(a) Establishment
There is hereby established in the Treasury of the United States a trust fund to be known as the Armed Forces Retirement Home Trust Fund. The Fund shall consist of the following:
(1) Such amounts as may be transferred to the Fund.
(2) Moneys deposited in the Fund by the Chief Operating Officer realized from gifts or from the disposition of property and facilities.
(3) Amounts deposited in the Fund as monthly fees paid by residents of the Retirement Home under section 414 of this title.
(4) Amounts of fines and forfeitures deposited in the Fund under section 2772 of title 10.
(5) Amounts deposited in the Fund as deductions from the pay of enlisted members, warrant officers, and limited duty officers under section 1007(i) of title 37.
(6) Interest from investments made under subsection (c).
(b) Availability and use of Fund
Amounts in the Fund shall be available solely for the operation of the Retirement Home.
(c) Investments
The Secretary of the Treasury may invest in obligations issued or guaranteed by the United States any monies in the Fund that the Chief Operating Officer determines are not currently needed to pay for the operation of the Retirement Home.
(d) Reporting requirements
The Chief Financial Officer of the Armed Forces Retirement Home shall comply with the reporting requirements of subchapter II of chapter 35 of title 31.
Editorial Notes
Amendments
2011—Subsec. (a)(2). Pub. L. 112–81 substituted "Chief Operating Officer" for "Retirement Home Board".
2008—Subsec. (d). Pub. L. 110–181 added subsec. (d).
2001—Pub. L. 107–107, §1410(a)(2), inserted "Armed Forces" before "Retirement Home Trust Fund" in section catchline.
Subsec. (c). Pub. L. 107–107, §1404(b)(2), substituted "Chief Operating Officer" for "Director".
Subsec. (d). Pub. L. 107–107, §1410(b)(2), struck out heading and text of subsec. (d). Text read as follows:
"(1) During the period beginning on November 5, 1990, and ending on September 30, 1994, the Fund shall contain a separate account for each establishment of the Retirement Home. During that period, contributions shall be collected under subsection (a) of this section for the account of the Naval Home for the purpose of achieving a trust fund five times the estimated annual operating budget of the Naval Home.
"(2) Beginning on November 5, 1990, funds required for the operation of the United States Soldiers' and Airmen's Home shall be drawn from the appropriate account. Beginning on October 1, 1991, funds required for the operation of the Naval Home shall be drawn from the account of the Naval Home.
"(3) During the period beginning on November 5, 1990, and ending on September 30, 1994—
"(A) amounts collected as monthly fees paid by residents of the Naval Home and amounts referred to in subsections (a)(4) and (a)(5) of this section derived from enlisted members, warrant officers, and limited duty officers of the Navy, Marine Corps, and Coast Guard shall be credited to the account relating to that establishment; and
"(B) amounts collected as monthly fees paid by residents of the United States Soldiers' and Airmen's Home and amounts referred to in subsections (a)(4) and (a)(5) of this section derived from members and warrant officers of the Army and Air Force shall be credited to the account relating to that establishment."
Statutory Notes and Related Subsidiaries
Effective Date
Section effective Nov. 5, 1990, see section 1541(b) of Pub. L. 101–510, formerly set out as a note under section 401 of this title.
Tried the LawStack mobile app?
Join thousands and try LawStack mobile for FREE today.
- Carry the law offline, wherever you go.
- Download CFR, USC, rules, and state law to your mobile device.
