A bill to amend the Social Security Act to provide that payments shall be made from the general fund in the Treasury to the social security trust funds to reimburse such trust funds for the difference between the amount of interest earned by such trust funds and the amount of interest which could have been earned if amounts in such trust funds had been invested in securities which provided maximum return consistent with safety.

Summary

Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to direct the managing trustees of the Old Age, and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, and the Supplementary Medical Insurance Trust Fund to determine: (1) the amount of interest which could have been earned by each respective fund durng the period from January 1, 1970, through December 31, 1982, if the funds which were not used to meet withdrawals had been invested so as the yield the maximum interest commensurate with safety; and (2) the amount of interest actually earned. Directs the managing trustee to transfer from the general fund in the Treasury into each fund an amount equal to the amount by which the potential interest determined by the trustee exceeds the interest earned.

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• Introduced in Senate

  summary · EN · 17 June 1982

  Open at official source

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