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Code · BILL · 114th Congress · H.R. 5731 (Introduced in House) — To establish SAVE UP Accounts, and for other purposes. · Sec. 106

Sec. 106. SAVE UP Accounts Governance

1,094 words·~5 min read·/bill/114/hr/5731/ih/section-106

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There is established in the executive branch of the Government a SAVE UP Accounts Board of Governors. The Board of Governors shall— administer the provisions of this title, except with respect to matters relating to SAVE UP Account contribution programs maintained by employers pursuant to section 102 and any duties charged to the SAVE UP Boards of Trustees; establish policies for the investment and management of SAVE UP Account assets, and for the management and operation of SAVE UP Account annuities under this title, which shall provide for— prudent investments suitable for accumulating funds for payment of retirement income; investment targets; sound management practices; low administrative costs; low investment costs; and investments in index funds; review the performance of SAVE UP Account Fund investments; and review the management and operation of annuities.
The SAVE UP Board of Governors shall be composed of— 5 members, each of whom must be a chairman of a regional SAVE UP Board of Trustees, and 6 members appointed by the President, of whom the President shall appoint at least one resident from each of the 5 jurisdictions of the regional SAVE UP Board of Trustees. The President shall appoint one of such members as chairman of the SAVE UP Board of Governors. Such appointment shall be made by and with the advice and consent of the Senate.
Each member appointed by the President under paragraph (3)(B) shall be appointed for a term of 6 years, except that of the first such members taking office— the chairman member shall serve a term of 7 years, 1 member shall serve a term of 2 years, 1 member shall serve a term of 3 years, 1 member shall serve a term of 4 years, 1 member shall serve a term of 5 years, and 1 member shall serve a term of 6 years. No individual may serve more than 2 terms as a member of the Board. There is established in the executive branch of the Government 5 regional SAVE UP Boards of Trustees, the jurisdiction of which shall be, to the extent practicable, apportioned by the Secretary of the Treasury geographically and to approximate an equal distribution of the United States population.
The SAVE UP Board of Trustees for each region shall oversee the management and administration of SAVE UP Accounts of the population within its respective jurisdiction, including— with respect to such population, management and investment of SAVE UP Account Trust Fund assets, payment of annuities, and compliance with reporting and disclosure requirements, and selection of the administrator, attorney, internal auditor, record keeper, investment consulting team, and such other staff as may be necessary to carry out the duties of the SAVE UP Board of Trustees.
Any reference to a SAVE UP Board of Trustees in this title shall be construed to mean the regional SAVE UP Board of Trustees with respect to the SAVE UP Accounts within its jurisdiction, where such construction is necessary to carry out provisions of this title. Each SAVE UP Board of Trustees shall be composed of 7 members, of whom— 2 shall be appointed by the Federal Reserve Board, 1 shall be appointed by the Commissioner of the Securities and Exchange Commission, 1 shall be appointed by the Speaker of the House of Representatives, 1 shall be appointed by the Minority Leader of the House of Representatives, 1 shall be appointed by the Majority Leader of the Senate, and 1 shall be appointed by the Minority Leader of the Senate.
For each Board of Trustees, the President shall designate one of the trustees appointed under paragraph
(3)as chairman, and, in the case of the first such trustees taking office, shall designate the term of such trustee pursuant to paragraph (5). Each Board of Trustees shall designate one of the trustees appointed under paragraph
(3)as vice chairman. Each trustee of the Board appointed under paragraph
(3)shall be appointed for a term of 5 years, except that of the first such trustees taking office— the chairman trustee shall be determined under subparagraph (B), 1 trustee shall serve a term of 5 years, 1 trustee shall serve a term of 4 years, 1 trustee shall serve a term of 3 years, the vice chairman trustee shall serve a term of 2 years, 1 trustee shall serve for a term of 2 years, and 1 trustee shall serve for a term of 1 year. Other than the chairman and vice chairman trustee, the terms of the first trustees taking office shall correspond with the individual who appointed the trustee under paragraph
(3)and shall be ordered from the longest term to the shortest term on the basis of the order in which the individuals are listed in such paragraph. For purposes of subparagraph (A)(i), of the trustees appointed as chairman of a Board of Trustees— 1 chairman shall serve a term of 6 years, 2 chairmen shall serve a term of 5 years, 1 chairman shall serve a term of 4 years, and 1 chairman shall serve a term of 3 years. No individual may be appointed to more than 2 terms as a trustee of the SAVE UP Board of Trustees. A vacancy on the Boards established under this section shall be filled in the manner in which the original appointment was made and shall be subject to any conditions that applied with respect to the original appointment. An individual chosen to fill a vacancy under subparagraph
(A)shall be appointed for the unexpired term of the member replaced. Members and trustees appointed under this section shall have substantial experience, training, and expertise in the management of financial investments and pension benefit plans. Each such member or trustee who is not an officer or employee of the Federal Government shall be compensated at the daily rate of basic pay for level II of the Executive Schedule for each day during which such member is engaged in performing a function of the Board. Each such member or trustee shall be paid travel, per diem, and other necessary expenses under subchapter I of chapter 57 of title 5, United States Code, while traveling away from such member's home or regular place of business in the performance of the duties of the Board. The members and trustees shall discharge their responsibilities solely in the interest of the participants in SAVE UP Accounts and their beneficiaries under this part. The SAVE UP Board of Governors shall annually engage an independent qualified public accountant to audit the activities of the Board of Governors and each Regional Board of Trustees.
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