Social Security Amendments of 1981

Summary

Social Security Amendments of 1981 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to permit the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund to borrow funds from the Federal Disability Insurance Trust Fund or the Federal Hospital Insurance Trust Fund whenever the assets of the Federal Old-Age and Survivors Insurance Trust Fund are less than 20 percent of its disbursements for the 12 months preceding the borrowing. Provides for repayment of any such loan. Requires the Board to report to Congress on any funds borrowed. Amends titles II and XVIII (Medicare) of the Social Security Act to provide for the appointment to the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Federal Supplementary Medical Insurance Trust Fund of one representative of employers, one representative of employees, one representative of beneficiaries, and one individual highly qualified in the management of investment funds. Amends part A (General Provisions) of title XI of the Social Security Act to prohibit the inclusion of receipts and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund and receipts from the taxes on employers, employees, and self-employment income in the totals of the Federal budget. Exempts such receipts and disbursements from any general statutory limitation on Federal budget outlays and from the Congressional Budget and Impoundment Act of 1974 (except impoundment control provisions). Requires the President to transmit to Congress requests for new budget authority and estimates of outlays and revenues for the Federal Supplementary Medical Insurance Trust Fund separately from the Federal budget, beginning in fiscal year 1983. Requires separate budget provisions for such Trust Fund in any concurrent resolution on the budget being considered by Congress, beginning in fiscal year 1984. Prohibits the inclusion of provisions relating to receipts and disbursements of such Trust Fund in any reconciliation bill. Requires the Director of the Office of Management and Budget to prepare separate statements of expenditures for such Trust Fund. Amends title II of the Social Security Act to direct the Treasury to implement procedures for identifying social security benefit checks issued under title II which have not been negotiated within 365 days and to credit the appropriate social security trust fund on a monthly basis for the amount of all unnegotiated benefit checks drawn on such trust fund. Requires the Secretary to pay a benefit check presented for payment after it has been credited to one of the trust funds if it is otherwise proper. Authorizes the issuance of a currently dated benefit check to an individual who did not negotiate the original benefit check and who surrenders such check for cancellation if it is necessary to effect proper payment of benefits. Authorizes appropriations to reimburse the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund for the total amount of unnegotiated benefit checks.

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1 official file

• Introduced in Senate

  summary · EN · 28 September 1981

  Open at official source

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