Sec. 2. Portable Retirement and Investment Board
333 words·~2 min read·
/bill/117/s/2870/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
There is established a Portable Retirement and Investment Board (referred to in this Act as the Board ) to be headed by a Director (referred to in this Act as the Director ). The Board shall consist of— 3 members appointed by the Secretary of the Treasury; 3 members appointed by the Secretary of Labor; 2 members appointed by the Pension Benefit Guaranty Corporation; and 1 member appointed by the Director of the Bureau of Consumer Financial Protection. The appointments described under paragraph
(1)shall be made not later than 1 year after the date of the enactment of this Act. In making appointments under paragraph (1), the officials making such appointments shall coordinate to ensure that not more than 5 members of the same political party may serve on the Board at the same time. Each member of the Board shall hold office for a term of 5 years and shall continue in office until such member's successor is appointed in the same manner as the original appointment was made. The terms of office of the members of the Board first taking office after the date of the enactment of this Act shall expire as follows: 1 at the end of 1 year, 2 at the end of 2 years, 2 at the end of 3 years, 2 at the end of 4 years, and 2 at the end of 5 years. Each member of the Board shall continue in office until a successor is appointed in the same manner as the original appointment was made. Any vacancy on the Board shall be filled in the same manner as the initial appointment was made, and members of the Board appointed to fill vacancies shall be appointed for the remainder of such term. The Director shall be selected by the President from among the members of the Board. The Director is authorized to issue such regulations or other guidance as the Director determines are necessary to carry out the purposes of this Act.