; (B) each participant and beneficiary has an opportunity to be protected against longevity risk; and (C) volatility in benefit levels is minimized for participants and beneficiaries in pay status and those approaching pay status. (3) Self-annuitization (A) In general Notwithstanding any other provision of law, a USA Retirement Fund may self-annuitize if the Fund meets such requirements as the Secretary establishes as necessary to protect participants and beneficiaries in consideration of the recommendations of the Commission under section 103. (B) Duty to address emerging issues The Secretary shall, periodically and in accordance with established procedures, update the funding requirements promulgated under this paragraph in response to changing economic and business conditions to the extent necessary to carry out the purposes of this Act, taking into consideration the recommendations of the Commission. (h) Reporting and disclosure (1) Annual statement The trustees of a USA Retirement Fund shall provide each participant in the Fund an annual statement of— (A) the estimated amount of the monthly benefit which the participant or beneficiary is projected to receive from the USA Retirement Fund, in the form of the default benefit described in the plan in accordance with subsection (e)(2); (B) an explanation, written in a manner calculated to be understood by the average plan participant, that includes interest and mortality assumptions used in calculating the estimate and a statement that actual benefits may be materially different from such estimate; (C) a disclosure of Fund fees and performance that is substantially similar to the disclosures required of individual account plans under the Employee Retirement Income Security Act of 1974; (D) any other disclosures, including projected benefit estimates, that the board of trustees of the USA Retirement Fund determines appropriate