Us Code § 1308 - Annual report by the corporation
Full text of Us Code United States Code § 1308 — Annual report by the corporation, with citation guidance and answers to common questions.
§ 1308. Annual report by the corporation
(a) As soon as practicable after the close of each fiscal year the corporation shall transmit to the President and the Congress a report relative to the conduct of its business under this subchapter for that fiscal year. The report shall include financial statements setting forth the finances of the corporation at the end of such fiscal year and the result of its operations (including the source and application of its funds) for the fiscal year and shall include an actuarial evaluation of the expected operations and status of the funds established under section 1305 of this title for the next five years (including a detailed statement of the actuarial assumptions and methods used in making such evaluation).
(b) The report under subsection (a) shall include—
(1) a summary of the Pension Insurance Modeling System microsimulation model, including the specific simulation parameters, specific initial values, temporal parameters, and policy parameters used to calculate the financial statements for the corporation;
(2) a comparison of—
(A) the average return on investments earned with respect to assets invested by the corporation for the year to which the report relates; and
(B) an amount equal to 60 percent of the average return on investment for such year in the Standard & Poor's 500 Index, plus 40 percent of the average return on investment for such year in the Lehman Aggregate Bond Index (or in a similar fixed income index); and
(3) a statement regarding the deficit or surplus for such year that the corporation would have had if the corporation had earned the return described in paragraph (2)(B) with respect to assets invested by the corporation.
(Pub. L. 93–406, title IV, §4008, Sept. 2, 1974, 88 Stat. 1014; Pub. L. 109–280, title IV, §412, Aug. 17, 2006, 120 Stat. 936.)
Editorial Notes
Amendments
2006—Pub. L. 109–280 designated existing provisions as subsec. (a) and added subsec. (b).
About This Section
29 U.S.C. § 1308 is part of Title 29 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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