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59 lines
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<title>Addenda to Actuarial Note 142</title>
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<meta name="dc.language" scheme="ISO639-2" content="eng">
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<meta name="dc.creator" content="OACT">
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<meta name="lead_content_manager" content="JeffK">
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<meta name="coder" content="JeffK">
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<meta name="dc.date.reviewed" scheme="ISO8601" content="2007-11-19">
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<meta name="dc.title" content="Addenda to Actuarial Note 142">
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<body bgcolor="white" text="black">
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<h2>ADDENDA</h2>
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<p>
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Two laws deserving mention in Actuarial Note 142 were inadvertantly omitted.
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<p>
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Public Law 103-296, titled "Social Security Independence and Program
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Improvements Act of 1994," requires each obligation issued by the Department
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of the Treasury for purchase by the Social Security Trust Funds (including
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those already issued) to be evidenced by a physical document in the form of a
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bond, note, or certificate of indebtedness, rather than simply by an
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accounting entry. The law also requires interest payments and proceeds from
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the sale or redemption of trust fund holdings to be paid by checks drawn on
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the general fund of the Treasury. The law was enacted on August 15, 1994.
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<p>
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Public Law 104-121, titled "Contract with America Advancement Act of 1996,"
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provides a section that limits the Secretary of the Treasury's discretionary
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powers with respect to trust fund investments. Specifically, section 107(a)
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of this law states
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<blockquote>
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"No officer or employee of the United States shall--
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<ol>
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<li>delay the deposit of any amount into (or delay the credit of any amount
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to) any Federal fund or otherwise vary from the normal terms, procedures, or
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timing for making such deposits or credits,
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<li>refrain from the investment in public debt obligations of amounts in any
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Federal fund, or
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<li>redeem prior to maturity amounts in any Federal fund which are invested in
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public debt obligations for any purpose other than the payment of benefits or
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administrative expenses from such Federal fund."
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</ol>
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</blockquote>
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The law defines the term "Federal fund" as any of the Social
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Security or Medicare Trust Funds.
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<p>
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On rare occasions, the Managing Trustee had taken steps, now
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prohibited by Public Law 104-121, to avoid increasing the public debt beyond
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then current statutory limits. The second item, above, strengthens
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previous law requiring the Managing Trustee to invest such portion
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of the funds that is not, in his judgment, required to meet
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current withdrawals. The third item simply changes what had been an
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administrative investment policy into a statutory requirement. The law was
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enacted March 29, 1996.</p>
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<p>Return to <a href="note142.html">Actuarial Note 142</a>
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<p><a href="note1990s/list.html">Notes published in the 1990s</a>
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</body>
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