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42 U.S.C. § 401 — Trust Funds

submitted 91 years ago by ch. 531 to r/title-42-THE-PUBLIC-HEALTH-AND-WELFARE · 7,244 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section creates two funds on the Treasury's books: the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund. Congress feeds them with payroll and self-employment taxes at rates set for different time periods, plus gifts and interest earnings. A Board of Trustees oversees the funds and reports yearly to Congress, while the Managing Trustee invests the money, allows temporary borrowing between funds, pays benefits and related expenses, and accounts for uncashed checks. A one-time 2004 transfer also settled old wage-credit obligations.

(a) Federal Old-Age and Survivors Insurance Trust Fund. This subsection creates a trust fund on the Treasury's books called the Federal Old-Age and Survivors Insurance Trust Fund ("OASI Trust Fund"). It starts with the securities and money that were in the old Old-Age Reserve Account as of January 1, 1940, which the Secretary of the Treasury must transfer into it. It also includes gifts and bequests made under subsection (i)(1), plus any amounts appropriated or deposited into it as this section describes.

Starting with the fiscal year ending June 30, 1941, and every fiscal year after, Congress appropriates to the OASI Trust Fund, from money in the Treasury not otherwise committed, an amount equal to 100% of four categories of tax money: (1) certain payroll taxes collected before January 1, 1951, under the 1939 tax code; (2) certain payroll taxes the Commissioner of Internal Revenue certifies were collected between January 1, 1951, and January 1, 1953, for tax periods before 1951; (3) payroll taxes on wages under later tax codes, reported after 1950 or 1954 depending on the code, calculated by the Secretary of the Treasury by applying the tax rate to wages the Commissioner of Social Security certifies from wage records, minus amounts assigned to the Disability Insurance Trust Fund under subsection (b)(1); and (4) similar self-employment taxes, calculated the same way and reduced by amounts assigned under subsection (b)(2).

The money appropriated under categories (3) and (4) moves from the Treasury's general fund into the OASI Trust Fund from time to time, based on the Treasury Secretary's estimates, with later adjustments if the estimates were too high or too low. Money appropriated under subsection (b)'s categories (1) and (2) moves into the Disability Insurance Trust Fund the same way. All amounts transferred this way get invested by the Managing Trustee like the rest of the Trust Fund's assets.

If the Treasury Secretary decides a Trust Fund's assets would otherwise be too low to cover its bills for a given month, the Secretary must transfer to that Fund, on the month's first day, the amount that would have been transferred under the rules in effect on October 1, 1990. In that case, the Trust Fund must pay the general fund interest on the amount transferred early — calculated daily, based on the gap between what was transferred and what the pre-1983 procedures would have transferred by that point — at the same rate the Fund's own investments earned that month under subsection (d).

(b) Federal Disability Insurance Trust Fund. This subsection creates a second trust fund on the Treasury's books, the Federal Disability Insurance Trust Fund ("DI Trust Fund"). It consists of gifts and bequests under subsection (i)(1), plus amounts appropriated or deposited under this section.

Starting with the fiscal year ending June 30, 1957, and every fiscal year after, Congress appropriates to the DI Trust Fund an amount equal to 100% of two shares of federal payroll and self-employment taxes. Both shares are set out as a schedule of rates that changed for different time periods, from 1956 through today:

Share of wages (paragraph (1)):

  • 0.50% for wages paid 1957–1965
  • 0.70% for 1966–1967
  • 0.95% for 1968–1969
  • 1.10% for 1970–1972
  • 1.10% for 1973
  • 1.15% for 1974–1977
  • 1.55% for 1978
  • 1.50% for 1979
  • 1.12% for 1980
  • 1.30% for 1981
  • 1.65% for 1982
  • 1.25% for 1983
  • 1.00% for 1984–1987
  • 1.06% for 1988–1989
  • 1.20% for 1990–1993
  • 1.88% for 1994–1996
  • 1.70% for 1997–1999
  • 1.80% for 2000–2015
  • 2.37% for 2016–2018
  • 1.80% for wages paid after December 31, 2018, and continuing

Share of self-employment income (paragraph (2)) — the same eighteen time periods, at these rates: 0.375%, 0.525%, 0.7125%, 0.825%, 0.795%, 0.815%, 1.090%, 1.040%, 0.7775%, 0.975%, 1.2375%, 0.9375%, 1.00%, 1.06%, 1.20%, 1.88%, 1.70%, 1.80% (2000–2015), 2.37% (2016–2018), and 1.80% from 2019 onward.

The Commissioner of Social Security certifies the wage and self-employment figures from official wage and income records.

(c) Board of Trustees; duties; reports to Congress. This subsection creates the Board of Trustees for both Trust Funds (called "the Trust Funds" together). The Board has six members: the Commissioner of Social Security, the Secretary of the Treasury, the Secretary of Labor, and the Secretary of Health and Human Services, all serving because of their office, plus two members of the public. The two public members cannot both belong to the same political party; the President nominates them for four-year terms, and the Senate must confirm them. A public member appointed to fill a vacancy serves only the rest of that term, but may keep serving past their term's end until a successor takes office or the Board issues its next required report. The Secretary of the Treasury serves as Managing Trustee, and the Deputy Commissioner of Social Security serves as the Board's Secretary. The Board must meet at least once a year.

The Board's duties are to: (1) hold the Trust Funds; (2) report to Congress by April 1 each year on the funds' status for the past year and their expected status for the next five years; (3) report to Congress right away if either fund's balance seems too small; (4) recommend administrative improvements to better coordinate old-age/survivors insurance with federal-state unemployment compensation; and (5) review and recommend changes to the funds' management policies, including needed changes in the law.

The annual report under duty (2) must include: the funds' assets and payouts for the past year; an estimate of income and payouts for the next five years; a statement of the funds' actuarial status, including a finding on whether each fund — alone and combined — is in "close actuarial balance"; an actuarial opinion from the Social Security Administration's Chief Actuary that the methods and assumptions used are sound; and an actuarial analysis of OASI Trust Fund payments to disabled beneficiaries. The report becomes a House document. Board members are not treated as fiduciaries and are not personally liable for their actions managing the Trust Funds.

(d) Investments. The Managing Trustee must invest any part of the Trust Funds not needed to cover current withdrawals. These investments can only be interest-bearing U.S. obligations, or obligations the U.S. guarantees for principal and interest — bought either at issue or on the market. Special public-debt obligations may be issued at par for the Trust Funds, with maturities suited to the Funds' needs, at an interest rate matching the average market yield on marketable U.S. obligations not due or callable for at least four years — rounded to the nearest eighth of a percent. Each such obligation is a paper bond, note, or certificate from the Treasury Secretary showing the principal, maturity date, and interest rate, and stating it is backed by the full faith and credit of the United States. The Managing Trustee may buy other U.S.-backed obligations, at issue or on the market, only when doing so serves the public interest.

