It shall be the duty of the Board of Trustees to do the following: ‘‘(i) Hold the CLASS Independence Fund. ‘‘(ii) Report to the Congress not later than the first day of April of each year on the operation and status of the CLASS Independence Fund during the preceding fiscal year and on its expected operation and status during the current fiscal year and the next 2 fiscal years. ‘‘(iii) Report immediately to the Congress whenever the Board is of the opinion that the amount of the CLASS Independence Fund is not actuarially sound in regards to the projection under section 3203(b)(1)(B)(i). ‘‘(iv) Review the general policies followed in man- aging the CLASS Independence Fund, and recommend changes in such policies, including necessary changes in the provisions of law which govern the way in which the CLASS Independence Fund is to be managed. ‘‘(B) REPORT.—The report provided for in subparagraph (A)(ii) shall— ‘‘(i) include— ‘‘(I) a statement of the assets of, and the disbursements made from, the CLASS Independ- ence Fund during the preceding fiscal year; ‘‘(II) an estimate of the expected income to, and disbursements to be made from, the CLASS Independence Fund during the current fiscal year and each of the next 2 fiscal years; ‘‘(III) a statement of the actuarial status of the CLASS Independence Fund for the current fiscal year, each of the next 2 fiscal years, and as projected over the 75-year period beginning with the current fiscal year; and ‘‘(IV) an actuarial opinion by the Chief Actuary of the Centers for Medicare & Medicaid Services certifying that the techniques and methodologies used are generally accepted within the actuarial profession and that the assumptions and cost esti- mates used are reasonable; and ‘‘(ii) be printed as a House document of the session of the Congress to which the report is made. Publication. Reports. Reports. Deadline.