Sec. 6. Rules governing USAccounts relating to investment, accounting, and reporting
346 words·~2 min read·
/bill/113/hr/5576/ih/section-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The USAccount Fund Board shall establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each USAccount are allocated to investment funds in the USAccount Fund based on the amount of time before the account holder attains the age of 18. Each account holder of a USAccount shall be enrolled in such program unless such account holder, in such form and manner as prescribed by the Executive Director, elects otherwise. Under regulations which shall be prescribed by the Executive Director, and subject to the provisions of this Act, the following provisions shall apply with respect to the USAccount Fund and accounts maintained in such Fund in the same manner and to the same extent as such provisions relate to the Thrift Savings Fund and the accounts maintained in the Thrift Savings Fund:
Section 8438 of title 5, United States Code (relating to investment of the Thrift Savings Fund). Section 8439(b) of such title (relating to engagement of independent qualified public accountant). Section 8439(c) of such title (relating to periodic statements and summary descriptions of investment options). Section 8439(d) of such title (relating to assumption of risk). For purposes of paragraph (1), references in such sections 8438 and 8439 to an employee, Member, former employee, or former Member shall be deemed references to an account holder of a USAccount in the USAccount Fund.
Except as otherwise authorized by Federal law, the USAccount Fund Board, the Executive Director, and any employee of the USAccount Fund Board shall not disclose information with respect to the USAccount Fund and or any account maintained in such Fund. The Executive Director may, subject to such requirements and conditions as he may prescribe by regulations, disclose such information with respect to the USAccount of the beneficiary to such person or persons as the beneficiary may designate in a request for or consent to such disclosure, or to any other person at the beneficiary’s request to the extent necessary to comply with a request for information or assistance made by the beneficiary to such other person.