(e) Sale of acquired obligations. The Managing Trustee may sell, at market price, any obligations the Trust Funds hold — except public-debt obligations issued only for the Trust Funds, which instead may be redeemed at par plus accrued interest.

(f) Proceeds from sale or redemption of obligations; interest. Interest earned, and money from selling or redeeming obligations, gets credited back to whichever Trust Fund held them. Any such interest or proceeds paid from the Treasury's general fund must come as a paper check made out to that Trust Fund.

(g) Payments into Treasury. (1)(A) The Managing Trustee (here including the Hospital Insurance and Supplementary Medical Insurance Trust Funds too) must pay from the Trust Funds into the Treasury, every three months, the estimated cost of administering Social Security and Medicare from general Treasury funds, minus the estimated cost — using the method set under paragraph (4) — of the Social Security Administration's tax-related functions under section 432 and benefit-tax-withholding functions under section 407(c). This nets out as a repayment to the Treasury's general fund. A final accounting happens as soon as practical after each fiscal year ends. Congress may make available, from any of the Trust Funds, whatever it decides is appropriate to pay these administrative costs — and it specifically authorizes, for continuing disability reviews, up to: $260 million (FY1996), $360 million (FY1997), $570 million (FY1998), $720 million (FY1999), $720 million (FY2000), $720 million (FY2001), and $720 million (FY2002). "Continuing disability review" means a review under section 421(i), or a review or eligibility redetermination for Supplemental Security Income disability benefits, including those required by the Social Security Independence and Program Improvements Act of 1994.

(B) After each fiscal year ends, the Commissioner of Social Security and the Secretary of Health and Human Services must each work out how much of that year's administrative costs should have been paid by the Treasury's general fund versus by each of the four trust funds (OASI, DI, Hospital Insurance, and Supplementary Medical Insurance, including its Medicare Prescription Drug Account).

(C) Based on those calculations, the Commissioner and the Secretary must each certify to the Managing Trustee what amounts should move between the Trust Funds, or between a Trust Fund and the general fund, so each bears its proper share of costs. The Managing Trustee must make the transfers as certified.

(D) The determinations about the Hospital Insurance and Supplementary Medical Insurance shares generally follow the cost-allocation method in place on August 15, 1994, until the Commissioner and Secretary agree to revise it — except that costs tied to section 432 tax functions and section 407(c) withholding functions follow the method set under paragraph (4) instead.

(2) The Managing Trustee must periodically pay from the Trust Funds into the Treasury the estimated amount of payroll taxes that are refundable under section 6413(c) of the tax code. This is based on Social Security's wage records. Payments come from the OASI and DI Trust Funds, split in the same ratio their original appropriations used.

(3) These repayments aren't available for spending; they go to the Treasury's surplus fund. If later estimates turn out too high or low, the Managing Trustee adjusts future payments to correct it.

(4) The Commissioner of Social Security must use the method that was in effect just before August 15, 1994, for figuring out the general fund's share of costs for section 432 tax-administration functions. The Board of Trustees sets the method for figuring the general fund's share of costs for section 407(c) benefit-withholding functions. The Boards may later change either method if they think it's a good idea.

(h) Benefit payments. Disability insurance benefits under section 423, and certain benefits paid under section 402(b), (c), or (d) to family members of a disabled worker, come only from the DI Trust Fund. Every other benefit required under this subchapter (except section 426 benefits) comes only from the OASI Trust Fund.

(i) Gifts and bequests. (1) The Managing Trustee may accept, on the United States' behalf, unconditional money gifts and bequests to the OASI, DI, Hospital Insurance, or Supplementary Medical Insurance Trust Funds (including their Medicare Prescription Drug and Transitional Assistance Accounts), or to the Social Security Administration, the Department of Health and Human Services, or any part of either — for the benefit of these Funds or activities they finance.

(2) Each accepted gift goes into: (A) whichever trust fund the donor named, or (B) the OASI Trust Fund, if the donor did not name one.

(j) Travel expenses. The OASI or DI Trust Fund (whichever the Commissioner of Social Security decides fits) must cover travel expenses — actual cost or a set rate — for: individuals traveling to medical exams the Commissioner requested for disability determinations; and parties, their representatives, and necessary witnesses traveling within the United States to reconsideration interviews and hearings before administrative law judges. Air travel reimbursement is capped at coach fare, unless the person's health condition or a lack of other options requires first class, under the Commissioner's regulations. Other travel reimbursement is capped at the cost of the most economical, suitable transportation for the person's health, under those regulations. A representative's reimbursed travel to a hearing cannot exceed the maximum allowed for travel starting within the geographic area of the office handling that proceeding.

(k) Experiment and demonstration project expenditures. Money spent on experiments and demonstration projects under section 434 comes from the DI and OASI Trust Funds, split as the Commissioner of Social Security decides is appropriate.

(l) Interfund borrowing. (1) Before January 1988, if the Managing Trustee decided borrowing was the best way to fund benefit payments, the Trustee could borrow money for one Trust Fund from the other, or — subject to paragraph (5) — from the Hospital Insurance Trust Fund.

(2) Whenever such a loan existed, the borrowing Fund had to pay the lending Fund interest each month, at the rate the lending Fund would have earned had it invested the money instead under subsection (d).

(3)(A) Once the Managing Trustee decided a Trust Fund had enough assets to repay all or part of its loans, the Trustee had to make the appropriate repayments. (B) If, at a year's end, a loan from the Hospital Insurance Trust Fund was still outstanding and the combined OASI/DI "trust fund ratio" (their combined year-end balance divided by the next year's estimated total payments) exceeded 15%, the Managing Trustee had to transfer enough from the borrowing Fund back to the Hospital Insurance Trust Fund to bring that ratio down to 15% — but never more than the loan's outstanding balance — by the last day of the next year's first month. (C) All loans, whenever made, had to be fully repaid by December 31, 1989, at the latest. Between January 1988 and January 1990, the Managing Trustee had to transfer at least a fixed monthly installment (the amount owed, plus that month's interest, divided by the months remaining before 1990) toward this repayment, and could transfer more.

(4) The Board of Trustees must promptly report to Congress any amounts transferred, including interest, under this subsection.

(5)(A) No money could be borrowed from the Hospital Insurance Trust Fund in any month when its own "Hospital Insurance Trust Fund ratio" was below 10%. (B) That ratio compares the Fund's balance (minus any outstanding loans owed to it) two months earlier, to twelve times what the Fund is estimated to pay out that month.

