Page:United States Statutes at Large Volume 93.djvu/910

 93 STAT. 878

Net normal cost.

Unfunded actuarial liability.

"Current value of the assets in the Fund."

PUBLIC LAW 96-122—NOV. 17, 1979 the amount of the obligation of the Fund during the next fiscal year for the payment of benefits payable from the Fund during such year, and (II) the amount of employee contributions to the Fund for such year. The actuary shall also determine such additional information as the Board may require in order to make the determinations specified in paragraph (4) and in subsection (b). (2) The actuary engaged by the Board pursuant to paragraph (1) shall make the determinations described in subparagraphs (A), (B), and (C) of such paragraph at the following times: (A) Not later than sixty days after the date of the enactment of this Act. (B) Upon a requtst by the Board or by the Director of the Office of Management and Budget. (C) Not later than the end of the ninety-day period beginning on the first day of the third fiscal year occurring after the fiscal year in which the last such determination was made pursuant to any subparagraph of this paragraph. (3) On the basis of the most recent determinations made under paragraph (1), the enrolled actuary shall certify to the Board each year, at a time specified by the Board, the following information with respect to each Fund for the next fiscal year: (A) The net normal cost, which shall be computed as the product of the net normal cost percentage and the estimate by the actuary of the current annual active duty payroll. (B) The accrued actuarial liability. (C) The current value of assets in the Fund. (D) The future Federal obligation. (E) The net pay-as-you-go cost. (F) The unfunded actuarial liability, which shall be computed as the difference between the accrued actuarial liability and the sum of the current value of the assets in the Fund and the future Federal obligation. (G) The amount equal to the difference between (i) the accrued actuarial liability as of January 2, 1975 (in future value as of the end of the fiscal year for which the determination is made), and (ii) the sum of the future Federal obligation, the current value of previous Federal contributions, and (in the case of the District of Columbia Teachers' Retirement Fund and the District of Columbia Judges' Retirement Fund) the current value of any assets in the predecessor to such Fund as of January 2, 1975, which amount is the difference between the amount that the Federal Government would pay to the Fund if the Federal Government had assumed the funding responsibility for all accrued unfunded liabilities as of January 2, 1975, and the amount actually to be paid by the Federal Government. For the purposes of subparagraph (F), the term "current value of the assets in the Fund" shall be deemed to include (i) the present value of any payments to be made to the Fund by the District in accordance with subsection (b)(l)(C)(i), and (ii) the present value of the amount of any reduction in the amount of future District payments to the Fund determined in accordance with subsection (b)(1)(D). (4) The Board shall determine— (A) the amount of the Federal payment for the next fiscal year for each Fund authorized to be appropriated under section 144(a); and (B) on the basis of the most recent certification submitted by the enrolled actuary under paragraph (3), the amount of the

