Social Security Trust Funds Fiscal Integrity Act of 1985

Summary

Social Security Trust Funds Fiscal Integrity Act of 1985 - Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to require the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund, Federal Disability Insurance Trust Fund, Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund to submit quarterly reports to the Congress on the present and expected operation and status of such funds. Requires the Managing Trustees of the funds to submit an advance report to the Board of Trustees of each fund and to each House of the Congress when: (1) investment of an amount in the fund, or its expenditure to meet current disbursements, is impossible; or (2) such amount will be used for other than required disbursements. Directs the Secretary of the Treasury to pay, to the social security trust funds, the interest which would have accrued but for noninvestments, redemptions, and disinvestments of such funds for the period beginning on or after September 1, 1985, and ending on the date of the enactment of this Act which would not have occurred had the public debt limit been raised pursuant to a specified resolution of the House of Representatives. Requires that obligations be issued to the funds at such terms and interest rates as will ensure a projected annual interest income to such funds equivalent to the income which would have been earned from redeemed public debt obligations. Requires the Secretary, in connection with future efforts to meet the public debt limit and upon its subsequent extension, to: (1) pay, to the social security trust funds, the interest which would have accrued but for noninvestments, redemptions, and disinvestments; and (2) issue obligations to the funds at such terms and interest rates as will ensure a projected annual interest income to such funds equivalent to the income which would have been earned from redeemed public debt obligations.

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1 official file

• Introduced in House

  summary · EN · 13 November 1985

  Open at official source

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