(m) Accounting for unnegotiated benefit checks. (1) The Treasury Secretary must be able to identify any benefit check that has gone unpaid for more than six months after it was issued. (2) Each month, the Treasury Secretary must credit each Trust Fund for the value of its benefit checks (plus interest) that are more than six months old, unpaid, and not yet credited — as far as appropriations allow in advance. (3) If someone later cashes a check that was already credited back to a Trust Fund, the Treasury Secretary must still honor the check if it's otherwise valid, then re-charge the Trust Fund and notify the Commissioner of Social Security. (4) If someone never cashed their original check and surrenders it for cancellation, the Treasury Secretary may issue them a new, current-dated check, if needed to properly pay the benefit.

(n) Payments to Funds in satisfaction of obligations. By July 1, 2004, the Treasury Secretary had to transfer, from unappropriated general fund money: $624,971,854 to the OASI Trust Fund; $105,379,671 to the DI Trust Fund; and $173,306,134 to the Hospital Insurance Trust Fund. These transfers settled outstanding obligations for "deemed wage credits" from 2000 and 2001.

the actual law source: uscode.house.gov ↗public domain
(a) Federal Old-Age and Survivors Insurance Trust Fund

There is hereby created on the books of the Treasury of the United States a trust fund to be known as the “Federal Old-Age and Survivors Insurance Trust Fund”. The Federal Old-Age and Survivors Insurance Trust Fund shall consist of the securities held by the Secretary of the Treasury for the Old-Age Reserve Account and the amount standing to the credit of the Old-Age Reserve Account on the books of the Treasury on January 1, 1940, which securities and amount the Secretary of the Treasury is authorized and directed to transfer to the Federal Old-Age and Survivors Insurance Trust Fund, and, in addition, such gifts and bequests as may be made as provided in subsection (i)(1), and such amounts as may be appropriated to, or deposited in, the Federal Old-Age and Survivors Insurance Trust Fund as hereinafter provided. There is hereby appropriated to the Federal Old-Age and Survivors Insurance Trust Fund for the fiscal year ending June 30, 1941, and for each fiscal year thereafter, out of any moneys in the Treasury not otherwise appropriated, amounts equivalent to 100 per centum of—

(1)

the taxes (including interest, penalties, and additions to the taxes) received under subchapter A of chapter 9 of the Internal Revenue Code of 1939 (and covered into the Treasury) which are deposited into the Treasury by collectors of internal revenue before January 1, 1951; and

(2)

the taxes certified each month by the Commissioner of Internal Revenue as taxes received under subchapter A of chapter 9 of such Code which are deposited into the Treasury by collectors of internal revenue after December 31, 1950, and before January 1, 1953, with respect to assessments of such taxes made before January 1, 1951; and

(3)

the taxes imposed by subchapter A of chapter 9 of such Code with respect to wages (as defined in section 1426 of such Code), and by chapter 21 (other than sections 3101(b) and 3111(b)) of the Internal Revenue Code of 1954 with respect to wages (as defined in section 3121 of such Code) reported to the Commissioner of Internal Revenue pursuant to section 1420(c) of the Internal Revenue Code of 1939 after December 31, 1950, or to the Secretary of the Treasury or his delegates pursuant to subtitle F of the Internal Revenue Code of 1954 after December 31, 1954, as determined by the Secretary of the Treasury by applying the applicable rates of tax under such subchapter or chapter 21 (other than sections 3101(b) and 3111(b)) to such wages, which wages shall be certified by the Commissioner of Social Security on the basis of the records of wages established and maintained by such Commissioner in accordance with such reports, less the amounts specified in clause (1) of subsection (b) of this section; and

(4)

the taxes imposed by subchapter E of chapter 1 of the Internal Revenue Code of 1939, with respect to self-employment income (as defined in section 481 of such Code), and by chapter 2 (other than section 1401(b)) of the Internal Revenue Code of 1954 with respect to self-employment income (as defined in section 1402 of such Code) reported to the Commissioner of Internal Revenue on tax returns under such subchapter or to the Secretary of the Treasury or his delegate on tax returns under subtitle F of such Code, as determined by the Secretary of the Treasury by applying the applicable rate of tax under such subchapter or chapter (other than section 1401(b)) to such self-employment income, which self-employment income shall be certified by the Commissioner of Social Security on the basis of the records of self-employment income established and maintained by the Commissioner of Social Security in accordance with such returns, less the amounts specified in clause (2) of subsection (b) of this section.

The amounts appropriated by clauses (3) and (4) of this subsection shall be transferred from time to time from the general fund in the Treasury to the Federal Old-Age and Survivors Insurance Trust Fund, and the amounts appropriated by clauses (1) and (2) of subsection (b) shall be transferred from time to time from the general fund in the Treasury to the Federal Disability Insurance Trust Fund, such amounts to be determined on the basis of estimates by the Secretary of the Treasury of the taxes, specified in clauses (3) and (4) of this subsection, paid to or deposited into the Treasury; and proper adjustments shall be made in amounts subsequently transferred to the extent prior estimates were in excess of or were less than the taxes specified in such clauses (3) and (4) of this subsection. All amounts transferred to either Trust Fund under the preceding sentence shall be invested by the Managing Trustee in the same manner and to the same extent as the other assets of such Trust Fund. Notwithstanding the preceding sentence, in any case in which the Secretary of the Treasury determines that the assets of either such Trust Fund would otherwise be inadequate to meet such Fund’s obligations for any month, the Secretary of the Treasury shall transfer to such Trust Fund on the first day of such month the amount which would have been transferred to such Fund under this section as in effect on October 1, 1990; and such Trust Fund shall pay interest to the general fund on the amount so transferred on the first day of any month at a rate (calculated on a daily basis, and applied against the difference between the amount so transferred on such first day and the amount which would have been transferred to the Trust Fund up to that day under the procedures in effect on January 1, 1983) equal to the rate earned by the investments of such Fund in the same month under subsection (d).

(b) Federal Disability Insurance Trust Fund

There is hereby created on the books of the Treasury of the United States a trust fund to be known as the “Federal Disability Insurance Trust Fund”. The Federal Disability Insurance Trust Fund shall consist of such gifts and bequests as may be made as provided in subsection (i)(1), and such amounts as may be appropriated to, or deposited in, such fund as provided in this section. There is hereby appropriated to the Federal Disability Insurance Trust Fund for the fiscal year ending June 30, 1957, and for each fiscal year thereafter, out of any moneys in the Treasury not otherwise appropriated, amounts equivalent to 100 per centum of—

(1)
(A)

