A bill to amend the Social Security Act to provide for interfund borrowing between old-age, survivors, disability and hospital insurance trust funds.

Summary

Amends the Social Security Act to allow interfund borrowing among old age and survivors, disability, and hospital insurance trust funds. Authorizes the Federal Old Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund to borrow from each other or from the Federal Hospital Insurance Trust Fund. Authorizes the Federal Hospital Insurance Trust Fund to borrow from either of the other funds. Limits such borrowing authority to fiscal years prior to 1986. Allows one fund to borrow from another if in any month the assets of the borrowing fund are less than 25 percent of the amount disbursed from that fund during the previous year. Limits the amount borrowed to the difference between the assets of the deficient fund and 25 percent of the amount disbursed during the previous year. Provides that the borrowing fund pay interest. Directs the borrowing fund in any month in which its assets exceed 30 percent of the amount disbursed from that fund during the previous year to transfer all income received to the lending fund until the loan is repaid. Requires the Board of Trustees to make a report to Congress on any amounts transferred.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 20 June 1980

  Open at official source

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