This bill consolidates retirement pay for uniformed service members across multiple federal agencies into a single Department of Defense Military Retirement Fund. Currently, the NOAA Commissioned Officer Corps and the Public Health Service Commissioned Corps manage their own separate retirement systems, but this legislation would transfer responsibility for paying their retirees' benefits to the existing DoD fund used for military personnel. The bill affects retired officers and their families from NOAA and the Public Health Service, as well as the Departments of Defense, Homeland Security, Commerce, and Health and Human Services that employ these servicemembers. By January 1, 2027, the Board of Actuaries must calculate the unfunded liability for benefits already earned by current NOAA and Public Health Service retirees and establish a payment schedule for the departments to cover those costs. The legislation aims to streamline federal retirement administration while ensuring all uniformed servicemembers receive their promised pension benefits.
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