½ of 1 per centum of the wages (as defined in section 3121 of the Internal Revenue Code of 1954) paid after December 31, 1956, and before January 1, 1966, and reported to the Secretary of the Treasury or his delegate pursuant to subtitle F of the Internal Revenue Code of 1954, (B) 0.70 of 1 per centum of the wages (as so defined) paid after December 31, 1965, and before January 1, 1968, and so reported, (C) 0.95 of 1 per centum of the wages (as so defined) paid after December 31, 1967, and before January 1, 1970, and so reported, (D) 1.10 per centum of the wages (as so defined) paid after December 31, 1969, and before January 1, 1973, and so reported, (E) 1.1 per centum of the wages (as so defined) paid after December 31, 1972, and before January 1, 1974, and so reported, (F) 1.15 per centum of the wages (as so defined) paid after December 31, 1973, and before January 1, 1978, and so reported, (G) 1.55 per centum of the wages (as so defined) paid after December 31, 1977, and before January 1, 1979, and so reported, (H) 1.50 per centum of the wages (as so defined) paid after December 31, 1978, and before January 1, 1980, and so reported, (I) 1.12 per centum of the wages (as so defined) paid after December 31, 1979, and before January 1, 1981, and so reported, (J) 1.30 per centum of the wages (as so defined) paid after December 31, 1980, and before January 1, 1982, and so reported, (K) 1.65 per centum of the wages (as so defined) paid after December 31, 1981, and before January 1, 1983, and so reported, (L) 1.25 per centum of the wages (as so defined) paid after December 31, 1982, and before January 1, 1984, and so reported, (M) 1.00 per centum of the wages (as so defined) paid after December 31, 1983, and before January 1, 1988, and so reported, (N) 1.06 per centum of the wages (as so defined) paid after December 31, 1987, and before January 1, 1990, and so reported, (O) 1.20 per centum of the wages (as so defined) paid after December 31, 1989, and before January 1, 1994, and so reported, (P) 1.88 per centum of the wages (as so defined) paid after December 31, 1993, and before January 1, 1997, and so reported, (Q) 1.70 per centum of the wages (as so defined) paid after December 31, 1996, and before January 1, 2000, and so reported, (R) 1.80 per centum of the wages (as so defined) paid after December 31, 1999, and before January 1, 2016, and so reported, (S) 2.37 per centum of the wages (as so defined) paid after December 31, 2015, and before January 1, 2019, and so reported, and (T) 1.80 per centum of the wages (as so defined) paid after December 31, 2018, and so reported,,1 which wages shall be certified by the Commissioner of Social Security on the basis of the records of wages established and maintained by such Commissioner in accordance with such reports; and

(2)
(A)

⅜ of 1 per centum of the amount of self-employment income (as defined in section 1402 of the Internal Revenue Code of 1954) reported to the Secretary of the Treasury or his delegate on tax returns under subtitle F of the Internal Revenue Code of 1954 for any taxable year beginning after December 31, 1956, and before January 1, 1966, (B) 0.525 of 1 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1965, and before January 1, 1968, (C) 0.7125 of 1 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1967, and before January 1, 1970, (D) 0.825 of 1 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1969, and before January 1, 1973, (E) 0.795 of 1 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1972, and before January 1, 1974, (F) 0.815 of 1 per centum of the amount of self-employment income (as so defined) as reported for any taxable year beginning after December 31, 1973, and before January 1, 1978, (G) 1.090 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1977, and before January 1, 1979, (H) 1.0400 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1978, and before January 1, 1980, (I) 0.7775 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1979, and before January 1, 1981, (J) 0.9750 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1980, and before January 1, 1982, (K) 1.2375 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1981, and before January 1, 1983, (L) 0.9375 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1982, and before January 1, 1984, (M) 1.00 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1983, and before January 1, 1988, (N) 1.06 per centum of the self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1987, and before January 1, 1990, (O) 1.20 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1989, and before January 1, 1994, (P) 1.88 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1993, and before January 1, 1997, (Q) 1.70 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1996, and before January 1, 2000, (R) 1.80 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 1999, and before January 1, 2016, (S) 2.37 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 2015, and before January 1, 2019, and (T) 1.80 per centum of the amount of self-employment income (as so defined) so reported for any taxable year beginning after December 31, 2018, which self-employment income shall be certified by the Commissioner of Social Security on the basis of the records of self-employment income established and maintained by the Commissioner of Social Security in accordance with such returns.

(c) Board of Trustees; duties; reports to Congress

With respect to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (hereinafter in this subchapter called the “Trust Funds”) there is hereby created a body to be known as the Board of Trustees of the Trust Funds (hereinafter in this subchapter called the “Board of Trustees”) which Board of Trustees shall be composed of the Commissioner of Social Security, the Secretary of the Treasury, the Secretary of Labor, and the Secretary of Health and Human Services, all ex officio, and of two members of the public (both of whom may not be from the same political party), who shall be nominated by the President for a term of four years and subject to confirmation by the Senate. A member of the Board of Trustees serving as a member of the public and nominated and confirmed to fill a vacancy occurring during a term shall be nominated and confirmed only for the remainder of such term. An individual nominated and confirmed as a member of the public may serve in such position after the expiration of such member’s term until the earlier of the time at which the member’s successor takes office or the time at which a report of the Board is first issued under paragraph (2) after the expiration of the member’s term. The Secretary of the Treasury shall be the Managing Trustee of the Board of Trustees (hereinafter in this subchapter called the “Managing Trustee”). The Deputy Commissioner of Social Security shall serve as Secretary of the Board of Trustees. The Board of Trustees shall meet not less frequently than once each calendar year. It shall be the duty of the Board of Trustees to—

(1)

Hold the Trust Funds;

(2)

Report to the Congress not later than the first day of April of each year on the operation and status of the Trust Funds during the preceding fiscal year and on their expected operation and status during the next ensuing five fiscal years;

(3)

Report immediately to the Congress whenever the Board of Trustees is of the opinion that the amount of either of the Trust Funds is unduly small;

(4)

Recommend improvements in administrative procedures and policies designed to effectuate the proper coordination of the old-age and survivors insurance and Federal-State unemployment compensation program; and

(5)

Review the general policies followed in managing the Trust Funds, and recommend changes in such policies, including necessary changes in the provisions of the law which govern the way in which the Trust Funds are to be managed.

The report provided for in paragraph (2) of this subsection shall include a statement of the assets of, and the disbursements made from, the Trust Funds during the preceding fiscal year, an estimate of the expected future income to, and disbursements to be made from, the Trust Funds during each of the next ensuing five fiscal years, and a statement of the actuarial status of the Trust Funds. Such statement shall include a finding by the Board of Trustees as to whether the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, individually and collectively, are in close actuarial balance (as defined by the Board of Trustees). Such report shall include an actuarial opinion by the Chief Actuary of the Social Security Administration certifying that the techniques and methodologies used are generally accepted within the actuarial profession and that the assumptions and cost estimates used are reasonable. Such report shall also include an actuarial analysis of the benefit disbursements made from the Federal Old-Age and Survivors Insurance Trust Fund with respect to disabled beneficiaries. Such report shall be printed as a House document of the session of the Congress to which the report is made. A person serving on the Board of Trustees shall not be considered to be a fiduciary and shall not be personally liable for actions taken in such capacity with respect to the Trust Funds.

(d) Investments

It shall be the duty of the Managing Trustee to invest such portion of the Trust Funds as is not, in his judgment, required to meet current withdrawals. Such investments may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose such obligations may be acquired (1) on original issue at the issue price, or (2) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under chapter 31 of title 31 are hereby extended to authorize the issuance at par of public-debt obligations for purchase by the Trust Funds. Such obligations issued for purchase by the Trust Funds shall have maturities fixed with due regard for the needs of the Trust Funds and shall bear interest at a rate equal to the average market yield (computed by the Managing Trustee on the basis of market quotations as of the end of the calendar month next preceding the date of such issue) on all marketable interest-bearing obligations of the United States then forming a part of the public debt which are not due or callable until after the expiration of four years from the end of such calendar month; except that where such average market yield is not a multiple of one-eighth of 1 per centum, the rate of interest of such obligations shall be the multiple of one-eighth of 1 per centum nearest such market yield. Each obligation issued for purchase by the Trust Funds under this subsection shall be evidenced by a paper instrument in the form of a bond, note, or certificate of indebtedness issued by the Secretary of the Treasury setting forth the principal amount, date of maturity, and interest rate of the obligation, and stating on its face that the obligation shall be incontestable in the hands of the Trust Fund to which it is issued, that the obligation is supported by the full faith and credit of the United States, and that the United States is pledged to the payment of the obligation with respect to both principal and interest. The Managing Trustee may purchase other interest-bearing obligations of the United States or obligations guaranteed as to both principal and interest by the United States, on original issue or at the market price, only where he determines that the purchase of such other obligations is in the public interest.

(e) Sale of acquired obligations

Any obligations acquired by the Trust Funds (except public-debt obligations issued exclusively to the Trust Funds) may be sold by the Managing Trustee at the market price, and such public-debt obligations may be redeemed at par plus accrued interest.

(f) Proceeds from sale or redemption of obligations; interest

The interest on, and the proceeds from the sale or redemption of, any obligations held in the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund shall be credited to and form a part of the Federal Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund, respectively. Payment from the general fund of the Treasury to either of the Trust Funds of any such interest or proceeds shall be in the form of paper checks drawn on such general fund to the order of such Trust Fund.

(g) Payments into Treasury
(1)
(A)

The Managing Trustee of the Trust Funds (which for purposes of this paragraph shall include also the Federal Hospital Insurance Trust Fund and the Federal Supplementary Medical Insurance Trust Fund established by subchapter XVIII) is directed to pay from the Trust Funds into the Treasury—

(i)

2 the amounts estimated by the Managing Trustee, the Commissioner of Social Security, and the Secretary of Health and Human Services which will be expended, out of moneys appropriated from the general fund in the Treasury, during a three-month period by the Department of Health and Human Services for the administration of subchapter XVIII of this chapter, and by the Department of the Treasury for the administration of subchapters II and XVIII of this chapter and chapters 2 and 21 of the Internal Revenue Code of 1986, less

(ii)

2 the amounts estimated (pursuant to the applicable method prescribed under paragraph (4) of this subsection) by the Commissioner of Social Security which will be expended, out of moneys made available for expenditures from the Trust Funds, during such three-month period to cover the cost of carrying out the functions of the Social Security Administration, specified in section 432 of this title, which relate to the administration of provisions of the Internal Revenue Code of 1986 other than those referred to in clause (i) and the functions of the Social Security Administration in connection with the withholding of taxes from benefits, as described in section 407(c) of this title, pursuant to requests by persons entitled to such benefits or such persons’ representative payee.

Such payments shall be carried into the Treasury as the net amount of repayments due the general fund account for reimbursement of expenses incurred in connection with the administration of subchapters II and XVIII of this chapter and chapters 2 and 21 of the Internal Revenue Code of 1986. A final accounting of such payments for any fiscal year shall be made at the earliest practicable date after the close thereof. There are hereby authorized to be made available for expenditure, out of any or all of the Trust Funds, such amounts as the Congress may deem appropriate to pay the costs of the part of the administration of this subchapter, subchapter VIII, subchapter XVI, and subchapter XVIII for which the Commissioner of Social Security is responsible, the costs of subchapter XVIII for which the Secretary of Health and Human Services is responsible, and the costs of carrying out the functions of the Social Security Administration, specified in section 432 of this title, which relate to the administration of provisions of the Internal Revenue Code of 1986 other than those referred to in clause (i) of the first sentence of this subparagraph and the functions of the Social Security Administration in connection with the withholding of taxes from benefits, as described in section 407(c) of this title, pursuant to requests by persons entitled to such benefits or such persons’ representative payee. Of the amounts authorized to be made available out of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund under the preceding sentence, there are hereby authorized to be made available from either or both of such Trust Funds for continuing disability reviews—

(i)

2 for fiscal year 1996, $260,000,000;

(ii)

2 for fiscal year 1997, $360,000,000;

(iii)

for fiscal year 1998, $570,000,000;

(iv)

for fiscal year 1999, $720,000,000;

(v)

for fiscal year 2000, $720,000,000;

(vi)

for fiscal year 2001, $720,000,000; and

(viii)

3 for fiscal year 2002, $720,000,000.

For purposes of this subparagraph, the term “continuing disability review” means a review conducted pursuant to section 421(i) of this title and a review or disability eligibility redetermination conducted to determine the continuing disability and eligibility of a recipient of benefits under the supplemental security income program under subchapter XVI, including any review or redetermination conducted pursuant to section 207 or 208 of the Social Security Independence and Program Improvements Act of 1994 (Public Law 103–296).

(B)

After the close of each fiscal year—

(i)

the Commissioner of Social Security shall determine—

(I)

the portion of the costs, incurred during such fiscal year, of administration of this subchapter, subchapter VIII, subchapter XVI, and subchapter XVIII for which the Commissioner is responsible and of carrying out the functions of the Social Security Administration, specified in section 432 of this title, which relate to the administration of provisions of the Internal Revenue Code of 1986 (other than those referred to in clause (i) of the first sentence of subparagraph (A)) and the functions of the Social Security Administration in connection with the withholding of taxes from benefits, as described in section 407(c) of this title, pursuant to requests by persons entitled to such benefits or such persons’ representative payee, which should have been borne by the general fund of the Treasury,

(II)

the portion of such costs which should have been borne by the Federal Old-Age and Survivors Insurance Trust Fund,

(III)

the portion of such costs which should have been borne by the Federal Disability Insurance Trust Fund,

(IV)

the portion of such costs which should have been borne by the Federal Hospital Insurance Trust Fund, and

(V)

the portion of such costs which should have been borne by the Federal Supplementary Medical Insurance Trust Fund (and, of such portion, the portion of such costs which should have been borne by the Medicare Prescription Drug Account in such Trust Fund), and

(ii)

the Secretary of Health and Human Services shall determine—

(I)

the portion of the costs, incurred during such fiscal year, of the administration of subchapter XVIII for which the Secretary is responsible, which should have been borne by the general fund of the Treasury,

(II)

the portion of such costs which should have been borne by the Federal Hospital Insurance Trust Fund, and

(III)

the portion of such costs which should have been borne by the Federal Supplementary Medical Insurance Trust Fund (and, of such portion, the portion of such costs which should have been borne by the Medicare Prescription Drug Account in such Trust Fund).

(C)

After the determinations under subparagraph (B) have been made for any fiscal year, the Commisioner 4 of Social Security and the Secretary shall each certify to the Managing Trustee the amounts, if any, which should be transferred from one to any of the other such Trust Funds and the amounts, if any, which should be transferred between the Trust Funds (or one of the Trust Funds) and the general fund of the Treasury, in order to ensure that each of the Trust Funds and the general fund of the Treasury have borne their proper share of the costs, incurred during such fiscal year, for—

(i)

the parts of the administration of this subchapter, subchapter VIII, subchapter XVI, and subchapter XVIII for which the Commissioner of Social Security is responsible,

(ii)

the parts of the administration of subchapter XVIII for which the Secretary is responsible, and

(iii)

carrying out the functions of the Social Security Administration, specified in section 432 of this title, which relate to the administration of provisions of the Internal Revenue Code of 1986 (other than those referred to in clause (i) of the first sentence of subparagraph (A)) and the functions of the Social Security Administration in connection with the withholding of taxes from benefits, as described in section 407(c) of this title, pursuant to requests by persons entitled to such benefits or such persons’ representative payee.

The Managing Trustee shall transfer any such amounts in accordance with any certification so made.

(D)

The determinations required under subclauses (IV) and (V) of subparagraph (B)(i) shall be made in accordance with the cost allocation methodology in existence on August 15, 1994, until such time as the methodology for making the determinations required under such subclauses is revised by agreement of the Commissioner and the Secretary, except that the determination of the amounts to be borne by the general fund of the Treasury with respect to expenditures incurred in carrying out the functions of the Social Security Administration specified in section 432 of this title and the functions of the Social Security Administration in connection with the withholding of taxes from benefits as described in section 407(c) of this title shall be made pursuant to the applicable method prescribed under paragraph (4).

(2)

The Managing Trustee is directed to pay from time to time from the Trust Funds into the Treasury the amount estimated by him as taxes imposed under section 3101(a) of the Internal Revenue Code of 1986 which are subject to refund under section 6413(c) of such Code with respect to wages (as defined in section 3121 of such Code). Such taxes shall be determined on the basis of the records of wages maintained by the Commissioner of Social Security in accordance with the wages reported to the Secretary of the Treasury or his delegate pursuant to subtitle F of such Code, and the Commissioner of Social Security shall furnish the Managing Trustee such information as may be required by the Trustee for such purpose. The payments by the Managing Trustee shall be covered into the Treasury as repayments to the account for refunding internal revenue collections. Payments pursuant to the first sentence of this paragraph shall be made from the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund in the ratio in which amounts were appropriated to such Trust Funds under clause (3) of subsection (a) of this section and clause (1) of subsection (b) of this section.

(3)

Repayments made under paragraph (1) or (2) of this subsection shall not be available for expenditures but shall be carried to the surplus fund of the Treasury. If it subsequently appears that the estimates under either such paragraph in any particular period were too high or too low, appropriate adjustments shall be made by the Managing Trustee in future payments.

(4)

The Commissioner of Social Security shall utilize the method prescribed pursuant to this paragraph, as in effect immediately before August 15, 1994, for determining the costs which should be borne by the general fund of the Treasury of carrying out the functions of the Commissioner, specified in section 432 of this title, which relate to the administration of provisions of the Internal Revenue Code of 1986 (other than those referred to in clause (i) of the first sentence of paragraph (1)(A)). The Board of Trustees of such Trust Funds shall prescribe the method of determining the costs which should be borne by the general fund in the Treasury of carrying out the functions of the Social Security Administration in connection with the withholding of taxes from benefits, as described in section 407(c) of this title, pursuant to requests by persons entitled to such benefits or such persons’ representative payee. If at any time or times thereafter the Boards of Trustees of such Trust Funds consider such action advisable, they may modify the method of determining such costs.

(h) Benefit payments

Benefit payments required to be made under section 423 of this title, and benefit payments required to be made under subsection (b), (c), or (d) of section 402 of this title to individuals entitled to benefits on the basis of the wages and self-employment income of an individual entitled to disability insurance benefits, shall be made only from the Federal Disability Insurance Trust Fund. All other benefit payments required to be made under this subchapter (other than section 426 of this title) shall be made only from the Federal Old-Age and Survivors Insurance Trust Fund.

(i) Gifts and bequests
(1)

The Managing Trustee may accept on behalf of the United States money gifts and bequests made unconditionally to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, the Federal Hospital Insurance Trust Fund, or the Federal Supplementary Medical Insurance Trust Fund (and for the Medicare Prescription Drug Account and the Transitional Assistance Account in such Trust Fund) or to the Social Security Administration, the Department of Health and Human Services, or any part or officer thereof, for the benefit of any of such Funds or any activity financed through such Funds.

(2)

Any such gift accepted pursuant to the authority granted in paragraph (1) of this subsection shall be deposited in—

(A)

the specific trust fund designated by the donor or

(B)

if the donor has not so designated, the Federal Old-Age and Survivors Insurance Trust Fund.

(j) Travel expenses

There are authorized to be made available for expenditure, out of the Federal Old-Age and Survivors Insurance Trust Fund, or the Federal Disability Insurance Trust Fund (as determined appropriate by the Commissioner of Social Security), such amounts as are required to pay travel expenses, either on an actual cost or commuted basis, to individuals for travel incident to medical examinations requested by the Commissioner of Social Security in connection with disability determinations under this subchapter, and to parties, their representatives, and all reasonably necessary witnesses for travel within the United States (as defined in section 410(i) of this title) to attend reconsideration interviews and proceedings before administrative law judges with respect to any determination under this subchapter. The amount available under the preceding sentence for payment for air travel by any person shall not exceed the coach fare for air travel between the points involved unless the use of first-class accommodations is required (as determined under regulations of the Commissioner of Social Security) because of such person’s health condition or the unavailability of alternative accommodations; and the amount available for payment for other travel by any person shall not exceed the cost of travel (between the points involved) by the most economical and expeditious means of transportation appropriate to such person’s health condition, as specified in such regulations. The amount available for payment under this subsection for travel by a representative to attend an administrative proceeding before an administrative law judge or other adjudicator shall not exceed the maximum amount allowable under this subsection for such travel originating within the geographic area of the office having jurisdiction over such proceeding.

(k) Experiment and demonstration project expenditures

Expenditures made for experiments and demonstration projects under section 434 of this title shall be made from the Federal Disability Insurance Trust Fund and the Federal Old-Age and Survivors Insurance Trust Fund, as determined appropriate by the Commissioner of Social Security.

(l) Interfund borrowing
(1)

If at any time prior to January 1988 the Managing Trustee determines that borrowing authorized under this subsection is appropriate in order to best meet the need for financing the benefit payments from the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund, the Managing Trustee may borrow such amounts as he determines to be appropriate from the other such Trust Fund, or, subject to paragraph (5), from the Federal Hospital Insurance Trust Fund established under section 1395i of this title, for transfer to and deposit in the Trust Fund whose need for financing is involved.

(2)

In any case where a loan has been made to a Trust Fund under paragraph (1), there shall be transferred on the last day of each month after such loan is made, from the borrowing Trust Fund to the lending Trust Fund, the total interest accrued to such day with respect to the unrepaid balance of such loan at a rate equal to the rate which the lending Trust Fund would earn on the amount involved if the loan were an investment under subsection (d) (even if such an investment would earn interest at a rate different than the rate earned by investments redeemed by the lending fund in order to make the loan).

(3)
(A)

If in any month after a loan has been made to a Trust Fund under paragraph (1), the Managing Trustee determines that the assets of such Trust Fund are sufficient to permit repayment of all or part of any loans made to such Fund under paragraph (1), he shall make such repayments as he determines to be appropriate.

(B)
(i)

If on the last day of any year after a loan has been made under paragraph (1) by the Federal Hospital Insurance Trust Fund to the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund, the Managing Trustee determines that the OASDI trust fund ratio exceeds 15 percent, he shall transfer from the borrowing Trust Fund to the Federal Hospital Insurance Trust Fund an amount that—

(I)

together with any amounts transferred from another borrowing Trust Fund under this paragraph for such year, will reduce the OASDI trust fund ratio to 15 percent; and

(II)

does not exceed the outstanding balance of such loan.

(ii)

Amounts required to be transferred under clause (i) shall be transferred on the last day of the first month of the year succeeding the year in which the determination described in clause (i) is made.

(iii)

For purposes of this subparagraph, the term “OASDI trust fund ratio” means, with respect to any calendar year, the ratio of—

(I)

the combined balance in the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, as of the last day of such calendar year, to

(II)

the amount estimated by the Commissioner of Social Security to be the total amount to be paid from the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund during the calendar year following such calendar year for all purposes authorized by this section (other than payments of interest on, and repayments of, loans from the Federal Hospital Insurance Trust Fund under paragraph (1), but excluding any transfer payments between such trust funds and reducing the amount of any transfer to the Railroad Retirement Account by the amount of any transfers into either such trust fund from that Account).

(C)
(i)

The full amount of all loans made under paragraph (1) (whether made before or after January 1, 1983) shall be repaid at the earliest feasible date and in any event no later than December 31, 1989.

(ii)

For the period after December 31, 1987, and before January 1, 1990, the Managing Trustee shall transfer each month to the Federal Hospital Insurance Trust Fund from any Trust Fund with any amount outstanding on a loan made from the Federal Hospital Insurance Trust Fund under paragraph (1) an amount not less than an amount equal to (I) the amount owed to the Federal Hospital Insurance Trust Fund by such Trust Fund at the beginning of such month (plus the interest accrued on the outstanding balance of such loan during such month), divided by (II) the number of months elapsing after the preceding month and before January 1990. The Managing Trustee may, during this period, transfer larger amounts than prescribed by the preceding sentence.

(4)

The Board of Trustees shall make a timely report to the Congress of any amounts transferred (including interest payments) under this subsection.

(5)
(A)

No amounts may be borrowed from the Federal Hospital Insurance Trust Fund under paragraph (1) during any month if the Hospital Insurance Trust Fund ratio for such month is less than 10 percent.

(B)

For purposes of this paragraph, the term “Hospital Insurance Trust Fund ratio” means, with respect to any month, the ratio of—

(i)

the balance in the Federal Hospital Insurance Trust Fund, reduced by the outstanding amount of any loan (including interest thereon) theretofore made to such Trust Fund under this subsection, as of the last day of the second month preceding such month, to

(ii)

the amount obtained by multiplying by twelve the total amount which (as estimated by the Secretary) will be paid from the Federal Hospital Insurance Trust Fund during the month for which such ratio is to be determined (other than payments of interest on, or repayments of loans from another Trust Fund under this subsection), and reducing the amount of any transfers to the Railroad Retirement Account by the amount of any transfer into the Hospital Insurance Trust Fund from that Account.

(m) Accounting for unnegotiated benefit checks
(1)

The Secretary of the Treasury shall implement procedures to permit the identification of each check issued for benefits under this subchapter that has not been presented for payment by the close of the sixth month following the month of its issuance.

(2)

The Secretary of the Treasury shall, on a monthly basis, credit each of the Trust Funds for the amount of all benefit checks (including interest thereon) drawn on such Trust Fund more than 6 months previously but not presented for payment and not previously credited to such Trust Fund, to the extent provided in advance in appropriation Acts.

(3)

If a benefit check is presented for payment to the Treasury and the amount thereof has been previously credited pursuant to paragraph (2) to one of the Trust Funds, the Secretary of the Treasury shall nevertheless pay such check, if otherwise proper, recharge such Trust Fund, and notify the Commissioner of Social Security.

(4)

A benefit check bearing a current date may be issued to an individual who did not negotiate the original benefit check and who surrenders such check for cancellation if the Secretary of the Treasury determines it is necessary to effect proper payment of benefits.

(n) Payments to Funds in satisfaction of obligations

Not later than July 1, 2004, the Secretary of the Treasury shall transfer, from amounts in the general fund of the Treasury that are not otherwise appropriated—

(1)

$624,971,854 to the Federal Old-Age and Survivors Insurance Trust Fund;

(2)

$105,379,671 to the Federal Disability Insurance Trust Fund; and

(3)

$173,306,134 to the Federal Hospital Insurance Trust Fund.

Amounts transferred in accordance with this subsection shall be in satisfaction of certain outstanding obligations for deemed wage credits for 2000 and 2001.

Source credit: (Aug. 14, 1935, ch. 531, title II, § 201, 49 Stat. 622; Aug. 10, 1939, ch. 666, title II, § 201, 53 Stat. 1362; Feb. 25, 1944, ch. 63, title IX, § 902, 58 Stat. 93; Aug. 28, 1950, ch. 809, title I, § 109(a), 64 Stat. 521; Aug. 1, 1956, ch. 836, title I, § 103(e), 70 Stat. 819; Pub. L. 85–840, title II, § 205(a), Aug. 28, 1958, 72 Stat. 1021; Pub. L. 86–346, title I, § 104(2), Sept. 22, 1959, 73 Stat. 622; Pub. L. 86–778, title VII, § 701(a)–(e), Sept. 13, 1960, 74 Stat. 992, 993; Pub. L. 89–97, title I, § 108(a), title III, §§ 305, 327, July 30, 1965, 79 Stat. 338, 370, 400; Pub. L. 90–248, title I, §§ 110, 169, Jan. 2, 1968, 81 Stat. 837, 875; Pub. L. 91–172, title X, § 1005, Dec. 30, 1969, 83 Stat. 741; Pub. L. 92–336, title II, § 205, July 1, 1972, 86 Stat. 422; Pub. L. 92–603, title I, §§ 132(a)–(c), 136, title III, § 305(a), Oct. 30, 1972, 86 Stat. 1360, 1364, 1484; Pub. L. 93–233, § 7, Dec. 31, 1973, 87 Stat. 955; Pub. L. 94–202, § 8(d), Jan. 2, 1976, 89 Stat. 1137; Pub. L. 95–216, title I, § 102(a), Dec. 20, 1977, 91 Stat. 1513; Pub. L. 96–265, title III, § 310(a), title V, § 505(a)(5), June 9, 1980, 94 Stat. 459, 474; Pub. L. 96–403, § 1, Oct. 9, 1980, 94 Stat. 1709; Pub. L. 97–123, § 1(a), Dec. 29, 1981, 95 Stat. 1659; Pub. L. 98–21, title I, §§ 126, 141(a), 142(a)(1), (2)(A), (3), (4), 152(a), 154(a), title III, § 341(a), Apr. 20, 1983, 97 Stat. 91, 98–100, 105, 107, 135; Pub. L. 98–369, div. B, title VI, §§ 2661(a), 2663(a)(1), (j)(2)(A)(i), July 18, 1984, 98 Stat. 1156, 1160, 1170; Pub. L. 99–272, title IX, § 9213(a), Apr. 7, 1986, 100 Stat. 180; Pub. L. 100–360, title II, § 212(c)(1), July 1, 1988, 102 Stat. 741; Pub. L. 100–647, title VIII, § 8005(a), Nov. 10, 1988, 102 Stat. 3781; Pub. L. 101–234, title II, § 202(a), Dec. 13, 1989, 103 Stat. 1981; Pub. L. 101–508, title V, §§ 5106(c), 5115(a), title XIII, § 13304, Nov. 5, 1990, 104 Stat. 1388–268, 1388–274, 1388–627; Pub. L. 103–296, title I, § 107(b), title III, §§ 301(a), (b), 321(a)(1), (c)(1)(A)(i), (B)(i), (C), Aug. 15, 1994, 108 Stat. 1478, 1517, 1535, 1537; Pub. L. 103–387, § 3(a), (b), Oct. 22, 1994, 108 Stat. 4074, 4075; Pub. L. 104–121, title I, § 103(a), Mar. 29, 1996, 110 Stat. 848; Pub. L. 105–277, div. J, title IV, § 4005(b), Oct. 21, 1998, 112 Stat. 2681–911; Pub. L. 106–169, title II, § 251(b)(1), Dec. 14, 1999, 113 Stat. 1854; Pub. L. 106–170, title III, § 301(b)(1)(B), Dec. 17, 1999, 113 Stat. 1902; Pub. L. 108–173, title I, § 101(e)(3)(A), (B), Dec. 8, 2003, 117 Stat. 2150, 2151; Pub. L. 108–203, title IV, § 420(a), Mar. 2, 2004, 118 Stat. 535; Pub. L. 114–74, title VIII, § 833(1), (2), Nov. 2, 2015, 129 Stat. 613.)

history & why it existsrecord from the source credit
  • 1935Enacted · Act of Aug. 14, 1935, ch. 531 · 49 Stat. 622
  • 1939Amended · Act of Aug. 10, 1939, ch. 666 · 53 Stat. 1362
  • 1944Amended · Act of Feb. 25, 1944, ch. 63 · 58 Stat. 93
  • 1950Amended · Act of Aug. 28, 1950, ch. 809 · 64 Stat. 521
  • 1956Amended · Act of Aug. 1, 1956, ch. 836 · 70 Stat. 819
  • 1958Amended · Pub. L. 85-840 · 72 Stat. 1021
  • 1959Amended · Pub. L. 86-346 · 73 Stat. 622
  • 1960Amended · Pub. L. 86-778 · 74 Stat. 992, 993
  • 1965Amended · Pub. L. 89-97 · 79 Stat. 338, 370, 400
  • 1968Amended · Pub. L. 90-248 · 81 Stat. 837, 875
  • 1969Amended · Pub. L. 91-172 · 83 Stat. 741
  • 1972Amended · Pub. L. 92-336 · 86 Stat. 422
  • 1972Amended · Pub. L. 92-603 · 86 Stat. 1360, 1364, 1484
  • 1973Amended · Pub. L. 93-233 · 87 Stat. 955
  • 1976Amended · Pub. L. 94-202 · 89 Stat. 1137
  • 1977Amended · Pub. L. 95-216 · 91 Stat. 1513
  • 1980Amended · Pub. L. 96-265 · 94 Stat. 459, 474
  • 1980Amended · Pub. L. 96-403 · 94 Stat. 1709
  • 1981Amended · Pub. L. 97-123 · 95 Stat. 1659
  • 1983Amended · Pub. L. 98-21 · 97 Stat. 91, 98
  • 1984Amended · Pub. L. 98-369 · 98 Stat. 1156, 1160, 1170
  • 1986Amended · Pub. L. 99-272 · 100 Stat. 180
  • 1988Amended · Pub. L. 100-360 · 102 Stat. 741
  • 1988Amended · Pub. L. 100-647 · 102 Stat. 3781
  • 1989Amended · Pub. L. 101-234 · 103 Stat. 1981
  • 1990Amended · Pub. L. 101-508 · 104 Stat. 1388
  • 1994Amended · Pub. L. 103-296 · 108 Stat. 1478, 1517, 1535, 1537
  • 1994Amended · Pub. L. 103-387 · 108 Stat. 4074, 4075
  • 1996Amended · Pub. L. 104-121 · 110 Stat. 848
  • 1998Amended · Pub. L. 105-277 · 112 Stat. 2681
  • 1999Amended · Pub. L. 106-169 · 113 Stat. 1854
  • 1999Amended · Pub. L. 106-170 · 113 Stat. 1902
  • 2003Amended · Pub. L. 108-173 · 117 Stat. 2150, 2151
  • 2004Amended · Pub. L. 108-203 · 118 Stat. 535
  • 2015Amended · Pub. L. 114-74 · 129 Stat. 613

A history note hasn’t been published yet. The record shows enactment by ch. 531 on 1935-08-14.

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